These funds could then only be used to make capital improvements to said business in the form of lease payments or installment loans.
Surely, the most important financial innovation in this century was the installment loan, which made it possible for Americans to buy things with money they didn't yet have.
When the credit card arrived in the late 50's to further propel the economy, it was simply a more convenient form of installment loan.
An installment loan is a loan that is repaid over time with a set number of scheduled payments.
A mortgage, for example, is a type of installment loan.
It said that 2.64 percent of installment loans were delinquent as of Dec.
Vacations and washing machines used to be financed by installment loans.
Both companies specialize in making high-interest installment loans to individuals.
If they cashed the checks, their signature would be agreeing to an installment loan.
A term loan is simply an installment loan, such as a loan one would use to buy a car.