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Installment credit is means by which most durable goods such as automobiles and large home appliances are brought by individuals.
With an installment loan, you borrow a specific dollar amount from a lender and you agree to pay the loan back, plus interest, in a series of monthly payments.
Installment credit is a type of credit that as a fixed number of payments in contrast to revolving credits.
Eg: mortage, land loan, automobile loan, equity loan
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