Nolo's Plain-English Law Dictionary

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Installment Credit: Credit that is granted on the condition that it will be repaid in two or more payments, usually scheduled at regular intervals. Many consumers purchase goods such as cars or large appliances "on installment," meaning that they repay the creditor the price of the goods, plus interest, over time.

LA-WS6:DRU.1.4.1.130427.19500