What are installments?

Installments Definition: Installments refer to payments that are made towards a commercial or personal loan. When you apply for an installment loan, the contract requires that the full amount is paid off in pre-determined amounts every month, or regular intervals, which include the principal (loaned amount) and interest.

Installments tend to be flexible, and are ideal for borrowers with a limited budget. These apply to a variety of loans, including mortgage loans, auto loans, personal and student loans. There is a risk to defaulting on a loan if a borrower’s financial situation changes, and there is no collateral involved in the loan agreement.

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