Lump-Sum Payment

What is a lump-sum payment?

Lump-Sum Payment Definition: A lump sum payment is a large amount of cash or payment applied towards a major purchase, such as a car or home. These types of payments are paid as a means to reduce a loan drastically or as a downpayment before the remainder of a loan is financed.

Lump sum payments also refer to a large payment of a retirement pension or benefit payment paid at once, instead of as a series of payments over a specific time frame.

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