An installment loan is also called open-end credit.

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An installment loan is a closed-end credit, meaning the borrower receives a fixed amount of money, and repays the loan over a set period in fixed installments. Open-end credit, on the other hand, is a type of credit that does not have a fixed loan amount or repayment terms, allowing the borrower to borrow and repay funds as needed. Examples of open-end credit include credit cards and lines of credit.

An Installment Loan Is Also Called Open-End Credit