Installment credit is a loan that requires the borrower to make a series of equal payments over some fixed length of time.

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Installment credit is a type of loan where the borrower agrees to make a fixed number of payments over a set period of time, often with a fixed interest rate. The payments are typically made on a monthly basis and the amount paid each month is the same until the loan is paid in full. This is in contrast to revolving credit, where the borrower has access to a line of credit that can be drawn upon and paid back repeatedly.

Installment Credit Is a Loan That Requires the Borrower to Make