noninstallment loan
finance
Quick Summary
A noninstallment loan is a type of loan that is repaid in a single payment, rather than in multiple installments. This contrasts with installment loans, which are repaid over time through a series of payments.12
Common examples of noninstallment loans include single-payment loans from financial institutions, retail charge accounts, and service credit from providers like doctors or utility companies. The term "noninstallment" is used in contrast to installment credit, which involves paying back a loan in two or more payments.2
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