define installment loans
Noun. 1. installment loan-a loan repaid with interest in equal periodic payments. installment credit. consumer credit-a line of credit extended for personal or household use.
From Wikipedia, the free encyclopedia. An installment loan is a loan that is repaid over time with a set number of scheduled payments; normally at least two payments are made towards the loan. The term of loan may be as little as a few months and as long as 30 years. A mortgage, for example, is a type of installment loan. The term is most strongly associated with traditional consumer loans, originated and serviced locally, and repaid over time by regular payments of principal and interest.