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An installment loan is a type of agreement or contract involving a loan that is repaid over time with a set number of scheduled payments; [1] 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 loan, for example, is a type of installment loan.
Hire purchase. A hire purchase (HP), [1] also known as an installment plan, is an arrangement whereby a customer agrees to a contract to acquire an asset by paying an initial installment (e.g., 40% of the total) and repaying the balance of the price of the asset plus interest over a period of time.
Traffic court is a specialized judicial process for handling traffic ticket cases. In the United States , people who are given a citation by a police officer can plead guilty and pay the indicated fine directly to the court house, by mail , or on the Internet .
Installment loans allow you to borrow money and pay it back in equal monthly payments, usually at a fixed interest rate. They can be handy and versatile personal finance tools.
Loan default happens when you regularly miss your monthly loan payments for an extended period of time. Depending on the loan type , this can be anywhere from one day to 270 days since the last ...
Unlike a traditional hire purchase, where the customer repays the total debt in equal monthly instalments over the term of the agreement, a PCP is structured so that the customer pays a lower monthly amount over the contract period (usually somewhere between 24 and 48 months), leaving a final balloon payment to be made at the end of the ...
Installment loan, a loan that is repaid over time with a set number of scheduled payments; Installment note, a form of promissory note calling for payment of both principal and interest in specified amounts at specific time intervals; Installment plan, an arrangement whereby a customer agrees to a contract to acquire an asset by paying an ...
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