what is installent credit and when did it start.?

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what is installent credit and when did it start.?

2007-01-14 13:23:34 · 2 answers · asked by Julian J 1 in Business & Finance ➔ Credit

2 answers

I think you mean an installment loan. It is a loan that you pay back in monthly installments. It could be a bank loan or auto loan or anything like that. A credit card is called revolving credit. Installment loans have been around for years, they aren't anything new.

2007-01-14 17:23:39 · answer #1 · answered by kelly h 3 · 1⤊ 0⤋

Installment credit is a loan that is paid in installments. If you don't have any credit you can try to get a small installment loan from a credit union. You must be a member of course, but you usually only need about $25.

2007-01-15 01:11:50 · answer #2 · answered by HappyDaisy23 1 · 0⤊ 0⤋