What is the difference between installment and noninstallment credit
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Installment credit is loan for fixed amount of money.
Borrower agrees to make number of monthly payments at specific dollar amount.
An installment credit loan have repayment period from months to years till loan is paid off.
Non installment credit is simplest form of credit.
It could be secured/unsecured.
Its normally a very short term as thirty days.
It enables consumers taking possession of property today and pay within set amount of time.
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