What is an Installment?
In the realm of finance and transactions, the term “installment” plays a crucial role. An installment refers to a payment made in parts or installments over a specified period of time, rather than a single, lump-sum payment. This payment structure is commonly used in various financial arrangements, including loans, mortgages, and credit purchases. Understanding the concept of installment is essential for individuals and businesses to manage their finances effectively and make informed decisions. This article aims to delve into the definition, types, and benefits of installment payments.
