Installment Payment

An installment payment refers to a method of purchasing goods or services by paying for them in small, manageable increments over time, rather than all at once. This approach allows buyers to spread the cost, making it easier to afford larger purchases such as cars, appliances, or even homes. Usually, these payments are made monthly and can include interest, meaning you pay slightly more than the item’s original price. This system helps individuals manage their finances more effectively while still obtaining the items or services they need or want.