USA HISTORY

Detailed explanation-1: -Installment credit involves the extension of credit from a seller (and lender) to a purchaser; the purchaser gets physical possession and use of the goods he has bought, but the seller retains legal title to them until every installment has been paid.

Detailed explanation-2: -’Buy Now, Pay Later’ (BNPL) is a type of short-term financing which allows you to pay in installments by the end of the stipulated time period for making purchases.

Detailed explanation-3: -Installment credit is a loan that offers a borrower a fixed, or finite, amount of money over a specified period of time. This way, the borrower knows upfront the number of monthly payments, or “installments, ” they will need to make and how much each monthly payment will be.

Detailed explanation-4: -installment buying definition. Purchasing a commodity over a period of time. The buyer gains the use of the commodity immediately and then pays for it in periodic payments called installments. Led to great depression.