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Installment legal definition of InstallmentInstallment definition and meaning | Collins English Installment legal definition of InstallmentInstallment definition and meaning | Collins English 05/06/2008 · From Wikipedia, the free encyclopedia An installment loan is a type of agreement or contract involving a loan that is repaid over time with a set number of scheduled payments; normally at least two payments are made towards the loan. The term of loan may be as little as a few months and as long as 30 loan that is repaid in a certain number of payments in the same amount. Interest is computed in advance and is rolled into the payments. For example, a mortgage amortized over 30 years is an installment loan because the payments are equal to each other and …The noun INSTALLMENT LOAN has 1 sense: 1. a loan repaid with interest in equal periodic payments. Familiarity information: INSTALLMENT LOAN used as a noun is very loan definition, a loan that allows someo