Question

What is the difference between installment and noninstallment credit?

Answer 1

Installment credit is getting a loan from your bank and noninstallment credit is money that you have in the bank and can only use a certain amount at a time of.

Answer 2

Answer:

Installment loans (student loans, mortgages and car loans) show that you can pay back borrowed money consistently over time. Meanwhile, credit cards (revolving debt) show that you can take out varying amounts of money every month and manage your personal cash flow to pay it back.

Explanation: Edge 2021 Have a great day or night! :D