Type of consumer installment loan where the borrower cannot alter the (1). number and amount of installments, (2). maturity date, and/or (3). credit terms. Known also as closed end credit. This is in contrast to an open-end loan.
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Type of consumer installment loan where the borrower cannot alter the (1). number and amount of installments, (2). maturity date, and/or (3). credit terms. Known also as closed end credit. This is in contrast to an open-end loan.
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