Understanding Instalment Credits
Installment credit is a loan that you don’t have to pay back all at once. You can create an agreement with your lender to pay it back over a period of time, this means that you pay a certain amount every month until you complete the loan. For instance, say you need a bigger signpost for your tourist shop, and you get a loan of $1,000. But instead of paying the entire $1,000 all at once which might be difficult for your business to manage because you need money for other expenses, you pay back $200 (with interest) for 5 months until you reach $1,000.