Installment Loans

Monthly payment on a credit report is the tradeline field showing the scheduled payment amount for some reported accounts.

I rating is the Canadian payment-rating code family commonly used for installment accounts such as personal loans.

Amortization is the repayment pattern through which scheduled loan payments gradually reduce principal and interest over time.

Loan used to combine multiple debts into one payment structure, often for simpler repayment or lower cost.

A fixed interest rate stays the same for the agreed period instead of moving with changing market conditions.

Installment credit is borrowing where a defined amount is repaid through scheduled payments over time.

Interest accrual is the ongoing build-up of interest on an outstanding balance over time.

Loan term is the agreed repayment length for a loan under the credit agreement.

Canadian borrowing terms for personal loans, lines of credit, and the difference between fixed and reusable debt.

Maturity date is the date by which a loan is scheduled to be fully due under its agreement.

A payment deferral is a temporary arrangement that lets the borrower postpone or modify scheduled loan payments.

Payoff amount is the full amount needed to bring a loan or line balance to zero on a specific date.

A personal loan is an installment-credit product that advances a set amount to be repaid through scheduled payments.

Prepayment means paying part or all of a loan before the scheduled end of the agreement.

Prime rate is the lender reference rate often used to price Canadian variable-rate lines of credit and other borrowing.

Principal is the borrowed amount itself before future interest and most borrowing-cost add-ons are added.

Principal balance is the unpaid borrowed amount remaining before future interest and some additional charges are added.

A secured loan is an installment loan backed by collateral accepted by the lender.

An unsecured loan is an installment loan approved without specific pledged collateral.

A variable interest rate can change over time under the terms of the credit agreement.