Installment debt is a loan repaid by the borrower in regular payments. Read about different types of installment debt, along with their pros and cons.

In contrast with revolving credit, installment credit must be paid back within a specific amount of time. The bank gives you a lump sum and presents you with firm repayment terms. For example, you ...

Installment Credit: This is how most loans work, whether a mortgage on a house, an auto loan or a student loan. ... Credit 101: Definition, Scoring, Reports and More.

Credit mix (10%): Having a mix of different types of credit, such as credit cards and installment loans, typically helps your score. New credit (10%): FICO's formula factors in new credit ...

Consumer credit comes in two forms, revolving (or open-ended) and nonrevolving (or on an installment basis until the last payment is made), and either may be secured with collateral or without.

Of the three credit installment plans, Citi has the longest term available, up to four years (depending on the purchase and customer history). It also differs in that it charges a fixed APR on the ...

Unlike credit cards or credit lines, you borrow an installment loan in a lump sum and repay it over months or years. These loans have fixed interest rates, meaning the monthly payment won’t ...

CNBC Select speaks to an expert about the difference between credit cards and installment loans, and which one can have a greater impact on your credit score.