Installment debt is a loan that is repaid in regular payments, such as most mortgages and auto loans.
Installment loans are good for borrowers because they allow you to finance large amounts, and for lenders they provide regular payments.
Installment loans are generally less risky than other alternative loans that do not require installment payments, such as lump-sum or interest-only loans.
Installment debt can be a type of personal loan.
Your amortization schedule determines how much you pay in monthly installments.