What is an Installment Note?

An installment note is a type of loan in which the borrower agrees to pay the amount along with interest through regular payments. These payments are equal in amount and can cover personal loans, business loans, and mortgages.

The installment note reminds us of a couch we bought on a payment plan. We didn’t pay all at once but in parts. So, it didn’t become uncomfortable for our finances but comfortable for our sitting.