Non-Installment Credit Law and Legal Definition
Non-installment credit refer to a system of credit that is payable in one lump-sum amount by a specified date. Non installment credit is the simplest form of credit. It can be secured or unsecured. It is usually for a very short term, such as thirty days. It enables consumers to take possession of property today and pay for it within a set amount of time. Many department stores offer non-installment credit. However, this system can be converted to high interest credit when the customer does not pay in full on the due date.