Instalment plan
Cards & borrowingA plan that spreads a balance into fixed monthly payments.
Overview
Instalment plans can be offered by lenders or retailers.
They can have fixed or promotional rates.
Why it matters
- It makes repayments more predictable.
- It can reduce short-term affordability pressure.
- It adds to your monthly commitments.
FAQs
Does an instalment plan affect my credit score?
It can, if the plan is reported as a credit account.
Is an instalment plan cheaper than a credit card?
Sometimes, but it depends on the rate and fees.
Related terms
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