Q&A: What type of contract is a personal loan where installment payments are made monthly?
Question by skye_12299: What type of contract is a personal loan where installment payments are made monthly?
I live in the state of Ohio and I am trying to figure out if the personal loan I signed for through a financial institution is considered written contract, written account, or promissory. I made monthly installment payments.
Best answer:
Answer by wilderwriter
It is often called a “promissory note” but it is also a “written contract” (as apposed to a oral contract). I have never heard of a “written account” other than in the sense of a story “written down” not as a kind of financial instrument.
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Categories: Loan Questions Tags: Contract, Installment, loan, Made, Monthly, payments, Personal, type
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Determining the Monthly Payment of an Installment Loan
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Categories: Loan Videos Tags: Calculator, Installment, loan, Monthly, Payment