Answer:
Kindly check explanation
Explanation:
The noninstallment credit as the name implies can be explained as a certain type of loan whereby the borrower agrees to pay the full amount borrowed within a certain period of time. Usually noninstallment credit usually have a lower interest percentage than installment credit. This may be because for noninstallment credit, the borrower will be the full amount at once.
A scenario where considering a noninstallment credit may be in the purchase of a small piece of land in which the money to offset such purchase has been tarbeted at a particular income which is expected at the end of the month. One can apply for a noninstallment credit for the purchase if the land bearing in mind that onve the expected income drops, the full credit will be repayed.
