Word forms: (regular plural) closed-end loans
( Finance : Banking , Credit )
Closed-end loans, which include installment and student loans and automobile leases, are generally
charged off in full no later than when the loan becomes 20 days past due.
With a closed-end loan, the borrower cannot alter the number and amount of installments, the maturity date,
or the credit terms.
A closed-end loan is a loan such as an auto loan, with fixed terms, and where the money is lent all
at once and paid back by a particular date.
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