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What is the difference between a promissory note and an installment agreement?

April 26, 2017Agreement installment promissory note

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What is the difference between a promissory note and an installment agreement?

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A. A promissory note is used when the lender expects to be paid in full on a given date or on demand. An installment agreement, on the other hand, allows the borrower to spread the payments out over a given time period and make monthly payments (installments) to the lender.