Installment loan: Difference between revisions

The installment loans were at first used by [[Singer Corporation|Singer]] company for financing the purchase of their sewing machines in 1850. After Singer, other companies started to use installment loans. In 1899 in Boston, more than a half of furniture dealers used such kind of loans. Around 1890, installment loans were commonly used to finance sewing machines, radios, electric refrigerators, phonographs, washing machines, vacuum cleaners, jewelry and clothing. By 1924, 75% of automobiles were purchased with installment loans.<ref>{{Cite web|url=https://getoutofdebt.org/14344/the-history-of-credit-debt-early-installment-sales|title=The History of Credit & Debt – Early Installment Sales|last=Rhode|first=Steve|date=December 3, 2009|website=GetOutOfDebt.org|archive-url=|archive-date=|dead-url=|access-date=}}</ref>