What is Closed-End Credit?

Closed credit refers to the feature of retail installment credit, which is that the trustee is required to pay the down payment, and then pay a fixed amount on a regular basis within a certain period, until the full amount is still paid.

Closed credit

Right!

Closed credit refers to the feature of retail installment credit, which is that the trustee is required to pay the down payment, and then pay a fixed amount on a regular basis within a certain period, until the full amount is still paid.

It is different from revolving credit in that consumers have to sign a sales contract with the enterprise, and the credit transaction is automatically terminated after the balance is paid, so it is also called closed credit.