Closed-end loan

{
  "id": "MLC-T-LAW-001024",
  "term": "Closed-end loan",
  "field": "Law",
  "definition": "A type of loan where the borrower receives a lump sum of money at the outset and repays it over a fixed period with a set number of scheduled payments. The loan amount, interest rate, and repayment schedule are established at the time of origination and generally do not change. Mortgages and auto loans are common examples of closed-end loans.",
  "url": "https://mlchart.com/terminology/law/closed-end-loan/"
}