payment plan
/ˈpeɪmənt plæn/ · pay·ment plan
noun
- A schedule or arrangement for making payments, typically in installments, to settle a debt or fulfill an obligation. The financial advisor helped the couple create a payment plan to pay off their mortgage within five years.
- A plan for making regular payments, often with a fixed amount and frequency, to purchase a product or service, such as a payment plan for a smartphone or a payment plan for a subscription service. The company offered a payment plan for customers to purchase a new laptop with monthly payments of $50 for 12 months.
Did you know? The concept of payment plans has been around for centuries, with ancient civilizations using various forms of payment schedules to settle debts and fulfill obligations.