Business, Legal & Accounting Glossary
The final payment on a loan which is significantly larger than those preceding it.
A large final payment due at the end of a loan, typically a home or car loan, to pay off the amount your monthly payments didn’t cover. Many US states prohibit balloon payments in loans for goods or services that are primarily for personal, family or household use, or require the lender to let you refinance the balloon payment before forcing collection.
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This glossary post was last updated: 26th April, 2020 | 0 Views.