What context can I use each word in?
Learn when and how to use these words with these examples!
installment
Example
I will pay off my car loan in monthly installments. [installments: noun]
Example
The novel was released in three installments. [installments: noun]
payment
Example
I made a payment on my credit card bill yesterday. [payment: noun]
Example
The company requires payment in full before shipping the product. [payment: noun]
Good things to know
Which word is more common?
Payment is more commonly used than installment in everyday language. Payment is a versatile term that covers a wide range of financial transactions, while installment is more specific to paying off debts or loans.
What’s the difference in the tone of formality between installment and payment?
Both installment and payment can be used in formal and informal contexts, but installment may be more commonly used in formal financial settings due to its specific meaning related to loans and debts.
