Furniture Loan = Charge Account = Revolving Credit

[RobertEG]

A line of credit extends to you an approved amount of credit you are authorized to use.  Payments revolve around how much you choose to utiliize.

Installment accounts complete the extension of credit, either by forwarding the consumer specific goods of a specific amount of cash, and sets fixed monthly payments for a tixed term.

It sounds like they only extended to you, upon purchase of the furniture, the same amount of credit as the value of the furniture you received, so I can see how you would consider that to be an installment loan.  It quacks like a duck.   However, the devil is in the details.  Unless fixed payments over a fixed term were specified, it is not an installment loan.

[acleynes]

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@RobertEG wrote:

A line of credit extends to you an approved amount of credit you are authorized to use.  Payments revolve around how much you choose to utiliize.

Installment accounts complete the extension of credit, either by forwarding the consumer specific goods of a specific amount of cash, and sets fixed monthly payments for a tixed term.

It sounds like they only extended to you, upon purchase of the furniture, the same amount of credit as the value of the furniture you received, so I can see how you would consider that to be an installment loan.  It quacks like a duck.   However, the devil is in the details.  Unless fixed payments over a fixed term were specified, it is not an installment loan.

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You are correct.  That is exactly what happened.  We paid for as much as we could in cash, and financed the rest. 

[guiness56]

Yes, I have bought furniture in the same way.  Paid so much down, financed the rest, with a set payment each month for so many months.  It was listed as an installment.