A payback schedule refers to a plan for repaying borrowed money over time. It outlines the specific dates and amounts of money that need to be paid back to the lender according to the agreed terms. Full definition
This form of lending is concerning for three main reasons: Like storefront payday lending, auto - title lending carries a triple digit APR, has a short payback schedule, and relies on few underwriting standards; the loans are often for larger amounts than traditional storefront payday loans; and auto - title lending is inherently problematic because borrowers are using the titles to their automobiles as collateral, risking repossession in the case of default. (policymattersohio.org)
There is no defined payback schedule, you can pay back some or all the principle at any time. (guidantfinancial.com)
The payment amount would be exactly the same if you chose to follow the same payback schedule and the same interest rate. (insuranceandestates.com)