noun[mass noun] British
A system by which one pays for a thing in regular instalments while having the use of it.
- Taking out an unsecured personal loan or hire purchase are the two traditional ways of funding a new car purchase.
- This represents Britain's credit card, hire purchase and loan companies, which between them control about one third of British consumer debt.
- This is typically offered when a consumer borrows: be it mortgage, a personal or car loan, hire purchase agreement or credit card.
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