[NEED LEGAL HELP?] Call our 24/7 Helpline: 1-866-723-4855

Partial Payment

Definition - What does Partial Payment mean?

A partial payment is a payment on a debt that does not represent the entire repayment of the debt. In a legal sense, the lender agrees to allow the borrower to make repayments at a set amount and over a set length of time; any failure by the borrower to keep the terms of the repayment will result in the borrower's default on the loan.

Justipedia explains Partial Payment

If a borrower agrees to repay a debt in partial payments and does not, the entire sum borrowed will become due and payable after the borrower is termed to have defaulted on the partial payments.

Connect with us

Justipedia on Linkedin
Justipedia on Linkedin
"Justipedia" on Twitter

Sign up for Justipedia's Free Newsletter!