Simple English definitions for legal terms
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A consumer finance company is a type of company that provides loans directly to individuals. They may also purchase loans from other companies that lend money to borrowers. These companies are different from banks because they do not accept deposits or offer other banking services. Consumer finance companies are sometimes called small-loan companies because they typically offer smaller loans than banks. They may also charge higher interest rates than banks because they lend to people who may not qualify for bank loans.
A consumer finance company is a type of nonbank company that provides loans directly to consumers or purchases notes from other companies that make loans to borrowers. These companies specialize in extending credit to individuals for personal use, such as buying a car or paying for medical expenses.
These examples illustrate how consumer finance companies provide credit to individuals for personal use or to finance purchases. They may offer different types of loans, such as short-term or installment loans, and may specialize in specific industries, such as automotive financing.