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LSDefine

Simple English definitions for legal terms

consumer finance company

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A quick definition of consumer finance company:

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 more thorough explanation:

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.

  • Small-loan company: A finance company that deals directly with consumers in extending credit. For example, a small-loan company may offer short-term loans to individuals who need to cover unexpected expenses.
  • Sales finance company: A finance company that purchases consumer installment paper arising from the sale of consumer durables "on time." For example, a sales finance company may purchase the installment contracts for a car dealership's customers, allowing the dealership to receive payment upfront while the finance company collects payments from the customers over time.

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.

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babycat
16:00
@shaquilleoatmeal: I’ll stop by just for you. I gotta grind out some of my last essays tn.
shaquilleoatmeal
16:02
@soyalmondoatmilk: im weak af, can't handle that spicy cashew lmao
shaquilleoatmeal
16:03
@babycat: 😘 see you in a bit, grind out those essays before you hop back on
shaquilleoatmeal
16:04
appreciate the non wink since you didn't appreciate it them then lol
babycat
16:06
I'll do it for you ;)
16:06
Tough to justify attending a law school where the admissions office does epic resistance political commentary at the info session
BulbasaurNoLikeCardio
16:07
making me feel jealous here wow, I am about to go taste test a bunch of deserts for our baby shower this weekend.
BulbasaurNoLikeCardio
16:07
@milktoast: what school got political at an info session?
shaquilleoatmeal
16:11
nothin to be jealous about, i've been trying to slide into babycats dms but shes got a long line I guess I gotta wait in to see if I can get in lmao
babycat
16:11
omg if you get into ASU they give you travel expense reimbursement to go there for a visit. does anyone know which other schools do this? I'd love to get a comped vacation
shaquilleoatmeal
16:12
think BU gives you $300 or somethin
ClassyPleasantHeron
16:12
Where is ASU getting this kind of $$$ from? They waive CAS fees too.
babycat
16:13
@shaquilleoatmeal: yeah but then you have to go to Boston :(
shaquilleoatmeal
16:14
uva too
shaquilleoatmeal
16:14
whats wrong w boston ;(
GOT PROMOTED YAY how do i tell law schools abt this?
like do i type up and separate doc and send as an attachment? how much do i write?
shaquilleoatmeal
16:15
@jackfrost11770: LFGGGG
TYYYYYY
shaquilleoatmeal
16:16
do any of your schools have updated sections in the portal? If so, i'd upload there, if not email. Small paragraph should do it id think
1a2b3c4d26z
16:16
Who wanna play some operation metro later on
1a2b3c4d26z
16:16
Congrats jack!
thank you!!
babycat
16:16
@jackfrost11770: personally I would submit an updated resume reflecting the new position instead of a paragraph but idk what SOP is
getting a bacon egg and cheese in celebration
1a2b3c4d26z
16:18
lfg baby you earned that
babycat
16:20
also congrats!! big win
initiallaw
16:23
congrats!!
:D
the big W is that i get reimbursed for travel now thank GOD
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