What are consumer loan products?
A consumer loan is any loan or line of credit a consumer receives from a creditor. Common consumer loans are home mortgages, auto loans, credit cards, personal loans, student loans, home equity, and HELOC loans.
What are loan products?
The most popular consumer installment loan products are mortgages, student loans, auto loans and personal loans. In general, lenders use consumer’s credit score and debt to income ratio to determine the interest rate and loan amount for which they are qualified.
What are five examples of consumer loans?
The most common types of consumer loans are – mortgage, auto loan, education loan, personal loan, refinance loan, and credit card.
What is business and consumer loan?
Business Loan – money lent specifically for a business purpose. For business loans, they can use equipment, fixtures or furniture as collateral. Consumer loans do not usually require a guarantor. Business loans require the business owners to sign as guarantors.
What are the types of lending?
Personal Loans: Most banks offer personal loans to their customers and the money can be used for any expense like paying a bill or purchasing a new television.
What is the difference of business loan and consumer loan?
A consumer loan will often require a credit report, pay stubs or tax returns. With a business loan, credit reports for the business will be accessed. In addition, the business will be required to provide the last three years of financial statements.
What are the various types of loans?
Loans
- Personal Loan.
- Business Loan.
- Home Loan.
- Gold Loan.
- Rental Deposit Loan.
- Loan Against Property.
- Two & Three Wheeler Loan.
- Personal Loan for Self-Employed.
What is consumer loans and business loans?
Consumer loan includes credit cards, mortgages, home equity lines of credit, refinances, auto loans, student loans, as well as personal loans. A business loan, on the other hand, is a loan particularly meant for business reasons or purposes.
What are consumer lending products?
Consumer lending provides financing to individuals. Consumer loans include several types of consumer products including mortgage loans, auto loans, personal loans, credit cards, lines of credit and other niche consumer-targeted loan products.
What is considered a “consumer finance company”?
A consumer finance company is a company that only deals with giving out loans to its customers. They make profits from the interest that accrues on the loan when their customers repay these loans.
What is consumer lending?
Consumer lending is the broad term for any type of loan secured by an individual from a financial institution like a bank or some other company that specializes in loans. This differs from commercial lending, which is the practice of banks making loans to businesses.
What is the definition of consumer loans?
Consumer Loan Law and Legal Definition. Consumer loan means a secured or unsecured loan given to customers for personal, family, or household purposes, or for consumable items such as a car, boat, manufactured home, home equity loan, home equity line of credit, signature loan, signature line of credit, and recreational vehicle.