Consumer Finance Company
A non-bank lender. A consumer finance company does not receive deposits, but does make loans to customers for business or personal use. It derives its profits from the interest on these loans. It is also called simply a finance company.
Herein, what are consumer finance companies also called?
Consumer finance companies, which are often advertised on TV, are also known as: Small loan companies, Consumer finance companies specialize in making small loans to individuals or businesses. … For these reasons, interest rates are usually higher than loans from a bank or credit union.