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Consumer Loan
Financing options for consumers
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A Consumer Loan is a personal finance product commonly used by customers to fund more expensive assets. These loans can be either secured or unsecured.
The first step in obtaining a consumer loan is making sure an individual qualifies. To do this, the lender, often a financial institution, will evaluate the borrower’s credit history, risk potential, the market value, and other criteria. If an individual qualifies, the lender will agree to a loan in a set amount.
Secured consumer loans are backed by physical assets of the borrower while unsecured loans are not. As secured loans carry less risk for the lender, they tend to come with more favorable rates. The borrower will make regular payments to the lender until the loan amount, plus interest, is repaid.
There are a number of different types of consumer loans. Mortgages to purchase a house, auto loans to purchase a vehicle, and student loans to fund education are all examples of consumer loans.
To determine your consumer loan options, talk to a member of our team today.
Explore Other Finance Options
A Finance Lease is a commercial finance product, where the financier will purchase the asset on behalf of the customer and lease it back to them for an agreed term. At the end of the lease the customer can either pay the residual value (final lump sum instalment) and take ownership of the asset, or trade it in or re-finance the residual for an extended term.
Personal loans are a type of credit facility taken out for a specific purpose such as renovations, a holiday, wedding, purchase an older vehicle, or to consolidate debt. Personal loans can be unsecured or secured against a car or other asset. Rates will be cheaper if you provide security!
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