Consumer Lending
Consumer Lending, traditionally called end-retail lending, refers to making a wide range of secured or unsecured loans to consumers by lenders, banks, credit unions, and private investors for consumable items. These items such as a car, boat, manufactured home, home equity loan, home equity line of credit, signature loan, signature line of credit, recreational vehicle, or share or certificate of deposit or Stocks and Mutual Funds secured loans are reasons for consumer lending.
Consumer lending does not include mortgage loans, typically used for home purchases, which follow a very different kinds of regulations than do the consumer loans.
Consumer loans are different from commercial loans in which can be calculated on a daily basis, rather than 12 monthly payments (such as with the U.S. Federal calendar), and include interest for leap day (as an extra day of the year), such as in Actual/366 loan calculations.
The National Lending Center advises consumers read contracts with lenders thoroughly and if needed . . . seek professional legal counsel before applying or obtaining any advance or type of loan.
Thank you. You brought some insight to me about getting financial relief for my restaurant. I am going to contact my local SBA rep. – Jen