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The Basics of Consumer Loans. There are two primary types of debt: secured and unsecured. Your loan is secured when you put up security or collateral to guarantee it. The lender can sell the collateral if you fail to repay.

A consumer loan is a loan given to consumers to finance specific types of expenditures. In other words, a consumer loan is any type of loan made to a consumer by a creditor. The loan can be secured (backed by the assets of the borrower) or unsecured (not backed by the assets of the borrower).

A Consumer Loan Application is a form used by the applicant to request a loan to a bank or lending company. This form template has all the necessary questions in order to collect all required data when loaning money.

A credit card and a consumer loan are two different ways of borrowing money and they provide different benefits. Which of the two is best suited for you depends on your need and purchasing pattern. A consumer loan is a good alternative to a credit card if you want predictability with your monthly expenses.

Consumer lending includes closed- and open-end credit extended to individuals for household, family, and other personal expenditures and includes credit cards, auto loans, and student loans.

The most common examples of consumer loans are personal loans, auto loans, and home loans.

Here are five common requirements that financial institutions look at when evaluating loan applications. Credit Score and History. An applicant's credit score is one of the most important factors a lender considers when evaluating a loan application. ... Income. ... Debt-to-income Ratio. ... Collateral. ... Origination Fee.

A personal loan (also known as a consumer loan) describes any situation in which an individual borrows money for personal need, including making investments in a company. All personal loans have three common elements: Evidence of the debt (promissory note)