A consumer finance company is a type of financial institution that specializes in offering credit products and services to individuals who require loans for personal use.
A finance charge is a fee imposed for the privilege of deferring payment of a debt or for borrowing funds. It is commonly used in credit card transactions and loans.
A finance house is an organization, often owned by commercial banks, that provides finance for hire-purchase or leasing agreements. These institutions play a pivotal role in consumer finance, enabling consumers to purchase expensive items through structured agreements while earning profits from the interest rate differential.
