What are the loan advantages of consumer finance companies?

Consumer finance companies are "non-bank financial institutions that do not absorb public deposits, and provide loans for consumption purposes for individual residents in China on the principle of small amount and dispersion". Consumer finance companies mainly provide loans for consumption purposes for individual residents, such as purchasing durable consumer goods such as household appliances and electronic products, and providing loans for personal and family travel, weddings, education, decoration and other consumer matters, but do not include mortgage loans and car loans. So, what are the loan advantages of consumer finance companies?

It is understood that since consumer finance companies do not absorb public deposits, the initial source of funds is mainly capital. After the scale is expanded, they can apply to issue bonds or borrow money from banks. Compared with banks, consumer finance company loans have unique advantages such as small single credit line, fast approval speed, no mortgage guarantee, flexible service mode and short loan period.

Advantage 1: Loans are more widely used.

It is understood that loans from consumer finance companies are more widely used than bank loans, except for mortgage loans, car loans and some restricted loans, which can be used for travel, marriage, going abroad and decoration.

Advantage 2: Loans are easier to apply for.

Generally speaking, as long as the applicant has a good credit record and meets certain loan conditions, he can apply for a loan, and the loan can be released at the earliest. Although the unsecured products of the bank "look beautiful", the actual application requires customers to wait for a long time, and the procedures for handling business are also very complicated.

Advantage 3: The loan period is relatively long.

Generally speaking, the consumer loans of banks and small lending institutions are short-term loans, mostly within one year, while the loan period of consumer finance companies is generally one year without guarantee.

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