consumer finance company

Definition

A financial institution that specializes in providing loans directly to consumers who are unable to secure bank loans. A consumer finance company generally charges a higher interest rates than a bank.

Use this term in a sentence

We had operated a successful consumer finance company for more than 30 years, and now it was time for me to retire quietly.

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My boyfriend has been trying to rebuild his credit for awhile, but still the only way for him to get a loan is through a consumer finance company which we both consider predatory because of their higher interest rates.

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The family was having serious financial problems and just could not meet their monthly obligations so they saw no other option than obtaining a loan from a local consumer finance company.

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consumer finance Wall Street Reform and Consumer Protection Act