Different Finance Companies for Different Purposes(1)

also finance companies, also known as small-loan companies, make personal cash loans available to many customers. the majority of their loans support the purchase of passenger cars, home appliances,recreation vehicles, and mobile homes. however, a growing proportion of consumer finance company loans center on aiding customers with medical and hospital expenses, educational costs, vacations, home repair and maintenance, and energy bills. Loans made by small-loan companies are considered to be more risky than other consumer installment loans and therefore generally carry steeper finance charges than those assessed by banks, credit unions, savings and loan associations, and other installment lenders.