What are the differences between Consumer Finance Companies, Banks, Savings and Loans, and Credit Unions?
The basic distinction between these lenders have been slowly blurred as each has tried to get some of the other’s business and has expanded related services. Basically, the Consumer Finance Companies are retailers of credit, while the other three are primarily wholesalers of credit. Consumer Finance Companies usually borrow money from banks and in turn loan it to you, the consumer.
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