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A Consumer Loan is a loan that banks offer to customers to buy household goods and appliances and even personal devices. These include television sets, air-conditioners, home theatre systems, refrigerators, laptops, mobile phones, cameras and even modular kitchens.
Our Governing Board. The Finance Commission of Texas is the agency's eleven member governing board that is appointed by the Governor. It is responsible for overseeing and coordinating the Office of the Consumer Credit Commissioner, the Department of Savings and Mortgage Lending, and the Texas Department of Banking.
If the money is used for the purchase of a primary residence or is purely refinancing a loan secured by a primary residence, then the loan is consumer purpose. If the money is used to purchase a non-owner-occupied rental property, then the loan is clearly business purpose.
Consumer purpose means an Account held or funds expended for personal, family or household use.
A consumer credit contract is a formal written agreement to borrow money, or pay something off over time, for personal use. You pay interest and fees for the use of the bank or finance company's money. One or more of your assets might secure the loan. Examples include: vehicle finance to buy a car, van, or boat.
Consumer installment loans, including car loans, student loans, and home mortgage loans, are examples of consumer loans. Other examples of consumer loans include certain revolving credit products, such as consumer credit cards and personal lines of credit.
In other words, a consumer loan is any type of loan made to a consumer by a creditor. The loan can be secured (backed by the assets of the borrower) or unsecured (not backed by the assets of the borrower).
Consumer Purpose Loans means loans to one or more individuals the proceeds of which are used to purchase goods, services or merchandise for personal, household or family use.