Lending

Consumer lending refers to the practice of providing individuals with financial resources, typically in the form of loans, to fulfill personal needs or purchase goods and services. These loans can be secured (backed by collateral) or unsecured (based solely on the borrower’s creditworthiness). Consumer lending encompasses various types of loans such as mortgages, auto loans, personal loans, and credit cards. Lenders assess borrowers’ credit histories, income levels, and other factors to determine eligibility and set interest rates. The borrower repays the loan amount over a specified period, often with added interest. Consumer lending plays a pivotal role in facilitating personal finance and economic activitie