Consumer loans are
secured or unsecured loans provided to retail customers for personal, family, or household purposes
or for purchase of goods and services. Consumer loans can be secured or unsecured (backed or non-backed
by a collateral). In terms of repayment, consumer loans can be revolving (when a credit limit can be spent,
repaid and spent again) or installment (such a loan is repaid in equal installments until the
loan is paid off at the end of its term).