Consumer lending (also called retail lending) refers to making a wide range of secured and unsecured loans to consumers for consumable items such as a car, boat, manufactured home, home equity loan, home equity line of credit, signature loan, signature line of credit, recreational vehicle, or share or certificate of deposit or Stocks and Mutual Funds secured loans.
Consumer lending does not include mortgage loans, typically used for home purchases, which follow some different regulations than consumer loans. Also, consumer loans are different from commercial loans, which can be calculated on a daily basis, rather than 12 monthly payments (such as with the U.S. Federal calendar), and include interest for leap day (as an extra day of the year), such as in Actual/366 loan calculations.
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