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The widespread use and popularity of consumer loans is due to the ease of obtaining them, which is usually due to the small amount of the loan and its relatively short duration. That is Click why the number of such loans does not decrease even during the financial crisis, and many banks make retail consumer lending the main focus of their own work. However, not all borrowers take advantage of loans for consumer needs in full, so it is logical to consider the issue in more detail. A consumer loan is usually defined as a loan that is issued primarily to individuals for the purchase of any consumer goods or services. By and large, a variety of such loans are even a mortgage or car loan, however, it is considered to be their separate types of lending. The main features of consumer loans are their short duration, which rarely exceeds 1.5-2 years, as well as a small amount, compared with the already mentioned mortgage and car loan.
Currently, there are several types of consumer loans that can be classified according to their various parameters:

No-purpose. Such loans are issued in cash or on a credit card. An important feature of such loans is a higher interest rate compared to the target, as well as a smaller loan size. Despite this, according to many financial analysts and specialists of the banking market, this type of consumer loans is the most common;
Target. Issued by the Bank for the purchase of a particular product or service. Often, the registration takes place directly in the store, where the borrower has already picked up the necessary purchase. Often, this type of loan is used to pay for various services, such as treatment or a tourist trip;
Express loan. Relatively a new kind of lending, which is provided in most cases in regime online, speaking, essentially, improved and more beneficial for client version of any microloans. The main features of such loans are a high interest rate and a small loan size;
Credit Bank card. This version of the loan, when the borrowed funds come to the customer’s plastic, is rapidly gaining popularity. The reasons for this are the simplicity, safety and convenience of the procedure for crediting funds in combination with the ever-increasing number of cards in the hands of individuals.

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