Loan companies also known as finance companies are institutions that finance business and people with money payable after a certain period of time through installments or in full. Loan companies comprises of financial institutions such as commercial banks, investment banks, credit unions, building societies, shadow banks, money lenders and many more. Although all loan companies finance business and individuals, they largely differ in the services they offer and the requirements they need.
Commercial banks largely loan people who have good credit score that reach their requirements whilst money lenders are not interested on the credit score of the borrower. Loan companies offer different types of finances to businesses and individuals such as personal loans, bank loans, bad credit loans, car loans, payday loans, consolidated loans and many more. Loan companies enable people to effectively secure their businesses when they become short of finances to purchase equipment and property, hire new staff and for repairing broken equipment.
Loan companies require borrowers to be in possession of various documents such as proof of payment, proof of residence, proof of insurance, proof of identification and a whole lot more. Many loan companies have websites online allowing people to apply for loans seated comfortable in their homes using computers and mobile phones connected to the internet. Only people who have attained at least 18 years can qualify to apply for loans in finance companies.