Consumer finance company

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Consumer finance company

Consumer Finance Company

A non-bank lender. A consumer finance company does not receive deposits, but does make loans to customers for business or personal use. It derives its profits from the interest on these loans. It is also called simply a finance company.
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S&P issued the statement amid the recent slide in market confidence toward consumer finance companies in the wake of admitted illegal practices at one of the firms.
The announcement triggered a slide in market confidence in consumer finance companies, which could seriously affect terms and conditions for their financing, S&P said.
While consumer finance companies had enjoyed strong results until recently, the results in the fiscal first half show that the economic slump is starting to hit them hard by making a large number of consumers unable to meet their obligations.
S&P said it revised the outlooks on its long-term ratings on three of Japan's largest consumer finance companies to stable from negative in the second half of 2000.

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