This type of finance company competes directly with depository institutions for consumer loans because they can frequently process loans faster and more conveniently.

Question

Quizplus · Accepted Answer

Sales finance institutions specialize in providing loans to consumers for buying products or services. They often work closely with retailers and manufacturers to offer financing options at the point of sale. Since they have a streamlined process and focus specifically on consumer lending, they can often process loans faster and more conveniently than depository institutions.

This Type of Finance Company Competes Directly with Depository Institutions