Type Consumer Loans we Offer's​
 

Here’s a breakdown of the account types Smart Finance Service have in place:

1. Auto Installment
Definition: A loan used to purchase a vehicle, repaid in fixed monthly installments over a set term.Features: Fixed payment schedule, interest rate, and loan term.

Auto Lease Installment
Definition: An agreement to lease a vehicle with monthly payments, often lower than an auto loan.
Features: Payments cover depreciation and usage; typically no ownership at the end of the lease.

Charge Account - Revolving
Definition: A type of account where the full balance must be paid at the end of each billing cycle (e.g., corporate or store cards). Features: No preset spending limit, no interest charged if balance is paid in full.

Credit Card - Open or Revolving
Definition: A credit account allowing the user to borrow up to a limit, with flexible repayment.Features: Minimum payments, interest charges on unpaid balances, and revolving credit limits.

Credit Line - Secured Line of Credit
Definition: A line of credit backed by collateral (e.g., savings account or property).
Features: Lower interest rates due to collateral; funds can be reused as they’re repaid.

Flexible Spending Credit Card - Revolving
Definition: A credit card with flexible terms, often tied to specific benefits (e.g., healthcare spending). Features: May offer grace periods, interest on balances, and preset spending limits.

Line of Credit
Definition: A flexible credit option allowing borrowing up to a specified limit.
Features: Interest charged on amounts borrowed, and credit is reusable as it’s repaid.
 

Retail Sale Contract

A retail sale contract is a formal agreement between a retailer and a customer that outlines the terms of a transaction. It can also refer to a retail installment sales contract (RESC)

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Micro-Loan

Micro business loans, as the name suggests, are small term loans. Depending on where you live, a microloan can be as small as a few hundred dollars or as large as $50,000 (as in the US).

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