Consumer Financial Services

Consumer Financial Services providers help develop financial services products-including drafting, marketing, servicing and supporting secondary market sales-for retail installment sales, mortgage and auto loan products.

They also work with non-traditional financial services providers to address all of their legal needs associated with payment services, money transmitter issues, anti-money laundering and related financial privacy and security needs. They provide comprehensive, realistic advice on fair credit best practices, data security, information sharing, permissible cross marketing practices, enhancing and unwinding consumer relationships.

Today there are many different types of consumer credit that are available from a wide variety of sources. Some loan agreements specify equal monthly or annual payments, while others require a large single payment of both principal and interest. Some loans require nothing more than a borrowers promise to pay; others necessitate that the borrower pledge certain assets as collateral to guarantee repayment of the loan.

Consumer credit is divided into two broad categories: installment credit and non-installment credit. Installment credit, also called closed-end credit, includes loans that require the borrower to repay the principal amount in equal periodic payments, usually monthly. These fixed-payment loans typically provide the borrower with very little repayment flexibility.

Non-installment credit essentially includes all forms of consumer credit other than fixed-payment loans. It is comprised of single-payment loans and loans that permit the borrower to make irregular payments and to borrow additional funds without submitting a new credit application. This latter type of loan is also known as revolving- or open-end credit.

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