That simply means that their investment policies may be more conservative. However, some commercial banks may also be rather slow at processing your loan application. Consumer finance companies may be able to approve your loan in less time. In fact, they can often get your loan approved in one day. They may extend credit to applicants without an established credit history, or even with a poor credit rating.
Credit unions are another source of consumer loans.
They usually offer credit cards, personal installment loans, and even mortgages. Additionally, their cost of credit is usually relatively low compared to other lending institutions. However, you cannot get a loan from a credit union unless you are a member. Teachers, government employees, or employees of some corporations are typical groups that have formed credit unions. Another source of credit that many consumers overlook is their life insurance company .