Banks and credit unions are two of the most common sources of consumer and business loans. These loans may be secured or unsecured, and may take the form of home mortgages, home equity loans, installment loans (loans repaid in monthly installments), auto loans, student loans, and credit cards.
In Florida, banks and credit unions are regulated entities that offer various types of loans to consumers and businesses. These loans can be either secured, with collateral such as property or a vehicle, or unsecured, without collateral. Home mortgages and home equity loans are secured by the borrower's property. Installment loans, such as personal loans, are repaid over time with set monthly payments and can be either secured or unsecured. Auto loans are typically secured by the vehicle being purchased. Student loans can be federal or private, with different terms and conditions, and credit cards represent a form of unsecured revolving credit. The terms and availability of these loans are governed by state statutes, federal law, and regulatory agencies such as the Florida Office of Financial Regulation, which oversees state-chartered financial institutions, and federal agencies like the Consumer Financial Protection Bureau (CFPB), which sets and enforces consumer financial laws.