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 Wyoming, banks and credit unions are regulated entities that offer various types of loans to consumers and businesses. Secured loans require collateral, such as property or assets, to back the loan, while unsecured loans do not. 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 federal loans often offering more favorable terms. Credit cards represent a form of revolving credit and can be unsecured or secured by a deposit. Wyoming adheres to both federal regulations and state statutes governing lending practices, interest rates, and consumer protections. Borrowers in Wyoming are subject to the Truth in Lending Act (TILA) at the federal level, which requires clear disclosure of loan terms and costs, and state laws that prohibit predatory lending practices.