522291 - Consumer Lending
When navigating the financial services landscape, NAICS code 522291 - Consumer Lending plays a vital role. This specific classification helps identify businesses that offer unsecured cash loans to consumers for personal, family, or household purposes. Understanding this NAICS code is essential for businesses, government contracting officers, and financial professionals aiming to comply with regulations or explore market opportunities in the Finance and Insurance sector.
What is NAICS Code 522291 – Consumer Lending?
NAICS code 522291 represents establishments primarily engaged in making unsecured cash loans to consumers. These are loans that are not backed by real estate or other physical collateral. The focus is on providing funds for personal, family, or household use, ranging from small personal loans to student loans or payday advances.
This industry helps individuals meet urgent financial needs, consolidate debt, or finance education without the need for collateral, distinguishing it from real estate-secured lending.
Sector & Typical Business Activities
Sector:
- Finance and Insurance
Common Activities Under NAICS 522291 Include:
- Providing unsecured cash loans for consumer expenses.
- Operating as personal loan companies.
- Running payday lending services.
- Managing student loan services without real estate collateral.
- Engaging in consumer finance offerings focused on smaller, short-term or medium-term loans.
Size Standard for NAICS Code 522291
For small business classification and government contracting purposes, the size standard for businesses under NAICS 522291 is:
- $47 million in average annual receipts
Companies that fall under this revenue threshold may qualify as small businesses eligible for certain federal programs and contracts.
Examples of Businesses Under NAICS Code 522291
Businesses classified under this NAICS code typically include:
- Personal loan companies offering unsecured financing.
- Payday lenders providing short-term, high-interest cash advances.
- Consumer finance companies specializing in a variety of unsecured loan products.
- Student loan companies that issue loans not secured by real estate.
- Small loan companies focusing on personal and consumer loans.
- Personal credit institutions facilitating unsecured credit for individuals.
NAICS Code 522291 Details Table
| NAICS Code | Title | Description | Sector | Size Standard | Typical Business Types |
|---|---|---|---|---|---|
| 522291 | Consumer Lending | Establishments engaged primarily in making unsecured cash loans to consumers for personal, family, or household use | Finance and Insurance | $47 million in average annual receipts | Consumer finance companies, payday lenders, personal loan companies, student loan companies |
Frequently Asked Questions (FAQs) About NAICS Code 522291
1. What types of loans are included in NAICS 522291?
NAICS 522291 covers unsecured cash loans to consumers, including personal, payday, student, and small consumer loans that are not secured by real estate.
2. Does NAICS 522291 include mortgage lending?
No. This code excludes loans secured by real estate. Mortgage lending falls under a different NAICS category.
3. Can payday loan companies qualify as small businesses under this code?
Yes. Payday lenders with average annual receipts below $47 million meet the small business size standard for this NAICS code.
4. What distinguishes NAICS 522291 from other consumer finance codes?
This code specifically focuses on unsecured cash loans, unlike other NAICS codes that may cover secured lending or specialized financial services.
5. Why is understanding this NAICS code important?
It helps businesses classify themselves accurately for tax reporting, government contracting, market research, and compliance with federal regulations.
Conclusion
NAICS code 522291 – Consumer Lending is a critical classification within the Finance and Insurance sector, identifying businesses that provide unsecured consumer loans. From payday lenders to personal loan companies and student loan providers, this industry supports millions of consumers nationwide. If you own or operate a business in this space, understanding the scope, size standards, and business types under NAICS 522291 is essential for strategic growth and government contracting opportunities.
For more information on how this code impacts your business or potential contracting eligibility, consult the latest NAICS guidelines or connect with industry experts.
