Credit card loans and consumer loans are borrowing money, spending first and then repaying, and the consumption pattern is the same. So many people basically can't tell the difference between the two. So what's the difference between credit card loans and consumer loans? Let's list them one by one.
1. Application procedure: Credit card loan is very simple.
The application procedure of consumer loans is more complicated than that of credit cards, and the application period is long, ranging from a few days to several months, and the examination and approval procedures are cumbersome. In addition to providing general proof of assets and income, collateral or guarantor is also needed. Credit card loan application cycle is short, which can be completed within 24 hours, and the approval procedures are relatively simple. Just provide general proof of assets, income, etc., without mortgage or guarantor.
2. Loan amount: high consumption loan.
The amount of consumer loans is as high as millions, while the amount of credit card loans is generally from thousands to tens of thousands. As long as very few people can have millions of credit cards. Therefore, the difference between credit card loans and consumer loans in the loan amount is quite obvious.
3. Repayment method: Credit card loans are more flexible.
Consumer loans generally have a fixed repayment date in advance, and lenders can only repay on a fixed date. There are many repayment methods for credit card loans, such as timely and full repayment, installment repayment, repayment according to the minimum repayment amount and so on. Although consumer loans can also be repaid in installments through negotiation with banks or lending institutions, the success of negotiation depends on banks or lending institutions.
4. Interest-free period: Credit card loans have interest-free periods, while consumer loans have no interest-free periods.
The interest-free period of credit card loans and consumer loans is very different. The longest interest-free period of credit card loans is more than 50 days, such as ICBC, Bank of Communications, Agricultural Bank of China, Guangfa and Rural Commercial Bank, with 56 days; Minsheng and Huaxia Bank, the longest interest-free period is 5 1 day; Most other banks have an interest-free period of up to 50 days. The shortest interest-free period of credit card loans is about 20 days, such as 25 days for ICBC, Agricultural Bank of China, Bank of Communications and Huaxia. Everbright and China Merchants Bank only have 19 days; Most other banks have a minimum interest-free period of 20 days.
Therefore, if you spend on the second day of this month's billing date, it will be charged to next month's bill, and then you can enjoy the longest interest-free period on the last repayment date of next month. If you spend on the billing date of this month, the consumption will be recorded on the bill of that month, so you can enjoy the minimum interest-free period only if you need to repay on the repayment date of that month.
Although there is a difference between the longest interest-free period and the lowest interest-free period for credit card loans, at least the lender can enjoy a more or less interest-free period for repayment, while consumer loans have no interest-free period, and interest will accrue from the day the loan is successfully issued.
5. Loan purpose: Consumer loans are earmarked, and credit card loans are unlimited.
Credit card loans and consumer loans are also very different in loan purposes. Every kind of consumer loan has its own special purpose and cannot be used for other purposes. For example, housing loans can only be used to buy a house, car loans can only be used to buy a car, study abroad loans can only be used to study abroad, and student loans can only be used to pay tuition fees. Credit card loans have no such restrictions and can be used for ordinary shopping, house purchase, car purchase, etc. As long as you pay back on time.
6. Term of loan: The term of consumer loan is long.
If the credit card is not repaid in installments after consumption, the longest loan period is the longest interest-free period, which exceeds 50 days. If you apply for installment, the longest is only three years, while most banks can only installment for 24 months. But consumer loans can be lent for up to five years.
The above is a summary of the differences between credit card loans and consumer loans. From the application procedures, repayment methods, interest-free period and loan purposes, credit card loans have obvious advantages, while the advantages of consumer loans are mainly reflected in the loan amount and loan term. Therefore, applicants can choose the appropriate loan method from their repayment ability and loan demand.
What's the difference between a credit card and a credit loan?
The difference between credit loans and credit cards:
1. Different application conditions;
2. The application difficulty is different;
3. Different requirements for work;
4. Different requirements for income;
5. Different amounts;
6. Different costs;
7. Different deadlines;
8. Lending speed.
Credit cards and credit loan slips are familiar from the name, which also makes many friends very entangled when handling loans. Credit card or credit loan? What's the difference between them?
First, there are differences in distribution carriers.
Credit card: Credit cards can only be issued by banks.
Credit loan: The carrier of credit loan is not limited to banks, but also includes private financial institutions, companies and P2P platforms.
2. There are differences in application conditions.
Credit card: can provide work units, good credit.
Credit loan: Generally speaking, it requires a stable job, a mobile bank and a good credit report.
3. The loan amount is different.
Credit card: Usually, it is the first time to apply for a credit card, and the amount is generally between 5,000 and 20,000. If the cardholder often uses the credit card and has a good repayment record, the bank will automatically increase the limit. Moreover, the credit card is a revolving credit line, which can be recycled if the credit line is returned on time.
Credit loan: Under normal circumstances, the application amount of credit loan will be determined with reference to the use of credit cards, generally ranging from 654.38+00,000 to 500,000, with a maximum of 2 million. However, credit loans are generally a one-time amount. After the loan is fully paid off, this contract is terminated. If there is still a loan demand, you need to apply again.
4. There are differences in loan interest.
Credit card: As long as the general credit card is repaid in full and on time, there is no interest, but if it is overdue or not repaid in full, the bank will charge some interest. In this case, the credit card interest is calculated from the date when the consumption is recorded, and the interest of five ten thousandths is charged every day and compounded monthly, which means that if the interest of this month is not paid off, these interests will also generate interest next month.
Credit loan: The interest rate of personal credit loan depends on the loan interest rate, loan term and loan amount, but the interest rate of credit loan may be different for different banks and lending institutions. For personal credit loan business of banks, the annual interest rate is generally around 1 1%, while for loan companies, it is usually 18% to 36%.
What's the difference between a credit card and a credit loan?
1, different operators
Credit card loan is based on credit card platform to carry out credit card installment or advance cash loan business. Credit loan is a loan fund attached to the full trust of the borrower's qualification.
2. The loan amount is different
Many people's credit card limit is difficult to break through the 20 thousand yuan mark. If they want to borrow money to travel, buy a car and decorate, it seems that they are a little short of money. In contrast, the amount of credit loans is mostly 10 times of personal monthly income. As long as your monthly income exceeds 2000 yuan, the credit line can easily exceed the credit card.
3. The loan term is different.
Generally speaking, credit cards are mainly short-term, the longest is 24 periods, that is, two years, while credit loans have laid a long-distance running route, which can reach five years at the longest.
4. Different characteristics
Credit card consumption is a non-cash transaction payment method, which does not need to pay cash when spending, and repays on the bill date. The credit card limit is relatively small and can only be used for consumption. If you withdraw cash, you have to charge interest, and the repayment period is relatively short. The loan amount is relatively large, the term is long and flexible.