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Just understand it once! The difference between credit card loans and consumer loans!

Time: 2017-05-31         Source: Xicai New Finance         Author: 360 Financial consolidation

Credit card loans and consumer loans are borrowed money to repay after consumption, and their consumption patterns are the same. So for the difference between the two, many people are basically confused. So what are the differences between credit card loans and consumer loans? Let's list them in the 360 ​​series.

1. Application procedure: simple credit card loan

The application process for consumer loans is more complicated than credit cards, the application period is long, ranging from a few days to several months, and the approval process is cumbersome. In addition to providing general proof of assets, income, etc., collateral or guarantor is required. The application period of credit card loans is short, usually completed within 24 hours, and the approval process is relatively simple. It only needs to provide general proof of assets, income, etc., and does not require mortgage or provide guarantor.

2. Loan quota: high consumer loans

The amount of consumer loans is up to several million, and credit card loans are generally in the thousands to tens of thousands, as long as a very small number of people can have up to several million credit card quotas. Therefore, the difference in credit limit between credit card loans and consumer loans is quite obvious.

3. Repayment method: credit card loan is more flexible

Consumer loans generally pre-agreed a fixed repayment date, and lenders only have to pay back on a fixed date. Credit card loans have a variety of repayment methods, such as repayment in full on time, repayment in installments, and repayment at the minimum repayment amount. Although consumer loans can also be negotiated in instalments with banks or lending institutions, the success of negotiations depends on the bank or lending institution.

4. Interest-free period: credit card loans have an interest-free period, and consumer loans have no interest-free period.

The interest-free period between credit card loans and consumer loans is relatively large. The maximum interest-free period for credit card loans is 50 days or more, such as ICBC, Bank of Communications, Agricultural Bank of China, Guangfa, and rural merchants, with 56 days; Minsheng and Huaxia Bank, the longest interest-free period is 51 days; the longest of most other banks The interest-free period is 50 days. The minimum interest-free period for credit card loans is about 20 days. For example, ICBC, Agricultural Bank of China, Bank of Communications, and China Airlines have 25 days; China Everbright and China Merchants Bank have only 19 days; most other banks have a minimum interest-free period of 20 days.

Therefore, if you spend the next day of the bill day, the purchase will be credited to the next month's bill, and then you can enjoy the longest interest period on the last repayment date of the next month. If it is consumed on the current day of the billing day, the consumption will be credited to the current month's bill, so if you need to repay the repayment on the current month, you can only enjoy the minimum interest-free period.

Although the credit card loan has the difference between the longest and the lowest interest-free period, at least the lender can enjoy more or less repayment interest-free period, and the consumer loan has no interest-free period, from the day the loan is successfully issued. Start to pay interest.

5. Loan use: special for consumer loans, unlimited credit card loans

Credit card loans and consumer loans also differ greatly in the use of loans. Each type of consumer loan has a proprietary use and cannot be used for other purposes. For example, a housing loan can only be used for home purchases, a car loan can only be used for car purchases, a student loan can only be used for studying abroad, and a student loan can only be used for payment. tuition. Credit card loans do not have such restrictions. They can be used for ordinary shopping expenses, as well as for buying houses, buying cars, etc., as long as you pay back on time.

6. Loan term: The term of the consumer loan is long

After the credit card is swiped, if you do not apply for installment repayment, the longest loan term is the longest interest period, which is more than 50 days. If the application is up to a maximum of three years, most banks can only be up to 24 months. But consumer loans can be loaned for up to five years.

The above is a summary of the difference between credit card loans and consumer loans. From the application procedure, repayment method, interest-free period, loan use, the advantages of credit card loans are obvious, and the advantages of consumer loans are mainly reflected in the loan quota and loan term. Therefore, applicants can choose the appropriate loan method from the perspective of their own repayment ability and loan demand.

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