Hello, the difference between the two:

1. Application process: Credit card loan is simple

The application process for consumer loans is more complicated than that of credit cards. The cycle is long, ranging from days to months, and the approval process is cumbersome. In addition to providing general proof of assets, income, etc., collateral or a guarantor is also required. The application cycle for credit card loans is shorter and can usually be completed within 24 hours. The approval process is also relatively simple. You only need to provide general proof of assets, income, etc. No mortgage or guarantor is required.

2. Loan amount: consumer loan is high

The amount of consumer loan is as high as several million, while the amount of credit card loan is generally thousands to tens of thousands. Only a very small number of people can Have a credit card limit of several million. Therefore, the difference in loan amounts between credit card loans and consumer loans is quite obvious.

3. Repayment method: Credit card loans are more flexible

Consumer loans generally have a fixed repayment date agreed in advance, and the lender can only repay on a fixed date. Credit card loans have a variety of repayment methods, such as full repayment on time, installment repayment, minimum repayment amount, etc. Although consumer loans can also be negotiated with banks or lending institutions for repayment in installments, the success of the negotiation depends on the bank or lending institution.

4. Interest-free period: There is an interest-free period for credit card loans, but there is no interest-free period for consumer loans.

The interest-free period for credit card loans and consumer loans is quite different. The longest interest-free period for credit card loans is 50 days or more. For example, ICBC, Bank of Communications, Agricultural Bank of China, Guangfa, and Rural Commerce have 56 days; Minsheng and Huaxia Bank have the longest interest-free period of 51 days; most other banks have the longest interest-free period. The interest-free period is 50 days. The shortest interest-free period for credit card loans is about 20 days. For example, ICBC, Agricultural Bank of China, Bank of Communications, and Huaxia Bank have 25 days; Everbright and China Merchants Bank only have 19 days; most other banks have a shortest interest-free period of 20 days.

Therefore, if the consumption is made on the day after the bill date of this month, the consumption will be credited to the next month's bill, and then the payment will be made on the last payment day of the next month, and you can enjoy the longest interest-free period. If you consume on the bill date of this month, the consumption will be recorded in the bill of that month. If you need to repay on the repayment date of that month, you can only enjoy the minimum interest-free period.

Although there is a difference between the longest and the lowest interest-free period for credit card loans, at least the borrower can enjoy more or less interest-free period for repayment, while there is no interest-free period for consumer loans. Interest accrual begins on the day the loan is successfully issued.

5. Loan purposes: consumer loans are earmarked for special purposes, credit card loans are unlimited.

Credit card loans and consumer loans are also quite different in terms of loan purposes. Each type of consumer loan has its own purpose and cannot be used for other purposes. For example, housing loans can only be used to purchase houses, car loans can only be used to purchase cars, study abroad loans can only be used to study abroad, and student loans can only be used to pay bills. tuition fee. There is no such restriction on credit card loans. It can be used for ordinary shopping expenses, as well as for purchasing houses, cars, etc., as long as you repay the loan on time.

6. Loan period: The period of consumer loans is long

After swiping a credit card for consumption, if you do not apply for installment repayment, the longest loan period is the longest interest-free period. for more than 50 days. If you apply for installment, the maximum is only three years, and most banks can only apply for installment for up to 24 months. However, consumer loans can be loaned for up to 5 years.