1 loan amount
First of all, from the point of view of the amount, the amount of credit cards is relatively low compared with small loans. The credit card limit is generally around several thousand to tens of thousands of yuan, but the maximum amount of micro-loans can reach 200,000 yuan.
2. Term of loan
The longest installment period of credit card and microfinance is two years and three years respectively, with a difference of one year.
3. Loan interest rate
You can enjoy an interest-free period of up to 56 days after swiping your credit card, but if you withdraw cash, it will be calculated at a daily interest rate of 5% and a handling fee will be charged. However, the borrower will start to bear interest immediately after the success of the small loan, and the interest rate will generally rise on the benchmark interest rate of the loan.
If the required amount is not large, you can apply for a credit card. The conditions are: the age is between 18 and 65 years old (18 years old has special requirements); I need to hold an identity certificate to handle it; Need work and income proof, etc. At the same time, there can be no bad records and financial certificates.
Credit card application process: fill in the application form, submit my relevant information, wait for the approval of card issuance, and I can open the card after receiving it.
What's the difference in consumption?
When a lot of money is needed, most people will choose between credit cards and private loans.
Conceptually, it is self-investment. Although you will be in debt, you can improve your living standards, but you must consider your ability to repay debts.
Microfinance and credit cards
Credit cards are handled by banks, but there are qualitative requirements for users, so for those who do not meet the conditions, microfinance is suitable for them, because its handling conditions are relatively loose and the process is simple.
Secondly, in terms of installment amount, the installment amount of credit card is between thousands and tens of thousands. Microfinance is slightly lower. Some are platform quotas, and some are optional quotas.
In terms of installment time, the credit card is up to two years, and the micro-loan is shorter, calculated on a weekly basis.
Finally, with different interest rates, credit cards will still have an interest-free period, but there may be a handling fee. Micro-loans need interest and service fees, and different platforms have different interest rates.