In terms of loan purposes, credit cards focus on consumer finance, while micro-loans focus on different loan purposes depending on the policies of loan companies. For example, if you want to advance 1, yuan to buy an oversized LCD TV, it is no problem to apply for a credit card for this reason; And if you want to apply for a small loan from a small loan company for the same reason, it will probably not be approved. The main reason is the cost of capital, which is much higher than that of banks.

loan amount

In terms of loan amount, the credit card loan amount is relatively low, generally ranging from several thousand to tens of thousands of yuan. The maximum amount of small loans can reach 2 thousand.

loan term

Credit cards are small consumer loans that do not charge interest. Generally, credit cards have an interest-free period of 2 to 5 days. If you swipe your card within the limit and repay the loan on time, there will be no extra expenses. The longest period of credit card installment is two years, while the longest period of bank microfinance is three years.

Expected annualized interest rate of the loan

Credit card holders can enjoy interest-free discount for a certain period of time after swiping the card (the interest-free period can be up to 56 days), but the cash withdrawal bank of the credit card will bear interest on a daily basis (5% daily interest rate) and will charge a certain amount of cash withdrawal fee. After the borrower successfully obtains a small loan, the bank will immediately start to calculate interest, and the expected annualized interest rate will generally rise above the expected annualized interest rate of the loan benchmark.

you can choose according to the above differences and your own situation.

loan approval

the approval materials for credit cards and small loans are similar: both require the applicant to have full capacity for civil conduct, good credit record and stable repayment ability. Once the repayment of a credit card or loan is overdue in an individual's credit record, it is difficult to apply for a bank credit card or loan.

Response time: August 18th, 221. Please refer to the latest business changes announced by Ping An Bank in official website.

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