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What is the difference between a consumer loan and a personal loan?
Wiki User
∙ 11y ago
Consumption and personal needs are largely overlapping and so are the Personal Loan and Consumer Loans. The following could be the difference for general understanding
- Consumption Loans are for meeting social financial commitments like marriage, medical treatment, buying certain other consumable items etc
- Personal Loans are for purchase of white goods like refrigerator, fridge, TV, electronic gadgets etc
- Banks and NBFCs grant both type of loans
Wiki User
∙ 11y ago
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What is the main difference between a commercial loan company and a personal loan company?
The main difference is that only a business can receive a commercial loan, and only an individual can receive a personal loan. Also, a commercial loan can only be used for business purposes, while a personal loan can be used for anything.
What is the difference between a no closing cost loan and a personal loan?
A no closing cost loan saves you from paying a lot of money up front with closing costs, however, you will have a higher interest rate. A personal loan requires no collateral for the loan.
What are consumer finance companies?
Consumer finance companies are small loan companies that specialize in personal loans under the small loan laws of the various states. These establishments are often called personal finance companies.
What is the difference between a bank loan and a bank credit?
What is the difference between bank loan and bank credit?
What is the difference between bank loans and mortgages?
A mortgage is a loan that is secure with real estate or personal property. A bank loan is money that is borrowed with a contract to pay the money back.
What is the difference in interest between car loan and personal unsecured loan and which is better a car loan or personal loan?
personal loan have a higher interest rate than car loans beacause they are unsecured loans . In car loan the loan is used for only purchase car .In a car loan, the loan is only used to buy a car, but you can use it as personal items in a personal loan. Interest rates start at just 8.50 percent for a car loan, but can rise 16 percent based on one's credit score and credit history. Find out more, please click https://www.indialoanservices.in
How do unsecure personal loans differ from secure ones?
The difference between an unsecured loan, and a secured loan is pretty substantial. A house, or a car is used as collateral and therefore secures the loan for the lender. For an unsecured loan, there is no collateral available to the lender.
What is the difference between collateral and mortgage?
Typically a mortgage is a loan secured by real property (land!) and collateral is personal property (jewels, bonds, valuables, etc.) used to secure a loan.
Can a personal loan between sister be willed to someone else?
A personal loan is an asset to the estate. As such it can be willed to someone else if there is proper documentation of the loan.
What is the difference between a home improvement loan and a home equity line of credit?
Their is a large difference between these two different types of loans. Home Improvement Loans are given out to customers who have a full plan of what they will be improving along with a price estimate. A HELOC loan is just the consumer requesting money for anything based on their houses value.
What is the difference between car loan and personal unsecured loan?
A car loan is a secured loan. If you don't pay the car loan, the lender can repossess the car. A personal loan is a loan based on your credit worthiness as judged by credit reporting agencies like Equifax. This "credit rating" is usually based on a FICO score, which views a variety of factors such as credit experience, lines of credit outstanding and payment history with other companies.
What is difference between loan and debt?
loan is money borrowed and debt is money owed. :-)
