When it comes to applying for loans, customers might have various choices. There is a chance that you’ll need a loan at some point in your life. Therefore, let’s find out what is consumer loan and what is personal loan right here in this article.
Consumer loans vs Personal loans
A consumer loan is a type of personal loan which can be used to purchase household goods (electronic gadgets, household appliances,…). Normally, the lenders will offer an amount of 300-500 USD with a repayment tenure of a few months (under 24 months).
Like other types of loans, a consumer loan also requires the borrower to obtain specific conditions and documents. If you are having a good credit history, and being able to repay the loan on time, you will be qualified for a loan. You can take advantage of this loan to buy goods, travel, or fulfill other needs.
Key features of a consumer loan
Could be secured or unsecured loan: Some lenders may ask borrowers to provide a collateral, whereas, others may not.
Flexible amount and term: Loan amount depends on your credit score, your income and other factors.
Easy registration: Only require some key documents such as ID card information, income proof and address. Some lenders even support online fast lending services (vay tiền nhanh chỉ cần cmnd) with their websites/mobile apps.
Instant disbursement: This kind of loan is disbursed instantly after the loan application is approved.