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Three ways of personal consumption loan
Personal consumption loans are being accepted by more and more people, especially young people, who can realize their wishes through personal consumption loans. So what are the ways to apply for personal consumption loans now?

1, bank

Banks are the way most people apply for consumer loans. Banks can generally apply for consumer loans for decoration, car purchase, study abroad, and purchase of large consumer goods.

2. Consumer finance companies

Consumer finance companies refer to non-bank financial institutions that provide loans for the purpose of consumption for Chinese residents. Consumer finance companies can provide loans for personal consumption expenses such as home appliances, tourism, wedding, education and decoration, but they cannot provide housing loans;

3. credit card installment payment

At present, credit cards basically have installment function, and individuals can apply for installment repayment after spending by credit card.

Handling process of personal consumption loans of banks or consumer finance companies:

(1) The borrower shall fill in the application form at the loan handling outlet with the information required by the lender (generally including ID card, real estate license, marriage certificate, etc.). ), the bank conducts qualification examination on the borrower to confirm whether the borrower meets the application conditions;

(2) After the application is approved, sign a loan contract with the bank or consumer finance company;

(3) The borrower can draw the loan at any time within the validity period and amount agreed in this contract.

(4) After the loan expires, the borrower shall repay the loan principal and interest as agreed. After paying off the principal and interest, the loan contract is automatically terminated.

4. Advantages and disadvantages of three ways of personal consumption loans.

Banks have higher requirements for borrowers' qualifications, complicated procedures, strict approval of quotas, and generally lower quotas. However, the interest rate of consumer loans provided by banks is low, there is no fraud, and there is no need to worry about falling into the pit of usury;

Consumer finance companies have lower requirements for borrowers' qualifications, higher loan quotas and, of course, higher interest rates. In addition, consumer finance companies in the market are mixed, and some also lend usury in the name of consumer loans. Borrowers need to be carefully screened to avoid falling into the pit of usury;

Credit card installment is the simplest way of consumer loans. You can apply for installment repayment after swiping your card. However, the interest rate of credit card installment is slightly higher than that of bank consumer loans, and there may be other fees such as handling fees.