I was trying to change all of my home appliances such as the fridge, microwave, washing machine, TV, etc. Since the total amount was huge, I planned to take out a personal loan. But as I started researching for the best personal loans, I came across consumer loans as well. To understand the difference between personal loan vs consumer loan, I started reading about them. Here is what I learned about both these loans.
What is the Difference Between Personal Loan and Consumer Loan?
From my research, I learned banks provide consumer loans for purchasing specific goods and services. On the other hand, personal loans can be used by the customer for a wide range of purposes. I have added the major difference between the two in a table below.
Consumer Loan |
Personal Loan |
Consumers use this loan for items such as electronics, appliances, and furniture. |
This loan can be used for debt consolidation, medical expenses, travel, or home renovation. |
The amount is limited to the cost of the item being purchased. |
This loan offers higher loan amounts. |
The repayment tenure is shorter. |
This loan comes with extended repayment periods. |
This loan offers less flexibility. |
This loan offers greater flexibility. |
And that’s about it. These are the main difference between consumer and personal loan. After learning about these, I opted for consumer loans as it seemed to be the ideal choice for me. Hope this helps.
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Authors Of The Question
Difference Between Personal Loan and Consumer Loan?
Joy
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26 days
2024-10-28T23:07:46+00:00 2024-10-28T23:07:47+00:00Comment
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