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In this first one I articulate of the new blog that today we initiate we are going to begin clarifying concepts. Hardly anybody is used to knowing the real differences that they exist between a loan and a credit. It is frequent that we confuse or we mix both terms and we say “I have to ask a loan” or “I am going to ask a credit” thinking that they signify the same thing, when in reality are different concepts.

In the loan the financial company puts at the disposal of the client a fixed quantity of money and the client compromises to return this quantity, more some commissions and specific interests in a time limit agreed of time. It is used to being a product to middle or long time limit and the quotas to return it are used to being set of monthly, quarterly or semiannual form. They are used to granting individuals, for which they require a guarantee, and they do not admit renewal.

In the credit the financial company puts at the disposal of the client, in a credit account, the money that this need to a quantity of maximum money. The interests simply are paid for the money that we have utilized, the remainder is to our disposition but without because of it we have that to pay interests. To the term of the time limit, the credit if admits the possibility of renewal or enlargement of the available maximum, and the time limit of repayment are shorter normally.

The interest rates of the loans are used to being lower than the of the credits, although, as already we have commented before, interests by the totality of the amount granted should be paid. The time limit of repayment are normally more short in the loans.

The loans we are used to using them to buy long-term goods as dwellings and cars, that is to say, products of the ones that know their price. The credits, nevertheless, professionals are used to utilizing them, businessmen or autonomous, that need liquidity and that they do not know exactly when neither how much they are going to need.