They are very similar financial products, but not equal. The basic difference between one and the other is that the loan is an amount that a lender gives to the client and the credit is a limit of money that the consumer can dispose of or not. Of course, this is not the only characteristic that makes them different: interests also play a key role because loans tend to be lower than loans.
Before any offer of credit in USA, the fast lender must provide the borrower with a detailed fact sheet allowing him to understand the full scope of his commitment.
- Calculate your loan in a few minutes
- Compare among the best offers
- Find the best personal loans
Who grants a loan?
At the time of requesting a loan or a credit, in the USA there are several options. Each of them has different characteristics that will be adapted to a greater or lesser extent to your needs.
- National and foreign banks with representation in USA
- Cooperatives of saving and credit
- Private equity companies
- Who grants a credit
- Card and credit companies supported by financial institutions
- Loans between individuals
- Supermarkets, supermarkets, and stores: they do not offer a quantity of money, but they do finance the purchase of some products and their interest rate is usually 0%
What requirements do you have to meet?
After deciding between USA loan and credit and choosing the entity in which you will request it, you must be clear about the requirements that you must meet to be granted. If you do not comply, it does not mean that you cannot get financing, but the conditions for lending money may be tougher, requiring very high guarantees or interest and fees, for example:
- Be of age
- Explain the exact amount you need and what you will use it for
- Demonstrate solvency
- Do not exceed your maximum borrowing capacity
- Provide guarantees of repayment of debt
- Not be included in any list of defaulters
- Not having current debts with defaults
- In addition to this, in some cases, entities propose to contract some products such as payroll, receipts or home insurance, among others, to improve the loan or credit conditions or even, to approve the request.
What documentation do you need?
The entity will need a series of documents that confirm that you meet all the requirements to borrow the money you need. Among these credentials are:
- Identification document
- Work contract
- Proof of income
- Self-employed workers: must present the registration certificate, proof of payment of the Social Security fee or the last VAT declaration
- Employees: they have to present the last 2 or 3 pay slips
- IRPF statement
On some occasions USA loan: deeds of the house, rental contract, declaration of assets or sworn declaration of the estate.