Loans and mortgages, both of which follow in our daily lives. Sometimes we find that they replace terms such as car loans, mortgages, etc., but they do differ。

What's the difference between a loan and a mortgage

First, there is a difference between the definition of credit and mortgage. Loans are a broad term, which refers to your borrowing of money from banks or other financial institutions, which are repaid at a certain interest rate and on repayment terms. In contrast, mortgages are the process of borrowing money for the purchase of a house, using the house purchased as collateral, and then repaying the loan in instalments。

The scope of the loan is then broader and it can be divided into business loans, consumer loans, housing loans, automobile loans, etc., depending on the purpose of the loan. Mortgages, on the other hand, are more used in the context of housing loans, which means you use pre-purchased commodity houses as collateral to obtain loan funds。

Finally, there are a variety of types of loans, including credit loans, guaranteed loans, mortgages and mortgages. Mortgages are more in the form of mortgages, that is, pre-purchased commodity houses。

Now let's talk about the bank's personal credit requirements:

1. You need a good credit record. The bank will be very strict when approving a loan, and if there are any defects in your credit record, the bank may consider you to be in credit risk and reject your loan application。

2. You need a stable source of income. In order to reduce the risk, banks will require that you have sufficient income to ensure that repayments are made at the agreed time。

You cannot have too many liabilities. If you are under excessive debt pressure, the bank may consider you to be at a higher risk of delay and may therefore not approve your loan application。

4. Your age needs to be met. Generally speaking, the age at which a loan is requested is at least 18 years, and at the same time it cannot be too old, as the older the older the person may have higher credit risk。