BANKING AFFAIRS

Detailed explanation-1: -The basic difference between personal loans and credit cards is that personal loans provide a lump sum of money you pay down each month until your balance reaches zero, while credit cards give you a line of credit and revolving balance based on your spending.

Detailed explanation-2: -A credit card is not money. It provides an efficient way to obtain credit through a bank or financial institution.

Detailed explanation-3: -A credit card loan is one that is pre-approved from your bank. Since, you already have a credit card with the issuer, all your personal and financial information is with the bank. Owing to this, credit card loans do not involve any specific documentation procedures and hence, are considered pre-approved.

Detailed explanation-4: -Credit cards offer you a line of credit that can be used to make purchases, balance transfers and/or cash advances and requiring that you pay back the loan amount in the future.