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A loan is an economic amount that the bank lends and that does have specific conditions of interest repayment, terms, among others.
The main differences between the two terms are:
Amount. Credit does not involve the provision of a specific amount, but rather a physical method of payment. A loan does involve a minimum amount that you must repay with the agreed interest, regardless of what you ultimately spend.
Terms. The credit is renewable and it is possible to extend the previously stipulated term, and the loan does not offer the possibility of extending the term once it is agreed.
Interest. In this aspect we find one of the disadvantages of the credit. Its flexibility is translated, the interests can vary depending on the amount of money that you use. In the loan, the interests are always calculated based on the amount requested, and must be paid within the established period.
Translated by: A.M