How are closed-end credit and open-end credit similar? (These are two types of consumer credits)

Closed-end credit and open-end credit - Similarity:

A business entity or an individual may take out either the open or closed end credit based on the their debt and repayment need and requirements.

Closed-end credit:

In this, the debt amount must be repaid fully on the specified date. This involves the debt instruments that are acquired for a particular purpose and a set amount of time. (Mortgage lending and car loans)

Open-end credit:

Open-end credit is basically like a credit card. We will have a certain amount that can be used based on our needs and we have to repay the amount (how much ever that we have used from the specified amount). There is no specified time for repayment. We can keep on using this as long as we make regular payments.

Similarity:

Credit is the borrowed money that helps in purchasing goods and services. These are the two types of credit. The major similarity that both the close and open end credit is the readiness of the required amount.

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