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The video discusses the difference between a consumer credit application and a job application. Both types of applications request similar information, such as your Social Security number, address, and references. However, the key difference lies in their purposes: a consumer credit application is a request for immediate access to an extension of your own money, while a job application is a request to perform manual labor in exchange for earning your own money. Thus, both applications involve requests for an extension, but they serve different financial functions.