Is there any difference between the 2 threadlockers? I see that loctite is a fan favorite but if loctite isn't available, is permatex a good substitute?

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Same stuff...same company....

From their website:

The Permatex Company was sold to Loctite Corporation. The business was moved to Cleveland, Ohio and integrated with the Woodhill Chemical Company. In the late 1970's, Woodhill Permatex launched Permatex® Blue Silicone which went on to become the largest selling blister carded chemical item in the American auto parts business.

Whatever one is cheapest at that time....their both pretty good.