Personal Loan or Credit Card Loan - Which is Better

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A personal loan and credit card loan both are the forms of credits which are multipurpose. Both loans are unsecured loans and can be used for almost same purposes.

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Personal Loan or Credit Card Loan - Which is Better? :

Personal Loan or Credit Card Loan - Which is Better?

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A personal loan and credit card loan both are the forms of credits which are multipurpose. Both loans are unsecured loans and can be used for almost same purposes.

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What Is Credit Card ? A credit card is a form of pre approved loan. No documentation is required for availing such loans. This is the fastest way of availing cash during urgency. Credit card loan is slightly different from cash withdrawal from your savings account. You can get a loan of the amount which is unused in your credit card.

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What Is a Personal Loan ? Personal loans  which are presently upgraded to loans online are the unsecured and multipurpose instalment loans. Such loans are easily available with any bank or NBFC. The credit score of the loan seeker plays a vital role in sanctioning and interest rate of the loan.

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Difference Between A Credit Card Loan And A Personal Loan Personal Loan The personal loan comes in a lump sum amount. Personal loan amount and tenure are predetermined by the borrower. The tenure of a personal loan is usually between one and five years.

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Credit Card Loan Credit cards have no fixed tenure to repay the loan taken so they can theoretically last a lifetime. There’s a limit on how much you can borrow each month. Most of the credit cards charge annual fees but also come with interest-free grace periods, balance transfers and rewards option.

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When to Consider a Credit Card ? A credit card is the best for the fastest cash availability. With a credit card, you can get instant cash in hand whenever you need . Credit card loans are a kind of loan where no documentation is needed. So if you want to avoid the process of application, documentation, approval of loan than credit card works best for you.

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Personal loans have many criteria which you need to fulfill . Even if you find that you are not eligible for a personal loan you can still get a loan with a credit card . Credit card loans are the best when you want to have a small amount of money for purchasing things of your wish or want to have an extra amount on top of your salary/income to fulfill the monthly expenses.

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When to Consider a Personal Loan If you need an amount of ₹ 50,000 or more than you can get personal loan online very easily.   Personal loans are generally a kind of unsecured loan but if you are having some valuables or property then you can even make it secured with your valuables. With a secured personal loan you can enjoy the lower interest rate.

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Personal loan interest rate ranges from 11% to 24%. Whereas, a credit card interest rate annually can reach up to 40 %. A personal loan repayment comes in EMIs so you will be regular in repayment and can be more economically organized.

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The Bottom Line If you are in need of a huge amount of money then a personal loan is a better option as you can repay it over a long period of time in equated monthly investment without any financial burden on you. You can apply for a personal loan online today and get it disbursed within 24 hours.

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