Personal Loan or Credit Card Loan - Which is Better for You?

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• A personal loan and credit card loan both are
  the forms of multipurpose loans. Both loans are
  unsecured loans and can be used for almost same
  purposes. So when an emergency knocks at your
  door and leaves you in a shortage of fund, the
  dilemma of choosing between a credit card loan
  and a personal loan becomes so difficult.

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What Is a Credit Card?

• A credit card is a form of pre approved loan.
  No documentation is required in availing such
  loans. This is the fastest way of availing cash
  during urgency.

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What Is a Personal Loan?

• Personal loans which are presently upgraded to
  loans online are the unsecured and multipurpose
  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

• 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 seven years.
• Credit cards have no fixed tenure to repay the
  loan taken so they can theoretically last a
  lifetime

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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.

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• Personal loans have many criteria which you need
  to fulfill. 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 monthly
  expenses.

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When to Consider a Personal Loan

• If your expense in larger than a personal loan is
  better than a credit card loan. If you need an
  amount of ? 50,000 or more than you can get
  personal loan online very easily.

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• 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.

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• Either your personal online loans are secured or
  not but it is certain that the interest rate is
  going to be much lower as compared to a credit
  card.

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• If you want to make yourself economically stable
  than a personal loan is the best for you. 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 choice between a credit card loan and a
  personal loan highly depends on the amount you
  need and your cash flow. If you are wanting a
  huge amount of money that personal loan is a
  better option as you can repay it over the 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.