Credit Card or Availing Personal Loan Online - Which One is Better?

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Credit Card or Availing Personal Loan Online -
Which One is Better?
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While there are lots of credit tools available in
the market, most people often look for a way that
is flexible, convenient, and secure. Speaking of
the need for liquid funds, credit cards are the
easiest and handy way to fulfill your debt
requirements. A simple swipe will make the cash
accessible to you instantly. Well, credit cards
are perfect when it comes to short debt loans but
what if you were told to pay a heavy amount? This
is the point when many people get stuck and
cannot decide which loan to opt for availing
personal loan online or applying for a credit
card. Experts recommend credit cards for short
debt investment while a personal loan is for
those who need a longer repayment tenure to pay
back the debt. But for both of these, you have to
pay interest rates which can vary depending on
the loan type. Read on to know which one will
cater to all your needs without making any
hassle.
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Credit Card Vs. Availing Personal Loan
Online   Lets have a look at both the loan types
to understand the best debt instrument so that
you take a better decision!   Credit Card   When
a credit card is offered to an individual, the
lender extends the credit limit to a certain
amount. The borrower can use this amount and
spend it on all the cashless transactions. But
the borrower needs to repay it as per the due
date. For all your small or big purchases, you
can use your credit card as it is extremely
convenient and handy too. Anyone can apply for it
at any time that requires less documentation.
But there is a downside too, if you do not
complete the payment on time, you may have to pay
a higher interest rate for your due amount. But a
credit card includes multiple charges that can
lead you towards a debt trap. If you are in
urgent need of funds, which you know that you can
easily pay off within a short time.
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• Instant Personal Loan Online
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• A Personal loan is an unsecured loan provided by
  the banks or any financial institution based on
  various factors including employment history,
  repayment capacity, income level, and credit
  history. Well, a quick personal loan is always
  better than a credit card as it is easier to
  avail and allows you to control your repayment.
  There are different types of personal loans that
  can be customized to suit your individual needs.
  Check out the below benefits of applying for a
  personal loan online-
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• Eligibility criteria for personal loans are less
  restricted compared to credit card
• If you are looking for a low-interest rate to pay
  off your debt, then a personal loan is best. But
  to get low interest, your credit score should be
  good.
• Quick loan approval process within hours and
  require minimal documentation
• You can avail higher loan amounts with longer
  loan tenure. No additional hidden charges
  (sometimes you may have to pay process charges)

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When to Opt for Personal Loan Online?   If you
are dealing with some financial crisis, then
availing of a quick personal loans online is the
best way to come out. If you need funds for
making multiple payments with a longer repayment
period, then go for a personal loan.   Which One
to Get?   Now you are aware of the difference
between credit cards and personal loans. Both can
be used to borrow funds and make repayments.
Depending on your needs, perspectives, and
circumstance, select the one!