In todays world of buy now pay later, we live in the land of credit and its practically unavoidable. Personal loans, along with overdrafts, credit cards, store cards and mortgages are a fact of everyday life and we simply cant manage without them. Personal loans in particular tend to be a financial product that most of us need at some point, to help us out with short-term money issues. Comparing personal loans to other forms of credit gives a clearer picture of times when these are more suitable:
Personal loans or credit cards?
Credit cards are essential for regular use; internet shopping, booking trips, buying theatre tickets or car hire deposits. These tend to be instant purchases, whilst personal loans can take care of the bigger things. Holidays, new cars, home improvements personal loans can be a solution to paying for these over a longer period of time. Interest on personal loans tends to be lower than that on credit cards, so the total amount you pay back should be less overall.
Personal loans or overdrafts?
When you take out a personal loan, you normally pay it back over a set period of time, with a fixed interest rate. While overdrafts can...
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