If you need instant cash, then credit cards and personal loans are the best options. While both can quickly address your financial needs, choosing between the two is a daunting task.
Let us look at the advantages of the two:
Advantages of a Personal Loan vs a Credit Card
- A personal loan is an unsecured loan. Borrowers give a lump sum amount upfront which can be used to complete a purchase.
- It is a fixed loan with equal monthly payments over the loan tenure which is generally between one to five years.