Credit Card Or Personal Loan: What's The Best Way To Borrow Money?
- 4 years ago
Borrowing money via a credit card may be fast and convenient, but it isn't at all cheap.
According to Business Insider, the average credit card interest rate is currently over 17%.
On the other hand, personal loans come with fixed interest rates as low as 5%, fixed monthly payments, and a fixed repayment timeline.
Personal loans are usually best for people who need to borrow with a plan. But there are downsides, too.
For instance, you can't pay them off early and avoid paying the interest.
According to Business Insider, the average credit card interest rate is currently over 17%.
On the other hand, personal loans come with fixed interest rates as low as 5%, fixed monthly payments, and a fixed repayment timeline.
Personal loans are usually best for people who need to borrow with a plan. But there are downsides, too.
For instance, you can't pay them off early and avoid paying the interest.