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Personal loans vs credit card loans

Choose Clix Capital for the best personal loan apply online experience. They offer a paperless and hassle-free borrowing experience. Try out the personal loan application process today to avail of huge benefits and same-day disbursement. <br>Visit: https://www.clix.capital/personal-loan/

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Personal loans vs credit card loans

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  1. Personal loans vsCredit card loans

  2. Affordable • In terms of affordability, an online personal loanwill always win. It is affordable because the rate of interest is low and other charges are minimal. However, for a credit card, the rate of interest is very high, along with other charges like late payment, due charges, card charges, and consolidated charges. If you sum up the amount, the credit card is the most expensive form of loan. It is not a safe idea to use multiple credit cards.

  3. Usage • A credit card can be used for small and petty expenses. It is not meant for large expenses like a wedding, medical emergency, home renovation, car repair, and various other needs. A credit card is always good for quick and small purchases like a mobile phone, gadgets, laptops, clothing, or accessories. On the other hand, an online personal loan is meant for any type of expense. It is good for small as well as expensive expenses like medical emergencies, weddings, travelling, or home renovation. The sanctioned loan amount will completely depend upon the eligibility of the borrower. If you have a good credit score and an income, you can easily get a good amount of loan.

  4. Disbursement • A credit card comes with a pre-approved loan amount or credit limit. This credit limit can be used again and again after paying the bills for the credit utilized. On the other hand, a personal loan is a one-time disbursement of a lump sum amount and then one has to keep paying the EMI to repay the entire loan. An instant personal loancan be taken again only when the existing loan balance is zero.

  5. What is a personal loan? • A personal loan is a quick or same-day loan that comes with a one-time disbursement. There are certain personal loan eligibility criteria that every individual needs to meet in order to get a personal loan approval. It is a flexible form of loan and can be used for anything that you can name. An instant personal loan is unsecured and, hence, the eligibility meeting is a must.

  6. Address: 4th Floor, Kailash Building, Kasturba Gandhi Marg, Connaught Place, New Delhi-110001 • Phone: 1800 200 9898 • Email us: hello@clix.capital • Website: www.clix.capital Clix Capital Services Private Limited

  7. Read More: www.clix.capital/clixblog/important-things-to-know-before-taking-a-personal-loan

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