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I need money urgently. Credit Card or Loan?

Discussion in 'Money Matters' started by jhanvi, Jan 29, 2008.

  1. jhanvi

    jhanvi New IL'ite

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    Credit card is fastest, but the loan will mean that you will pay less. If it is in a few weeks, I would suggest a loan because the credit card ameliorates monthly while the loan can take years.
     
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  2. Shanvy

    Shanvy IL Hall of Fame

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    Jahnvi,

    Welcome to IL.

    Your post was a question or a suggestion I am not sure..

    But this is my view.....

    The amount you are talking about. If it is a huge amount, you have to go in for a loan, irrespective of the number of years, high interest rate. Please Note that the interest rates for personal loans are higher.

    If the loan is smaller, and you have the capacity to repay it in a short span of time, you could borrow it from friend's or relatives.

    In case of credit cards.. you get a 45 days time frame..and if you can pay within that time, you dont even need to pay interest

    Unless you know the value of a the amount needed and the time frame we cannot generalise that loan will be better..

    This is my perspective...
     
  3. DeepaliMohite

    DeepaliMohite Senior IL'ite

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    If the amount is big I would advise you to go for a personal loan rather than a credit card as the interest rate will be less on loan rather than credit card.
     
  4. Angiee

    Angiee Silver IL'ite

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    omg! such a old thread ... why this getting revived now?? :roll:

    Deepalimohite ... she might have had finished the loan\credit card payment by this time that she had requested on 2008. :)
     
  5. DeepaliMohite

    DeepaliMohite Senior IL'ite

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    Personal loans are considered the most expensive forms of loans, and yet their interest rates are lower than those of credit cards. The interest rates of personal loans become applicable right from day one, as soon as money is disbursed. It is a short term loan that requires minimum documentation, and once the money is disbursed no-one questions how the borrower has spent it. Thus, a personal loan is a good way to improve CIBIL score if it is low. To know more visit https://freescoreindia.wordpress.co...r-cibil-score-credit-cards-or-personal-loans/
     

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