If an emergency expense arises, you may be thinking you’ll just put it on your credit card. While a credit card will pay for the expense, unfortunately you’ll pay significantly more in interest until the balance is paid off.
With a personal loan, you instead receive a low, fixed interest rate and fixed monthly payments. You can choose your term (typically up to three years) and pay the loan off at an affordable rate.
However, it’s important to note that if you are planning on paying off the balance within a month or two, a credit card could be the best option for you. Speak with a professional financial advisor on your unique situation.
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