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Is it better to get a personal loan to pay off credit card debt?

Is it better to get a personal loan to pay off credit card debt?

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Is your credit card debt going out of control? Then it is time to take constructive measures to pay off this debt at the earliest. A personal loan to pay off credit card debt is a popular option. Do you want to consider this option to get rid of the heavy credit card debt? Check out some important pointers before you opt for the personal loan option.

Get an insight into the benefits of using a personal loan to pay credit card debt:

●    You can get a personal loan quickly:

These days getting a personal loan from a reputed financial institution is easy. If you are eligible and if you complete all the formalities then disbursal of the personal loan can take just a few hours. You can then use this personal loan to immediately pay off your credit card dues. You must settle the credit card dues at the earliest because you are charged exorbitant interest and late payment charges for delaying credit card debts payment.

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●    Personal loans can be paid back in EMI’s:

Once you get the personal loan you can get rid of the credit card debt at the earliest. As for the repayment of the personal loan you do not have to take much stress as you can repay the personal loan in easy equated monthly installments. You can choose the tenure for the repayment of the personal loan which is in the range of 12 months to 60 months.

●    No need of collateral to get this unsecured personal loan:

Many people prefer to take a personal loan to pay off their credit card debt because a personal loan is an unsecured loan. This means that the applicant does not have to give any collateral to get the personal loan.

●    Get your monthly budget back on track by opting for a personal loan:

If you have to repay a high-cost debt then your monthly budget can go haywire. But when you take a personal loan, you can pay the high-cost debt with the personal loan. As a result, your monthly budget does not get disturbed. The unsecured personal loan can then be repaid in easy monthly installments.

●    Take a personal loan and avoid obligations:

Some of you may be contemplating taking a loan from friends and relatives. But don’t you think that this can be an unnecessary obligation. This is a burden that you carry for life even after you have repaid every penny of your acquaintances. Instead of taking such unwanted obligations, it is better to approach a financial institution for an unsecured personal loan that needs no collateral. You repay the personal loan in EMI’s and you are debt-free and obligation-free.

●    Pay less interest rate on personal loans as compared to credit card debt interest:

The interest that you have to pay for defaulting credit card payments is very high. As compared to this the interest rate that you need to pay on a personal loan is much less. So definitely opting for a personal loan to pay credit card dues is a good option.

Personal loans to repay credit card debts do have some drawbacks:

●    You are adding more debt in your name:

When you take a personal loan to pay off a debt you are indirectly adding more debt. But this is in a way a sensible decision to pay off debts like credit card debts in one go. You can repay the personal loan debt slowly in installments.

●    You may have to bear personal loan fees:

Sometimes the lender may charge you fees for taking the personal loan or at times you may not be able to pay the EMI on time. In such cases also some financial institutions may charge late payment fees. You may also have to bear personal loan originating fees that are processing charges, administrative charges, etc.

●    There is no guarantee of a lower interest rate on a personal loan:

If you have a poor credit score then there is no assurance of getting a personal loan. Those of you who are lucky to get a personal loan approval despite a poor credit score have to be prepared to pay a higher interest rate.

Things to remember before you apply for a personal loan:

  • First, check how much money you need, and based on this choose the loan amount for a personal loan. If you need less money no need of applying for a higher loan amount
  • Compare the interest rates of the different financial institutions before you apply for a personal loan. Always choose a reputed financial institution that offers the best interest rates.
  • Make sure that you check the fine print properly before you take the loan. Make sure you check all the terms and conditions before you apply for a personal loan from a financial institution.
  • You also need to check the details about the personal loan processing fees, administrative fees, etc. that are charged by the financial institution.

Choose Money View to get a personal loan instantly:

  • One of the best financial institutions for applying for a personal loan is Money View.
  • Check on their website or app if you are eligible to apply for a personal loan.
  • If you are eligible then you can apply for a personal loan online on the Money View website.
  • Submit the personal loan application form online and also submit the required documents online. The applicant has to submit address proof, photo id proof, bank statement, and last three months’ salary slip.
  • If everything is in place then the personal loan request is accepted by the financial institution and your loan request is honored. The loan is disbursed in a few hours and credited to your bank account.

Summary:

If you have heavy credit card debt to repay and have no idea what to do then the easiest way out is to apply for a personal loan. Opting for a personal loan to repay the credit card debt has many advantages. Like you can repay the personal loan in EMI’s, you do not have to take any obligations and your monthly budget does not get disturbed. Money View is one of the most reliable financial institutions where you can apply for a personal loan.

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