There are a few options you need to consider whenever you desire to borrow money to consolidate debt or cover an expense. We are a Toa Payoh moneylender with the responsibility to assist in making you make the best decision when considering borrowing money. As a licensed moneylender Toa Payoh we want you to know that there is always a challenge of choosing either a personal loan or credit card. The question is how you know which to choose. Both credit cards and personal loans offer rapid access to funding. Still, some merits and demerits needed to be considered to know the best option at any given situation.

Personal loan and credit card

Personal loans and credit cards present a veritable method of borrowing money with various standard credit provisions. You will definitely find funds provided by both loan and credit card agreements from a lender at a stipulated interest rate, monthly payments that comprise late fees, limits, principal, interest, underwriting conditions, and so forth. Inability to handle either form of credit can challenge your credit rating; affect your access to loan, suitable housing and jobs. Many people are familiar with credit cards, but personal loans may be new to many. A personal loan permits you to borrow funds for various needs.

You can use your personal loans for consolidating debt; emergency expenses; alternating a payday loan; making a large purchase, and home improvement. As a personal loan money lender Toa Payoh, we offer also offer various loan packages to meet your needs. A personal loan provides borrowed money in one initial block sum with comparatively lower interest rates which should be repaid over a set time. However, a credit card is a form of revolving credit that gives a borrower access to funds except the account is in good standing.

Personal loan vs credit card: How to choose

These are some facts you need to consider when choosing either personal loan or credit card.

  • A credit card is an easy option for a smaller sum of money.
  • How long will it take you to pay off your debt? A personal loan will be the best choice if it is more than a few months.
  • How good is your credit? An outstanding credit will present to you a lower interest rate with a personal loan.
  • Do you need cash? There are additional fees with credit card cash advances.
  • Don’t overspend. It may lead you to financial troubles.

At Toa Payoh moneylender, our terms and conditions for applying for a personal loan are not rigid, and it is designed to make borrowers have easy access to funds. When you are applying for your personal loans from money lender Toa Payoh, all you need do is to upload your relevant documents, fill and submit our online personal loan application form.Β  After your application, we will contact you immediately. As a licensed moneylender in Toa Payoh, we would provide you with your personal loans as fast as possible. You can apply for a personal loan today!