ADVERTISEMENT
Saturday, January 28, 2023
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms & Conditions
Involve Africa
  • Home
  • All African News
  • Politics
  • Technology
  • Entertainment News
    • Travel
    • Tourism
    • Arts
  • Finance
    • Food & Agriculture
    • Business & Economy
  • Crypto News
  • Energy & Environment
No Result
View All Result
  • Home
  • All African News
  • Politics
  • Technology
  • Entertainment News
    • Travel
    • Tourism
    • Arts
  • Finance
    • Food & Agriculture
    • Business & Economy
  • Crypto News
  • Energy & Environment
No Result
View All Result
Involve Africa
No Result
View All Result
ADVERTISEMENT
Home Business & Economy

4 Reasons to Pay Your Credit Card Debt with a Personal Loan

Involve Africa by Involve Africa
June 14, 2022
in Business & Economy
0
4 Reasons to Pay Your Credit Card Debt with a Personal Loan
585
SHARES
3.2k
VIEWS
https://web.facebook.com/involveafricanews?_rdc=1&https://twitter.com/involveafricanews


One of the most popular forms of credit today, apart from credit cards, are personal loans. Thanks in part to multiple fintech players, you can now get personal loans within a few hours from anywhere. And the best part? There’s no restriction on the end use. 

But did you know that you can use debt to pay off debt or to be more specific, you can use personal loans to pay off credit card debt?

While credit cards are popular and come with multiple benefits, it can be tempting to overspend on things that we don’t need. These expenses can spiral into a giant pile of debt that can severely affect your finances. Additionally, the interest rate charged for credit cards is also on the higher side. While you may be tempted to pay just the minimum amount due each month, this step will add to your financial woes even more.

In such a situation, a personal loan can be of help. Here are some of the advantages of using personal loans to repay credit card debt –

Why Should You Use Personal Loans to Repay Credit Card Debt

We’ll give you 4 reasons why –

  • Benefit from Lower Interest Rates

 low interest rates

One of the biggest benefits of credit cards is the interest-free grace period (20 to 60 days). However, if you opt to pay after this or if you pay just the minimum amount due, then an interest will be charged which will be quite hefty. 

In such cases, instead of struggling to pay each month, you can opt for a personal loan whose interest rates are generally lower, and repay the entire amount in full. In this way, not only will you clear your debt easily, you can also benefit from reduced interest rates.

  • Reduces Negative Impact on Credit Score

no negative impact on credit score

Your credit score is the single most important factor that determines your creditworthiness. Delaying your repayments will reduce your credit score significantly. Therefore, if you have racked up credit card debt, instead of struggling to pay just the minimum amount every month, availing a personal loan can help.

Doing so can help you pay your credit card debt and save your credit score as well.

  • Affordable Repayment Options

affordable repayment options

While both credit cards and personal loans are forms of debt, personal loans are relatively more affordable. While credit cards do come with an interest-free period, if you don’t take advantage of it then the interest charged is quite high. 

Not only is the interest rate lower for personal loans (compared to credit cards), but the EMIs are also quite low and affordable. Given the choice between credit card repayments and personal loan EMIs, the latter is usually much easier on the pocket.

  • Easy to Avail with Long Repayment Terms

longer repayment term

Unlike credit cards that go through stringent approval processes, personal loans are relatively hassle-free to get. Certain lenders like Money View offer personal loans of up to Rs. 5 lakh with minimal documentation requirements.

Not only that, once approved, the loan amount will be credited to your account within 24 hours. This is a great option if you urgently need funds. Repaying your personal loan is also easier due to the longer repayment options. Money View, for instance, offers repayment terms ranging between 6 months to 5 years.

The best part? You can apply and avail the loan from the comfort of your home thanks to the paperless application process.

In Conclusion

While personal loans are commonly used to purchase new products or services, one of the best uses of this financial product is to help you pay off your credit card debt. Not only are you going to be free from credit card debt but your credit score will also thank you!

If you are looking for an affordable personal loan that you can avail from your home within a few hours, visit the Money View website or  download the app & apply today.
Have you paid your credit card debt using personal loans? What else have you used personal loans for? Let us know in the comments below.

 



Source_link

You might also like

Total Telecom takes highly successful Connected event series to the U.S.

Africa: AI Tool ‘98% Correct’ to Predict Mosquitoes’ Age

Nigeria: Officer Who ‘Shot’ Bolanle Raheem Attempted to Flee From Scene, Police Witness Tells Court

Previous Post

Indian Railways turns to start-ups to improve operational efficiency

Next Post

Jailed Putin critic Alexey Navalny’s allies don’t know where he is after Russia abruptly moved him

Involve Africa

Involve Africa

Related Posts

Total Telecom takes highly successful Connected event series to the U.S.
Business & Economy

Total Telecom takes highly successful Connected event series to the U.S.

by Involve Africa
January 27, 2023
Africa: AI Tool ‘98% Correct’ to Predict Mosquitoes’ Age
Business & Economy

Africa: AI Tool ‘98% Correct’ to Predict Mosquitoes’ Age

by Involve Africa
January 27, 2023
Nigeria: Officer Who ‘Shot’ Bolanle Raheem Attempted to Flee From Scene, Police Witness Tells Court
Business & Economy

Nigeria: Officer Who ‘Shot’ Bolanle Raheem Attempted to Flee From Scene, Police Witness Tells Court

by Involve Africa
January 26, 2023
How will Satya Nadella handle Microsoft’s ChatGPT moment?
Business & Economy

How will Satya Nadella handle Microsoft’s ChatGPT moment?

by Involve Africa
January 26, 2023
Ghana: Improvement On Mining Laws Will Attract More Investment
Business & Economy

Ghana: Improvement On Mining Laws Will Attract More Investment

by Involve Africa
January 25, 2023
Next Post
Jailed Putin critic Alexey Navalny’s allies don’t know where he is after Russia abruptly moved him

Jailed Putin critic Alexey Navalny's allies don't know where he is after Russia abruptly moved him

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Huobi Receives Regulatory Approval in Australia (Report)

Huobi Receives Regulatory Approval in Australia (Report)

August 1, 2022
National Mosque In Abuja, All You Need To Know

National Mosque In Abuja, All You Need To Know

September 5, 2022

Categories

  • All African News
  • Arts
  • Business & Economy
  • Crypto News
  • Energy & Environment
  • Entertainment News
  • Finance
  • Food & Agriculture
  • News Videos
  • Politics
  • Technology
  • Tourism
  • Travel

Don't miss it

Dakar 2 Summit: Development partners to commit $30 billion to boost food production in Africa | African Development Bank
All African News

Dakar 2 Summit: Development partners to commit $30 billion to boost food production in Africa | African Development Bank

January 28, 2023
5 awesome game lodges near Gauteng
Tourism

5 awesome game lodges near Gauteng

January 28, 2023
No Insurance? Here’s How To Get Cheap or Free Eye Exam and Prescription Glasses
Finance

No Insurance? Here’s How To Get Cheap or Free Eye Exam and Prescription Glasses

January 28, 2023
Astar launches new HRMP channels with Equilibrium
Crypto News

Astar launches new HRMP channels with Equilibrium

January 28, 2023
Photos from Everything We Know About Ted Lasso Season 3
Entertainment News

Photos from Everything We Know About Ted Lasso Season 3

January 28, 2023
14 Very Best Places In Provence To Visit – Hand Luggage Only
Travel

14 Very Best Places In Provence To Visit – Hand Luggage Only

January 27, 2023

Social Bar

Welcome to involve Africa The goal of involve Africa is to give you the absolute best news sources for any topic! Our topics are carefully curated and constantly updated as we know the web moves fast so we try to as well.

Categories

  • All African News
  • Arts
  • Business & Economy
  • Crypto News
  • Energy & Environment
  • Entertainment News
  • Finance
  • Food & Agriculture
  • News Videos
  • Politics
  • Technology
  • Tourism
  • Travel

Site Links

  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms & Conditions

Recent News

Dakar 2 Summit: Development partners to commit $30 billion to boost food production in Africa | African Development Bank

Dakar 2 Summit: Development partners to commit $30 billion to boost food production in Africa | African Development Bank

January 28, 2023
5 awesome game lodges near Gauteng

5 awesome game lodges near Gauteng

January 28, 2023

INVOLVEAFRICA.COM

No Result
View All Result
  • Home
  • All African News
  • Politics
  • Technology
  • Entertainment News
    • Travel
    • Tourism
    • Arts
  • Finance
    • Food & Agriculture
    • Business & Economy
  • Crypto News
  • Energy & Environment

INVOLVEAFRICA.COM

What Are Cookies
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT