Are credit card loans better than personal loans?

**Jluke** · 04-23-2021, 03:36 AM

What are you buying that you need the loan for?

maybe there is another option

**james.hendrickson** · 04-23-2021, 07:16 AM

Originally posted by Apsar Hussain View Post

Hello! Everyone I'm from India and I'm planning to get a credit card loan from HDFC Bank do you think it's a good idea compared to a personal loan. A bit confused about whether I should go for a personal loan or a credit card loan.

Apsar - you could just save the money. Why even borrow at all?

**Petunia 100** · 04-23-2021, 09:14 AM

Originally posted by Apsar Hussain View Post

Hello! Everyone I'm from India and I'm planning to get a credit card loan from HDFC Bank do you think it's a good idea compared to a personal loan. A bit confused about whether I should go for a personal loan or a credit card loan.

Whichever loan will cost you less is the better loan. If at all possible, saving up and paying cash is the best "loan" of all.

**disneysteve** · 04-23-2021, 10:01 AM

I would think both would be lousy options as both are unsecured debt. What are the rates on each?

Assuming this isn't spam, if you tell us more about your situation and the options we can give better advice.

**Snicks** · 04-23-2021, 10:17 AM

I guess it would depend on what it's for and what is the time frame to pay it back and the interest rate, etc

**HundredK** · 04-23-2021, 01:13 PM

Does HDFC offer any interest free promotions for their credit cards? Or very low interest? I imagine most of us here would say that taking unsecured loans is generally a bad idea, but I also know sometimes a person runs out of other options. If you absolutely must do it, I'd try to get the lowest interest rate loan you can, either from credit card or personal loan.

**HundredK** · 04-23-2021, 01:17 PM

I just googled it, and the example rate that HDFC gives on their website for their insta-loans is 1.25% - PER MONTH. I'd probably see if you can find a better interest rate than that.

**Apsar Hussain** · 09-14-2021, 05:36 AM

Thanks for the response guys but I didn't opt for either of the options as I think saving money gradually would be a better option than paying extra money in interest.

**bjl584** · 09-14-2021, 09:42 AM

Originally posted by Apsar Hussain View Post

Thanks for the response guys but I didn't opt for either of the options as I think saving money gradually would be a better option than paying extra money in interest.

probably a good option.
neither are very good options in most circumstances

**Sindhey11** · 03-25-2022, 01:58 AM

As per my knowledge, Personal Loans have comparatively lesser interest rates compared to credit loans; But the disadvantage is you must need to pay them back over a fixed period of time. And in credit cards, you will have regular access to funds if your account standards remain in good shape. You can choose either of them based on your credit score (plays a major role)

Are credit card loans better than personal loans?