We all have different needs. No two people in this world have the same amount or same kind of needs. And for every need, there is different source and different amount of money needed. But sometimes our needs reach up to our desires and for that we end up taking debts on our heads. Debts may be of different kinds. Cash overdue or credit overdue in any other way is considered a form of debt. But debts are debts and they are dangerous as they come up with the extra burden of interest. If not paid, it can affect our credit score in a drastic way as well as increase our burden of interest in the later stage. So, it is advisable to pay off the loan amount as soon as possible in order to avoid any conflict situation in future. Luckily, you can avail a loan from PaySense, the best among all personal loan apps.
Personal loans and credit cards both are a form of debt. Both demands interest. But the interest rates depend on the tenure and amount of the loan.
In credit card, interest has to be paid along with the full debt amount within 30-40 days of withdrawal. Mostly for short term needs or short term purposes, it is advisable to use credit cards and repay it as fast as possible. It has a slight higher interest amount than personal loan amount. In this interest is not calculated based on the end or remaining amount but on the average daily balance amount. They are not based on collateral security and so they are considered to be of unsecured nature.
Personal loans are considered to be more secured in nature as it is backed up by collateral security. Any asset of equal amount is mortgaged while taking up the charge of this loan. It has a little lesser interest rate compared to that of credit cards. In this type of loan, you can avail the full amount in advance and then can pay up in instalments every month along with the interest. It is mostly for long term duration.
Which is Better?
Both of them have equal amount of benefits. If one wants a loan for short term duration, then credit card is better but if one wants larger amount then without any doubt one has to go with the personal loan option. But if we see overall then personal loan is better as it involves a lesser rate of interest as well as it has a larger credit period compared to the credit card payments. Now a days, online loans application has become quite easy.
Why Paysense Instant Loan App?
One of the prime requirements of personal loan apps is that it should provide loans instantly. However, not all apps are cable of delivering on what they advertise. But, PaySense instant loan app values your time and ensures that you get approval for the loans instantly. Furthermore, the interface of the app is simple yet elegant, so even a first-time user can apply for the loan easily.
Apply for Loans of upto ₹5 Lakhs easily using your phone or laptop, and pay back on low EMIs