Personal Loans versus Credit Cards : What to compare and consider
If you’re trying to decide between a personal loan or a credit card, cost and time to pay off are two of the most important factors to consider.
When it comes to the total interest you could pay, the below graphic helps compare the two overall costs if you pay the minimum payment on your credit card for $5000.
And as for time to repay, did you know it could potentially take 18 years to repay a $5000 credit card debt compared to less than 2 years for a personal loan from Fair Go Finance?
See below – the numbers don’t lie!
And when it comes to choosing a personal loan lender, Fair Go Finance stands out from our competitors because we can offer:
A loyalty rewards program – We offer rate and fee discounts every time you return for a new loan.
Personalised rates – We reward you with even lower costs if you have a decent credit profile or a good repayment history with us.
Comprehensive Credit Reporting (CCR)- By repaying a loan on time with Fair Go Finance, you can actively boost and increase your credit score which can then lead you to being offered better products and rates. Read our blog “What is CCR” to find out more.
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It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.
Check your options before you borrow:
For more information about other options for managing bills and debts, ring 1800 007 007 from anywhere in Australia to talk to a free and independent financial counsellor.