Hello hi,
In this video I discuss the differences, pros and cons of personal loans and credit cards. I also discuss which one I think should be used for small or large purchases.
Personal loans are loans that we get from a financial institution with a fixed repayment amount, fixed interest and loan duration.
They are best for large purchases and once they are paid off the loan is over. Should you require a new loan then you would need to apply for a new loan. The terms of the new loan could be different from the previous loan
Credit cards are a revolving credit and when you use your credit card you pay interest included in the minimum payments.
Credit cards are best for small purchases to avoid large amounts of interest over time.
Video on how to improve your credit score:
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Thanks!
