A Personal Loan to Pay off Credit Card Bills- Is it a smart decision?
Jul 01,2021 Credit Card, OMLp2p Loans, Personal Loan, Digital Loan, Online Borrowing
Everyone wishes to have an abundant stream of cash to splurge whenever, wherever he/she want. Here, credit cards play a crucial role when you are short on cash & credit cards offer a slightly superior limit than your financial capability. Carrying several credit cards is clearly becoming the new standard and symbolic of societal prominence. Nevertheless, it is only a wise decision when you use credit cards sensibly & pay off debts on time. But if you are only obsessed to use it and have no strategies in line, then you will certainly end up in a chaos. So, what is the easiest way out then? A local, legitimate money lender or a personal loan from any authorized financial institution?
We usually start thinking of borrowing from friends and family and then from other resources, however this way our personal relations might get bitter. You should be conscious that borrowing from local money lenders can be perilous and can be costlier as well. Therefore, it is best to reconsider your borrowing options & consider the safest one. Personal loans are much safer as they help to merge the smaller obligations together. We advise you to apply for a OMLp2p Personal Loan which starts from Rs. 25,000 to Rs. 5,00,000 & enjoy the benefits at your ease.
Below highlighted are the important benefits & why prefer Personal Loans:
- OMLp2p Personal loans are unsecured in nature
- Fair rates of interest
- Personal loans are easily available online
- Conveniently builds your Credit score
- Interest charged on personal loans are comparatively lower to interest rates offered on credit cards
What do you comprehend by Debt Consolidation?
Debt consolidation is linked with paying off increasing debt by choosing a single loan as a substitute. Under this alternative, you can sum up your overall EMI's and choose a personal loan which is lesser then the grand total. This significantly helps to save on the interest to be paid to ultimately reduce the debt amount.
A personal loan is perfect to bundle up credit card debts & create a single bucket for all EMI payments. So, if you have outstanding amounts from multiple credit cards, then you should apply for a personal loan & pay it off at once. This way you will left with a manageable EMI amount in contrast to numerous EMI's to pay.
Reasons why Personal Loan is preferred for Debt Consolidation
Low-interest rate: Interest rates charged on personal loans are more structured as compared to credit cards. This will directly reduce your EMI's compared to what you may have compensated for credit cards.
Assessing EMI amount and loan tenure: Personal loans are beneficial in letting you choose the most suitable EMI and sometimes offers the flexibility of choosing the loan term which helps in deciding the affordable EMI amount.
The other plus point of going for a personal loan is prepayment and foreclosure options available in it.
With OMLp2p, you can put all your loan requirements to rest and apply online for instant personal loans. So, register today and fulfil your needs and goals with customized personal loans.