Personal loan vs Credit card | When should you use a credit card vs personal loan in South Africa
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- Опубліковано 29 вер 2024
- 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.
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Nice info
Personal loans look terrible on a credit report. So do debt consolodation loans.
When you say pay it off, are you refering to the minimum payment or the full R2000 credit.
Ma'am thank you for this information
It's my pleasure
Thank you for this 🙏🏽
@@LexLuther-gw1km you welcome thank you for watching
So which one is good loan or credit card?
Depends what you are looking for, if you want a loan and be done paying it in a few years then a loan , if you want revolving credit then a credit card is better
I applied for 100k loan at fnb and the total would end up being 280
k💀
Please help me,i been 100k loan but my credit is bad,or credit card please help
whatever minimum payment you make ....pay half of it during the month ...meaning if u pay 1k beginning of month ..on the 15th pay 500 (it will go towards the principle ) ....2.DO NOT REFINANCE ..youll basically be getting a loan on the same amount youve paid off . its slike starting back to square 1.