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What is the difference? Unsecured Loan Vs Credit Card

WHAT IS THE DIFFERENCE? THE BANK tium Purpose of Loan 03/14 VS childre 037 JOHN SHITH 0370 of loan JOHN SMITH urchasets) o be JOHN SHITH Unsecured Loan Credit Card Issued and supported only by the borrower's creditworthiness, rather than by a type of collateral. Issued by a financial company giving the holder an option to borrow funds. Borrowing limits are pre-set according to the individual's credit rating Lower interest rates than credit cards Useful for immediate spending Repayment schedule means your debt will eventually be repaid. Linked to a rewards program Cheaper in the long term Good option if you have a stable cash flow Not tempted to spend. Balance transfers and Interest free days Minimum loan term means that you'll carry the debt for the duration of the loan (usually more than a year). Higher interest rate than personal loans Inflexible (no redraw options and no early repayments) Requires a minimum repayment each statement period, so your debt can roll on and on. Balance transfer could revert to the cash advance rate. Takes longer to apply for. What are they suitable for? BANK Large purchases (i.e. renovations, holidays and cars) Small purchases Large debt consolidations Small debt consolidations Borrowing over a long period of time Short term debts Everyday shopping or retail purchases to earn reward points Spending amounts that you can pay back within the introductory period SOME FACTS TOP 4 Reasons for Personal Loans One in ten consumers has more than 10 credit cards. CREDIT C Credit Card Pay- offs POS Purchases with Cash are expected to drop from 27% to 23% by 2017. Home Improvement Business POS Purchases with Credit cards are expected to frow from 29% to 33% by 2017. Major Purchase (i.e. Cars, Holidays, etc.) Just a reminder Do not spend more than you earn. Be aware of the consequences. You don't want to be paying off big balances at high interest rates, declare bankruptcy or rebuild your credit from scratch. R Preparation is the best policy for tough economic times, but if you find yourself turning to credit as a last resort, do so sparingly and intelligently. S K Brought to you by: www.aturduit.com

What is the difference? Unsecured Loan Vs Credit Card

shared by jufcyinfographics on May 05
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Be aware of the consequences. You dont's want to be paying off big balances at high interest rates, declare bankruptcy or rebuild your credit from scratch. Visit us here https://www.aturduit.com/

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