3 reasons why a loan is better than a credit card

Personal loans have been a good way for ordinary consumers to make big purchases, like a car or a holiday, for a very long time. In recent years, credit cards have become more popular but loans still have some advantages.

1) A personal loan can be secured or unsecured against property, like a car. A secured loan usually has a cheaper interest rate.

2) Personal loans are usually cheaper than the average credit card purchase interest rate

3) Personal loan repayments are a set amount of money each month for a fixed length of time.

Source: Bankheadlines.com.au