For Personal Needs Go For Personal Loans

Often it happens that we compromise with our needs and dreams, but now that time has gone. If you want then your bank will help you overcome this unwilling compromise. There are several kinds of personal loans available in the market for your personal requirements. Whether, it is a car loan or a house the bank offers you a short term or a long term loan.

Personal needs vary from person to person. It may so happen that you are in urgent need of money, but are unable to gather the amount at the moment. In such situations loans are the best option. It helps you to pay in instalments and also furnishes with the option of paying the principle amount when possible. Certain criteria are also to be followed while applying for a loan.

The medieval period people used to mortgage their property or any other particular asset when in need of money. When unable to do so they had to render the same to the money lender. People were exploited on such basis. Sometimes the forthcoming generations also had to endure this loan.

The best part about a loan is its flexibility. In terms of time, money etc. the loan system is the best. The one discussed here are about personal and car loan. A personal loan is the one which can be taken on any basis. The rate of interest is a little higher than all the usual loans.

This loan can be taken for fulfilling any need, say you need to renovate your house or want a new house or want a car. Therefore, it implies that the need is not specific but the amount is specific.

The basic requirement for applying for this kind of loan is a three year filed ITR, a salary receipt and an address proof. These three are the most basic and the most common one, but the specifications may vary from firm to firm.

However, for a car loan the system and the requirements are different. First thing or the point which differs is that this loan is specifically for a car. The next point is that the loan is given in the name of the seller and not for the buyer. The money is to be given in the form of instalments to the bank by the buyer. As soon as the loan is cleared legal papers are prepared which is a proof that the car now belongs to the buyers.

Well taking a loan is a very easy task, but it involves taking care of few points like there should not be any negligence at the time of EMI deposit or else the loan is supposed to be lapsed on account of lack of payment. There are several advantages of loan which can be studied when taken a deeper look.

The term loan is not new to people nowadays but there might be some confusion when it comes to applying or searching for a loan. Hence, for more information on personal loan or even car loan , you can refer the experts.

Refused Standard Loans What Are The Best Options?

If you are looking to borrow money, but you have problems getting standard unsecured loans for whatever reason, you may look to other options. Payday or secured loans, loans in which you use one of your assets as security, are possibilities. If these are options for you, which is best and why?

Payday Loans

Payday Loans are short-term loans taken out only until the end of the month when you receive your paycheck and can then repay the loan. To secure a payday loan you will need to show proof of employment and payslips. 

One benefit of payday loans is that they do not take security for the loan so you will not lose any asset in the process if you cannot repay, but they have downsides too. Payday loans come with generally higher rates of interest than other loans, so even borrowing for a short amount of time can be an expensive option.

Securing A Loan Against Your Property

Another option you may look into if you have been unsuccessful with other channels is a secured loan on your property. The lender has the added security of the property so if you cannot repay the loan, the risk to the lender is minimised. This means that secured loans can be much easier to come by than unsecured loans, especially to those with poor credit histories. 

The advantages and disadvantages to secured loans, as with logbook loans (see below) are the converse to those of payday loans. The downside is that you are putting your property at risk if you are unable to keep up with the repayments. The advantages, however, are that secured loans generally offer better rates than payday loans. In taking security the risk to the lender is minimised so they are capable of setting lower rates knowing they will not lose out themselves.

Logbook Loans

A third option you may consider are logbook loans. Logbook loans are, similarly to secured loans, the ability to borrow money that offers an asset as security, in this case your vehicle. Logbook loans typically allow you to borrow up to 70% of the value of your car and their advantages, similarly to property, are lower rates than payday loans. 

They may be considered less risky options than loans secured on property, however, as many of us view our vehicle as a more expendable item than our house, should you fail to repay.

In weighing up all these options you must consider a number of things. How long do you need to borrow money for? How much can you afford to pay for the loan? How capable are you of keeping up with the repayments? 

This last one is particularly important when considering secured or logbook loans and brings with it a further question, how likely are you to lose the asset you have secured the loan against? Many may consider their car to be a more expendable security. There is no one right answer, it is dependent on each customer's circumstances.

What Is Needed For Retirement

Retirement (Photo credit: Tax Credits)

People should start to think about their retirement needs even at an early age. Before retirement people should be financially prepared. Some people think that it is not necessary to start planning for retirement at an early age. But will find out that retirement will sneak up on you and you will find yourself completely unprepared. So the question of how do I prepare for retirement and how much money will I need to retire remains unanswered. 

How Much Money Will I Need

Many soon to be retirees are more concerned about how much money they will be needed come retirement age. There is no set amount of money that a person should have in order to retire. What you will need depends on what your plans are once retirement comes about. You will need to decide if you want to make any large purchases such as an RV, If you plan on becoming the world traveler and making many trips, or if you just plan on staying in your home and enjoying the life of rest and relaxation.

Not only will you need to figure out what your plans on but also what your day-to-day living expenses will be. Even though you will be retired you will still have your continuing needs. 

Ongoing Debts And Expenses

Another issue to consider when you are trying to figure out how much to set aside for retirement is how much debt you have. You will need to take into consideration how much if anything you still owe on your automobile loans, credit cards or even your mortgage loan. By calculating how much your monthly payments are and how much longer you will have on these payments you can be sure of an approximate amount of money that you will need every month.

Do not forget that you will also have the other monthly expenses to add into your monthly budget as well. These expenses should include any of your ongoing bills such as insurance, utility bills, grocery bills, fuel, as well as any other expense you may have during the month. By including all of these expenses in your monthly budget you should be able to figure out how much money you will need to live on. 

Healthcare Expenses

Unfortunately when a person is getting close to retirement age the cost of their healthcare will be increasing. After all the older you get the more healthcare needs you will have. It is important to have your healthcare needs taken care of for your future. You would not want to have a major healthcare issue that would take up your entire retirement savings. This could cause you to face some serious money problems later down the road.

Finding your retirement could be a very stressful time in your life that can involve many different decisions that need to be met. It is important to be sure you consider all of your expenses as well as any other expenses that you may think can arise. Once you decide on how much it will take to fund your retirement you can figure out the best time for you to retirement and live the life of rest and relaxation.

Author Bio This article is contributed by Janice Thompson. She is a financial journalist. She says success comes to those who believe in the beauty of their dreams. She gives excellent financial tips on debt, credit card, personal loans for bad credit, insurance and advice on her blog.

Bankruptcy Helps You Start Over Again

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When you hear the word bankruptcy you usually think of failure. It's true that when you are going through it you feel like a failure and are embarrassed to have people learn about it. But bankruptcy is a legal and acceptable way to get you out of your financial problems. Bankruptcy is a complicated process and you need a bankruptcy attorney to guide you through it. 

When you got yourself in the financial mess, all you want was to make it go away and start over. With a bankruptcy, you can start over. You can wipe the slate clean and stop getting all those harassing calls from creditors. You won't have to deal with debt anymore. 

The elimination of your debt occurs when you file for bankruptcy. This includes major unsecured debts like credit card and medical bills. With these debts wiped from your credit report you can now start to rebuild your credit rating. Bankruptcy does effect your credit rating negatively for a while but over time your credit rating can be repaired to an acceptable level. 

Along with bankruptcy eliminating your credit and medical debt it also can prevent foreclosure and repossession. If you are behind on your house and car payments a San Diego bankruptcy attorney can prevent you from losing your home and car. 

Going through a bankruptcy is a stressful event but after you complete it you will have a better quality of life. You and your family will come out bankruptcy and live a less stressful life. Your debts will be gone and the worry of losing your home and car will also be gone. You will have peace again in your home.

Remember getting in over your head again can be relatively easy to do. You should attend credit counseling classes and learn all you can about debt and credit. Some people fall back into large debts because they haven't learned to change their spending behavior. 

The Logbook Loan: Quick and Convenient Solution to Borrow Money

Loan (Photo credit: Philip Taylor PT)

What is a Logbook Loan? 

Logbook loan is a mode of obtaining funds. In logbook loans, commoners can borrow funds from logbook loan companies to have instant cash which can be used as business capital, for business use, and for other personal purposes. 

How a Logbook Loan Aids People?

Logbook loan is distinct from other loans because your vehicle will have to serve as collateral. However, logbook loan companies merely rely on the logbook V5 and possession of vehicle documents as security. They do not take possession and ownership of the vehicle until the applicant defaulted in making their payments. Logbook loan companies provide for an easy and expedient process in availing the loan.

Gone are the necessity for background check and credit investigations. It is fairly common for people with bad credit or financial history to find loan application burdensome. Often than not, their loan applications get discarded. If not, they may avail of a loan, but with very high interest. Availing such a loan will only put your financial status at a risk. It’s more of a loss than a winning solution. This is what logbook loan is made for. Logbook loans give all applicants a chance to obtain some funds without asking so much in return. Logbook loans are the cheapest of all loans. Also, logbook loans can be helpful in regaining your financial stability and further attain a good credit standing.

Logbook loans are the perfect choice for people who are in need of immediate cash. Companies may grant a loan amounting to several thousand but with very little rate of interest. But it bears stressing that the amount of loan which can be granted depends on the value of your vehicle. Moreover, logbook loan companies do not look into the bad credit or financial history of the applicant. 

Spotting a Reliable Logbook Loan Company

Logbook loan is a novel concept. Hence, people are not yet familiar with logbook loan companies. If interested in applying for a logbook loan, choosing the right company matters. In finding the credible logbook loan company, consider online reviews and customer testimonials. They can be found online or in the company’s message boards. Take more effort looking for suspicious and negative comments. They may be helpful in letting you decide whether to take the loan or not. Another thing to consider is the company reputation. Also shop or inquire for company information, loan grants and payment schemes. 

Advantages of a Logbook Loan

• A logbook loan is beneficial and convenient because it can be obtained in a definite and short period of time. This is a perfect loan option for commoners who are in need of instant money. 
• In logbook loan applications, a bad credit or good credit is not the sole basis for granting the loan. In logbook loans, applicants are spared from stringent credit scrutiny. 
• Logbook loans do not require applicants to place properties as collateral to the loan. Most logbook loan companies merely rely on the V5 document as security. 
• Logbook loans also promises an easy and fast processing. Moreover, logbook loan companies do not charge unconscionable rates of interest. They provide minimal interest rates which applicants can easily pay off. 
• Those who were granted with a logbook loan can choose from an array of reasonable payment options. There are installment schemes in monthly basis which is a fitting payment scheme even at financially difficult times. 

So, the next time that you will be in dire need of money and you have a car (but do not want to sell it), you can try availing for the Logbook loan. Who knows? This can be the best mode for you to borrow funds.

Author Bio:

Click 4 Logbook Loans is a leading UK price comparison provider for logbook loans site dedicated to bringing you the best possible deals from the top Log Book Loan providers in the UK. Click 4 log book loan helps you to get log book loan as quick as possible.

The Do’s and Don’ts When Applying for Your First Bad Credit Loan

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While it may be quick and easy to apply for a bad credit loan, you’ll first want to slow down and cover your bases before you rush into this type of cash advance. Bad credit loans are great options for getting you out of a bind, but you need to approach them in a responsible way in order to avoid falling deeper into a financial crisis. Consider these top do’s and don’ts before applying for your first bad credit loan:

Do apply for an easy payday loan only if it’s an emergency situation. You should reserve bad credit loans for dire situations such as an urgent medical bill or a car repair.

Don’t apply for a bad credit loan for a frivolous purchase. Be smart about the loan and don’t use it to pay for a big screen TV or a trip to Las Vegas. Using a bad credit loan is this manner is one way you could end up digging yourself a financial hole.

Do be in reality that you can pay back the bad credit loan in short order.  You want to to make sure that you are able to pay back your loan on time so that you don’t incur any extra fees or interest. Whether you need to cut back on unnecessary spending or borrow money from a family member, consider these options before you take out a loan and make sure to stick to them.

Don’t take out another loan to cover this loan! This can lead to a vicious cycle of never ending loans, debts, fees, and interest. Consider consulting the Center for Responsible Lending for advice on avoiding an spiraling financial situation.

Don’t overlook the terms of the cash advance. Carefully read the terms of any loan agreement to find out the exact payment terms (such as due date) and figure out any fees associated with the loan. By design, you are expected to pay back the loan and any fees by the next pay day. Failure to pay back your loan on time could result in hefty fees, expensive interest, and potential headaches.

Don’t borrow more than you need. Although it may be tempting to borrow more, resist the urge and only apply for the exact amount you need. If you’re already in a desperate money situation, you don’t want to unnecessarily rack up more debt.

Do get a job. In many cases, you need to have a job to qualify for a bad credit loan. Without proof of employment or employment records you could be out of luck. But all hope is not lost, if you don’t have have a job, get one, any one!

A bad credit loan can be a lifesaver in an emergency money situation, but you need to understand the penalties associated with failure to meet payment deadlines. Follow these do’s and don’ts to prevent yourself from creating an even bigger personal monetary issue.

ChloeMulliner is the Editor for creditsources.org , an industry leading authority site on credit related consumer services, personal loan options for people with fair, poor and bad credit, payday loans, emergency cash advances, credit cards and more.  

What are Your Car Finance Options?

With the new year in, many people will be looking to make some changes in their lives, and for some this might mean buying a new car. It can be one of the most expensive purchases you make, which is why you have to give it a lot of thought. If choosing the car wasn't hard enough, you've then also got to decide how to pay for it. There can be many different options, and finding the right one can save you quite a lot of money.

Outright Purchase – This is of course one of the best ways to buy a car. If you can afford to buy it without finance, then you won’t be paying any interest at all, making the vehicle cheaper. It might also be possible to negotiate discounts or extras on the car if the dealer knows you can pay there and then in cash.

Leasing – Leasing can be great value with relatively low costs, but the key is that you never actually own the car, unless you decide to pay a lump sum at the end of the agreement. There are lots of different options, depending on the length of the lease, the deposit you put down, and a variety of other factors. This is one of the best ways of combating depreciation however, so it’s worth a look.

Dealer Finance – Dealers often offer good rates of interest, and will have special deals from time to time. If you can take advantage of them, then do so, but be aware that you’ll often have to pay a large deposit.

Personal Loan – If you don’t want to pay a deposit, then a loan is likely to be your best option, depending on circumstances. A personal loan is likely to cost the most in terms of interest, but offers the least risk. There are of course limits to personal loans, and in some cases it will be difficult to get a loan for an expensive vehicle without a deposit.

Secured Loan – Secured Nemo homeowner loans also offer another option. The minimum term is usually over 3 years, so this isn’t really a good option if you don’t plan on keeping the car for a long time, but otherwise it could save you a considerable amount of money in interest. However, because the cost is often spread over a longer term you might end up paying more in interest.

3 Good Reasons to Consider a Short Term Loan

Loans (Photo credit: zingbot)

Individuals who may be considering a personal loan may be daunted by the situations that may work against them, but there are other aspects that may work in their favor. Personal loans are short term loans which means people can get their hands on some well needed cash much faster than if they opted to try for a regular loan. There are a variety of sources from which these loans can be obtained. Here are three good reasons you should consider getting a short-term personal loan. 

1. It is a Viable Option for Building Credit 

High risk loans are potentially more harmful to a credit score. Short term personal loans are high risk loans because they are not secured against an asset. While defaulting on such a loan could be detrimental to your credit score, paying it off will on the other hand result in an immediate credit boost. Paying off short term personal loans is especially beneficial because you can receive a credit boost in as little as a few months when the loan matures. A high credit score can help you to save on credit. Short term loans may come with a high price tag, but they can help you to quickly boost your credit score. 

2. They Can Protect Your Credit 

Short term loans are not only good for saving bad credit, but people also use it to protect their credit score. You may have a very good credit score and wish to keep it that way so that you are save any hassles later on. A short term loan can save you from getting a black mark against your credit score because of a late payment. Use the loan to keep your payments up-to-date. 

3. With Short Term Loans You have Flexible Terms 

The terms that are available on short-term loans are attractive, and therefore appealing to many borrowers. With this loan you will be working with a shorter time frame which essentially allows you more options when it comes to the terms of the loan. One such option is the balloon payment which is commonly associated with short term loans. With this payment option you will only have to pay the interest rates on a monthly basis, and then pay off the balance at the end of the loan. This will give you more flexibility with your monthly budget. 

Overall, you should consider getting a short term loan because they are unsecured, and if you do not default, the high interest rates they carry will be well worth it. You will have the cash in your account in a short time, also see your credit score increase in a very short time. As was mentioned before, these loans are not only a savior for bad credit scores, but they can be used even if your score is good and you need to protect it by ensuring you do not default on other credit payments. There are no limits on what you can use the loans for so that is another bit of flexibility. 

Author Bio: Peter Coppola, an independent researcher and financial expert. He enjoys sharing his tips and insights on various personal finance blogs. Find out more about Easy Finance short term financing options.

How an IVA Can Help With Debt Problems

Wipe our Debt (Photo credit: Images_of_Money)

An IVA is a scheme that allows you to clear unsecured debts which you can no longer afford to repay. It doesn't apply to secured loan or any hire purchase loans, which can often be lessened by returning the original asset. 

An IVA helps you to find your way out of your problem debts by allowing you to repay a single affordable amount each month, with an agreement that after a fixed period of time, which is usually 60 months / five years, any remaining debts will then be written off. 

No matter who you’re in debt with, finding the right debt solution for you means you may never need to communicate with your creditors directly. It can be done for you and look to negotiate repayments based on your affordability, depending on which debt solution you choose. This removes the hassle of having to do this with multiple creditors.

The scheme was created by the Insolvency Act of 1986, which was designed to help both people and businesses avoid the threat of bankruptcy when their debts become unmanageable. The IVA scheme has been used by thousands of people in recent years, who have successfully used them to deal with their mounting and problem debts and become free from debt at the end of the five year period. 

How is an IVA managed? 

An IVA expert will manage the process for you. Insolvency practitioners (such as those found here: https://freshstartltd.com/) will deal with all of your creditors and negotiate a deal. When the IVA plan is in place, you won't be hassled by your creditors anymore, which can be a real relief to those who have struggled with demand letters and phone calls. Instead, you repay a fixed sum via your insolvency practitioner each month and it's an amount that you can afford. The IVA practitioner deals with the paperwork and your creditors, which takes the administration away from you.

Other benefits of the IVA scheme 

As well as making sure that your unsecured debts are fully cleared and written off in five years, the IVA scheme is designed to protect you from legal action and also prevent you from needing to become bankrupt. It also protects your assets, which means that you won't have to sell your home, which can be the case with bankruptcy. The IVA is a legal agreement, which means that your creditors have to act by its terms as do you. The IVA will pick up all of your different unsecured debts, even if a number of your creditors don't agree with the terms of the proposal. Only 75% of them have to agree with the proposed repayment scheme and the IVA practitioner, who is managing your IVA arrangements, will organise this for you. 

Is the scheme for me? 

It's vital to get IVA help advice before entering into any financial arrangement, as the IVA scheme isn't suitable for everyone and circumstances must be discussed on an individual basis before making a decision whether to enter into the scheme. 

For example, you must be able to commit to meeting the agreed and affordable monthly payment, every month for five years, or the scheme will fail and bankruptcy will generally be the final stage. A debt advisor can look at your individual circumstances and provide you with advice that is right for you and work together to find a solution. There is always a way out of debt, be it via the IVA scheme or another route such as bankruptcy. The first step is to speak to the experts and find out which solutions are available to you. Don't delay - take the first step to dealing with your debt worries and get your life back on track. 

Written by Jamie for more info see Iva help & advice.

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Unsecured Personal Loans in Times of Need

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Most people use unsecured loans when in need of financial assistance. Usually, personal loans are associated with secured loans. A secured loan wants the borrower to have collateral (i.e. a home, land, car, etc.). The lender has the legal right to take the collateral in the event that the borrower doesn't make the required payments. 
People are hesitant to take on a secured loan since they do not want to put their car or home on the line or they just don't have any collateral. In this case, there is another available option for you. 

Unsecured Loans 

An unsecured personal loan is a type of loan which is based solely upon the borrower’s credit score. Since you're not furnishing your lender any form of collateral, you can expect that the rate of interest that goes with this kind of loan is a little bit higher compared to a secured loan because of the high risk involved. 

Factors that Affect a Lender’s Decisions 

A borrower can either have a good to excellent credit score or a bad credit score. Take for example the person with bad credit. There are unsecured loans available for people with bad credit, however, he/she will be given a lower loan amount and a higher interest rate. For a person who has excellent credit score, instant approval plus a higher loan amount and lower interest rate is to be expected. 

What you earn can also affect a lender’s decision. It serves as a guarantee that you can pay back your loan on time. People with good average income are more preferable by lenders than people with lower income. 

Rules for Repayment 

Each lending company has a different set of Terms and Conditions as well as payback options. Generally, the payback term of an unsecured personal loan is shorter than a secured loan since quick repayment of funds is considered as a securer option by most lending companies. Normally, borrowers are only given five years or less to pay back their unsecured loans, no matter how much they've borrowed. 

3 Helpful Tips for Unsecured Loans Applicants 

1.Shop Around. 
Some people make the mistake of submitting loan applications to every lending companies they come across. Make the best of the internet. Research lenders who offer unsecured loans. Compare your possible options and pick the one that offers the best deal. 

2.Negotiate. 
Having a bad credit history should not stop you from requesting a lower interest rates and better deals. Try to ask your preferred lender if they can provide you with a longer repayment term or lower monthly payments. Make sure you do your own research first before signing the contract. 

3.Can You Really Afford Paying the Loan Back? 
You have already found an unsecured loan that is just right for your needs, but, it's important to ask yourself if you're able to make your payment on time. A late or missed payment can leave a negative remark on your credit report.

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A New Way to Lend Money To Family and Friends

Loans (Photo credit: jferzoco)You just got asked to lend a family member some money for a car repair. It's a legitimate request and the person asking for it is really a responsible person. The odds of getting paid back are quite high. Should you do it?

When circumstances like this happen you have to be careful and examine the situation. What would happen if the person lost their job or fell sick with major medical bills. Would you still get paid back?

Personal loans between family and friends occur because the person has tried all their other sources and are desperate. Desperate means broke. You should do your best to try and get out the situation. But if your trapped there are a few new ways to make the money lending process go a little easier.

Put the lending agreement in writing with specific terms as interest, length of loan, and payment due dates. You can do this yourself and hope for the best or try something new. There are two websites that will draw up the paperwork and give you and your borrower legally binding documents. At LendingKarma.com and LoanBack.com you can have legally binding loans set up, including payment schedules, record keeping and e-mail reminders. Each site charges a $30 fee to do this for you.

Another way is at Prosper.com, a borrower could take out a Friends and Family Loan from just you or from multiple people. The site arranges automatic bank-account withdrawals free and charges a closing fee as a percentage of the loan.

By using these services you will have your loan process and servicing done professionally. This could mean the difference between you being stuck and being paid back. It's possible by using these services your prospective borrower may be scared away and you can avoid the whole ordeal.

Fixed Rates as low as 6.59% APR from Prosper - Peer to Peer Online Borrower & Lending

Whats Better a Personal Loan or a Credit Card?

You want to paying off your debts in the most economically way. You have a choice between an old fashion unsecured personal loan from your bank or a credit card. Which do you use?

The Good.

With the personal loan you have a fixed interest rate and you make regular monthly payments over time, maybe 3 or five years. No variable rates. No confusing rules. You don't risk your home as with a home equity loan. If you default, you will just have to deal with a collection agency.

Among the banks promoting personal loans now: Wells Fargo, Discover Financial, Citi and CapitalOne. Wells Fargo says that it will lend from $3,000 to $100,000 for a term as long as five years. From Citi, you can borrow from $300 to $7,500. The banks keep the rates top secret until you apply, because they are “risk-based” — in other words, they vary according to your credit score.

The Bad.

The interest rates you will encounter on a personal loan will be between 10 and 15 percent. It will never change like credit cards can if you miss a payment.

With credit cards you could swing a zero or low interest balance transfer, beating the rate for a personal loan. You also have the flexibility to just make the minimum payment if one month the car breaks down and you need the money. Even if you can't get the low interest credit card balance transfer and just get your regular rate you still have more flexibility.

What about fees? With personal loans there is a an origination fee, of on average between $50 and $100 dollars, but with the credit card balance transfer you also have a fee which is between 3 and 5 percent of the loan amount.

The Ugly.

Now comes the best part, the psychology. How many times have you vowed to pay $500 on your bankcard balance transfer only to wimp out and pay $300 because you spent too much at Starbucks that month — or eating out. The $200 you didn’t pay stayed on your balance and accrued more interest for the bank. A payment, by the way, for a $10,000 loan for five years at 15% would be $238 a month.

The bottom line is credit cards have flexibility and personal loans don't. The flexibility has it's benefits and it's problems. If your undisciplined you could always just pay the minimum and also run the balance up again.

With the personal loan the discipline is built in, you have a fixed payment with a fix time frame. You could be paying higher interest for this benefit.

Reader: Which type of loan do you think is better?