If you are in need of a Macomb County personal loan, please contact Liberty Business Financing at (586) 484-7887 today for more information. You may also click here to learn more about our company.
When is a Macomb County Personal Loan Better than a Credit Card?
We’ve all been there. We need to buy something but we don’t have the cash. And while your immediate reaction may be to charge it on your credit card, another option to consider is the more traditional, but often overlooked, personal loan.
Advantages of a personal loan
1. Fixed interest rates create stability. A personal loan gives you a lump sum of money up front, allowing you to pay it back over a fixed term – typically a period of one to five years. Loan rates are negotiable, which is a major advantage of choosing personal loans over a credit card. Another advantage of a personal loan is that when the loan agreement is signed, the interest rate is fixed for the entire repayment period. This means that your interest rate cannot fluctuate and your payments will always remain fixed.
2. Fixed payments are easy to budget. Having fixed payments on personal loans make sticking to a monthly budget a breeze. If you live on a fixed income, personal loans may be a better option for you because the payments remain the same each and every month. With personal loans, you don’t have to worry whether or not you’ll have enough money to make the minimum monthly payment like you would with a credit card, for example. Unlike credit cards, monthly payments on a personal loan don’t change.
3. The interest rate is lower than a credit card. Who wants to pay 19% on a credit card? Not me. A personal loan is a great financing option if you need a lump sum of money right away and you can afford to make payments to repay the loan over time. The interest rates on personal loans are substantially lower than the interest rates on credit cards. Interest rates on personal loans are also negotiable with your bank, whereas interest rates on credit cards are not. Bottom line? If it’s going to take you a few years to pay off the debt, go with a personal loan and you’ll save in interest. source: creditsesame.com
If you are in need of a Macomb County personal loan, contact Liberty Business Financing at (586) 484-7887 to schedule a free consultation.