When it comes to the world of debts and repayments, noting is costlier and taxing on your pockets than credit card debts. Credit card interest rates could go as high as up to even 40-50% if you keep carrying on balances and don’t pay on time.
Some people have 2-5 credit cards, and some of them may be in deep debt trap which may take years to clear. Hence, what is the solution? You can avail an instant personal loan and repay the entire credit card bills and pay just one EMI in a month.
People who are having active loan and many credit card accounts may also do this. If you are a credit card owner or have some other debts, then you should go through this post.
Reasons to take a personal loan to pay credit card and more debts
- Pay only one EMI in a month
Instead of managing too many credit cards or other debt EMIs in a single month, using an instant personal loan to repay all can help you pay only one EMI. This way, you can pay one EMI and have better control of other monthly outlays.
- Save on interest rates
Even though the personal loan interest rates are a bit o the higher sides, it can still help you save money. Yes, compared with what you would have spent on many credit cards and other debts, the personal loan interest rates seem lower.
- Be aware of how much you will pay in a month
Once you take an instant personal loan to consolidate our debts such as credit cards, you will know how much you will spend on its EMI. It will enable you to secure an amount for the same in advance to avoid defaults. As a result, you will find no issues in repaying the personal loan EMIs on time.
- Quick approval and faster disbursals
A personal loan comes with quick approval of 5 minutes after you match the eligibility for the loan and submit the loan application form online. After getting the approval, an online lender may disburse the loan amount to your bank within 24 hours. This way, an instant personal loan can help you pay off debts without waiting.
- Loan amount of up to Rs.25 lakh
A personal loan can provide you with an amount as high as up to Rs.25 lakh to pay off your credit card and other debts without taking any other loan. Rs.25 lakh is a higher credit limit that may see you consolidating all debts super easy.
- Flexible repayment terms
For repaying the instant personal loans, you don’t need to stress about it to make payments sooner and again burden your monthly outlays. Most of the banks and other lenders offer a longer tenor ranging 12-60 months. This way, you may get to spread the availed loan and pay in smaller EMIs and never stress.
- Online loan access
You can also track the details of your instant personal loan via the digital customer portals of your lenders 24/7 and from anywhere. This way, you can know the loan progress as per your wish.
Many people avail an instant personal loan to pay off credit card and other debts quickly. You can also apply for a personal loan today and save your time and efforts.
Many lenders present pre-approved offers on personal loans, home loans, business loans, credit cards, EMI finance and many more. Such deals can make loan processing hassle-free and faster.