When to use a personal loan over a credit card

Make sure you know when a personal loan will offer better solutions for your financial needs than a credit card. (iStock)

Sometimes it’s tough to know whether a credit card or a personal loan is the right choice for your current situation. While both options have their own pros and cons, usually a personal loan is a better solution. 

Credit cards offer a revolving line of credit, which means you can access funds whenever you have available credit. Still, they often come with higher interest rates, and the monthly payments vary. 

Personal loans offer a one-time lump sum

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