Loan

We need money for various reasons - to buy a house, for child’s marriage, to buy durables, for medical emergencies. Money is all required for any kind of emergencies. There are multiple ways to borrow money and different rate of interests. Two of the major form of moneylenders are Personal Loans and Credit cards. Here we will explore between the two and discuss some of the advantages and disadvantages and help you chose the best option for you. Though the answer depends on what you’re buying and how you intend to pay it back.

What is a Credit Score?

A credit score is a three-digit numeric expression for your credit history. A credit score is primarily based on a credit report, information typically sourced from credit bureaus. In India there are 4 credit information companies licensed to operate namely CIBIL, Experian, Equifax, CRIF High Mark. The most popular of all is CIBIL credit score. This score ranges from 300 to 900, with 900 being the best score. Individuals with no credit history will have a score of -1. If the credit history is less than six months, the score will be 0.

Whether you are planning to renovate your house, or buy a new car, or paying for your education or dealing with any emergencies personal loan comes in very handy. There are many lenders that would lend you money, it has become quite easy and simple, thanks to the internet. But there are few rules which you should always consider before getting a money loan.