I’ve heard that personal loans are better if I am looking for smaller loans. Is this true? In which scenario would you recommend credit loans over personal loans and vice versa?
Personal loans are much better when you need to make larger purchases such as cars because the APR will be lower, and you can pay in smaller monthly installments. Credit Card debt is better when you know you can pay off the full amount each month so that interest does not accumulate in the first place.