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Personal Loan vs. Credit Card

When deciding between a personal loan vs. credit card, think about how much money you need and how fast you can pay it back. Your credit score, debt, and income will also play a part in which option is right for you.

Dori Zinn Dori Zinn Edited by Ashley Harrison Updated March 8, 2022

Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as "Credible."

If you’re looking to pay for a big-ticket item or tackle high-interest debt, you might be considering a credit card or personal loan.

Here’s how to determine when it’s best to use a personal loan or credit card:

Personal loan
Credit card
If you need a large sum of money
Learn More
If you need to borrow a larger amount, a personal loan will have you covered. Credit card limits aren't usually as high as personal loan limits, so only use a credit card when you have a smaller expense.
If you need a set monthly payment
Learn More
Personal loans have fixed rates, so you'll always know exactly how much to budget for every month. Credit cards, on the other hands, have variable rates that can fluctuate, so your monthly payment can change.
If you need time to pay it off
Learn More
If you need more time to pay your loan off, a personal loan is your best bet. If you can pay the whole amount off in a year or less, however, getting a 0% balance transfer card and paying it off completely before the promotional period ends is the smartest idea. But first, factor in the balance transfer fee to ensure it's worth it.
If you need to consolidate debt
Learn More
Personal loans typically have lower interest rates than credit cards, so a loan would usually be your best option when it comes to debt consolidation.
If you need funds immediately
Learn More
Although you can get funds from some personal loan lenders as soon as the next business day, sometimes it can take up to 7 days. So if you need funds immediately, and already have a credit card you can use, a credit card will be your quickest option.

Still need help deciding between a personal loan and credit card?

  • When to use a personal loan
  • When to use a credit card

When to use a personal loan

If you’re trying to decide, here are a few reasons to choose a personal loan:

  • You need to consolidate debt
  • You’re making a big purchase
  • You want to protect your credit utilization

You need to consolidate debt

A debt consolidation loan is a type of personal loan that you can use to pay off debt — such as credit cards, medical bills, or other loans. This leaves you with just one loan and payment to manage.

Depending on your credit, you might get a lower interest rate on a personal loan for debt consolidation than what you’re currently paying on other debts.

Tip: Personal loans typically come with lower interest rates than credit cards — so you’ll likely save more money on interest by consolidating with a debt consolidation loan than you would by consolidating with a credit card.

If you decide to take out a personal loan for debt consolidation, be sure to consider as many lenders as possible to find the right loan for your needs.

Credible makes this easy — you can compare your prequalified rates from multiple lenders in two minutes.

Compare Rates Now

You are making a big purchase and want a lower interest rate

With a personal loan, you can typically borrow $600 up to $100,000 or more, depending on the lender. This could be helpful if you need to make a big purchase and would like to spread your payments out over time.

Also remember that personal loan interest rates tend to be lower than rates on credit cards, so if you need to cover a big purchase, you’ll likely save more on interest by using a personal loan.

Keep in mind: You’ll typically need good to excellent credit to qualify for the best interest rates on a personal loan — a good credit score is usually considered to be 700 or higher.

In general, the higher your credit score, the better your rate will be.

If a personal loan seems like the right fit for your needs and you’re ready to start loan shopping, Credible can help.

You can see your prequalified rates from our partner lenders in the table below in just two minutes.

LenderFixed ratesLoan amountsMin. credit scoreLoan terms (years)


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
9.95% - 35.99% APR $2,000 to $35,000**5502, 3, 4, 5*
  • Fixed APR: 9.95% - 35.99% APR
  • Variable APR: N/A
  • Min. credit score: 550
  • Loan amount: $2,000 to $35,000**
  • Loan terms (years): 2, 3, 4, 5*
  • Time to fund: As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)
  • Fees: Origination fee
  • Discounts: Autopay
  • Eligibility: Available in all states except CO, IA, HI, VT, NV NY, WV
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Loan servicer: Avant
  • Loan Uses: Debt consolidation, emergency expense, life event, home improvement, and other purposes
  • Min. Income: $1,200 monthly


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
8.99% - 35.99% APR $5,000 to $35,0006002, 3, 4, 5
  • Fixed APR: 8.99% - 35.99% APR
  • Variable APR: N/A
  • Min. credit score: 600
  • Loan amount: $2,000 to $50,000
  • Loan terms (years): 2, 3, 4, 5
  • Time to fund: As soon as 1 to 3 business days after successful verification
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Available in all states except DC, IA, VT, and WV
  • Customer service: Phone
  • Soft credit check: Yes
  • Loan servicer: Best Egg and Blue Ridge Bank
  • Min. Income: None
  • Loan Uses: Credit card refinancing, debt consolidation, home improvement, and other purposes


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
6.99% - 24.99% APR $2,500 to $35,0006603, 4, 5, 6, 7
  • Fixed APR: 6.99% - 24.99% APR
  • Min. credit score: 660
  • Loan amount: $2,500 to $35,000
  • Loan terms (years): 3, 4, 5, 6, 7
  • Time to fund: As soon as the next business day after acceptance
  • Fees: Late fee
  • Discounts: None
  • Eligibility:  Available in all 50 states
  • Customer service: Phone
  • Soft credit check: Yes
  • Loan Uses: Auto repair, credit card refinancing, debt consolidation, home remodel or repair, major purchase, medical expenses, taxes, vacation, and wedding


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
7.99% - 29.99% APR $5,000 to $40,0006002, 3, 4, 5
  • Fixed APR: 7.99% - 29.99% APR
  • Min. credit score: 600
  • Loan amount: $5,000 to $40,000
  • Loan terms (years): 2, 3, 4, 5
  • Time to fund: As soon as 2 to 5 business days after verification
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Available in all states except MA and NV
  • Customer service: Phone, email, chat
  • Soft credit check: Yes
  • Min. Income: None
  • Loan Uses: Debt consolidation and credit card consolidation only


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
8.3% - 35.89% APR $1,000 to $40,0006003, 5
  • Fixed APR: 8.3% - 35.89% APR
  • Min. credit score: 600
  • Loan amount: $1,000 to $40,000
  • Loan terms (years): 3, 5
  • Time to fund: Usually takes about 2 days†
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Available in all 50 states
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Loan servicer: LendingClub Bank
  • Min. Income: None
  • Loan Uses: Debt consolidation, paying off credit cards, home improvement, pool loans, vacations, and other purposes


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
7.99% - 35.99% APR $2,000 to $36,5005802, 3, 4, 5, 6
  • Fixed APR: 7.99% - 35.99% APR
  • Min. credit score: 580
  • Loan amount: $2,000 to $36,500
  • Loan terms (years): 2, 3, 4, 5, 6
  • Time to fund: As soon as the next business day
  • Fees: Origination fee
  • Discounts: Autopay
  • Eligibility: Available in all states except NV and WV
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. Income: $20,000
  • Loan Uses: Home improvement, consolidate debt, credit card refinancing, relocate, make a large purchase, and other purposes


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
5.99% - 23.99% APR $5,000 to $100,0006602, 3, 4, 5, 6, 7
(up to 12 years for home improvement loans)
  • Fixed APR: 5.99% - 23.99% APR
  • Min. credit score: 660
  • Loan amount: $5,000 to $100,000
  • Loan terms (years): 2, 3, 4, 5, 6, 7*
  • Time to fund: As soon as the same business day
  • Fees: None
  • Discounts: Autopay
  • Eligibility: Available in all states except RI and VT
  • Customer service: Phone, email
  • Soft credit check: No
  • Loan servicer: LightStream
  • Min. Income: Does not disclose
  • Loan Uses: Credit card refinancing, debt consolidation, home improvement, and other purposes


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
18.0% - 35.99% APR $1,500 to $20,000None2, 3, 4, 5
  • Fixed APR: 18.0% - 35.99% APR
  • Min. credit score: None
  • Loan amount: $1,500 to $20,000
  • Loan terms (years): 2, 3, 4, 5
  • Time to fund: As soon as 1 to 2 business days after approval
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Must have photo I.D. issued by U.S. federal, state or local government
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. Income: Does not disclose


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
7.74% - 17.99% APR $600 to $50,000
(depending on loan term)
6601, 2, 3, 4, 5
  • Fixed APR: 7.74% - 17.99% APR
  • Min. credit score: 660
  • Loan amount: $600 to $50,000*
  • Loan terms (years): 1, 2, 3, 4, 5
  • Time to fund: 2 to 4 business days after verification
  • Fees: None
  • Discounts: None
  • Eligibility: Does not disclose
  • Customer service: Phone, email
  • Soft credit check: No
  • Min. Income: Does not disclose
  • Loan Uses: Debt consolidation, home improvement, transportation, medical, dental, life events


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
6.99% - 35.99% APR $2,000 to $50,0006402, 3, 4, 5
  • Fixed APR: 6.99% - 35.99% APR
  • Min. credit score: 640
  • Loan amount: $2,000 to $50,000
  • Loan terms (years): 2, 3, 4, 5
  • Time to fund: As soon as one business day
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Available in all states except IA, ND, WV
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. Income: None
  • Loan Uses: Debt consolidation, home improvement, vehicles, small business, new baby expenses, and other purposes


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
11.69% - 35.93% APR7 $1,000 to $50,0005603, 5
  • Fixed APR: 11.69% - 35.93% APR7
  • Min. credit score: 560
  • Loan amount: $1,000 to $50,000
  • Loan terms: 3 to 5 years 8
  • Time to fund: Within one day, once approved9
  • Loan types: Debt consolidation, pay off credit cards, home improvements, unexpected expenses, home and auto repairs, weddings, and other major purchases
  • Fees: Origination fee
  • Discounts: Autopay
  • Eligibility: A U.S. citizen or permanent resident; not available in DC, SC, WV
  • Customer service: Phone, email
  • Soft credit check: Yes


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
8.49% - 35.97% APR $1,000 to $50,0005602, 3, 5, 6
  • Fixed APR: 8.49% - 35.97% APR
  • Min. credit score: 560
  • Loan amount: $1,000 to $50,000*
  • Loan terms (years): 2 to 7
  • Time to fund: Within a day of clearing necessary verifications
  • Fees: Origination fee
  • Discounts: Autopay
  • Eligibility: Available in all states except West Virginia
  • Customer service: Email
  • Soft credit check: Yes
  • Min. Income: Does not disclose
  • Loan Uses: Debt consolidation, credit card refinancing, home improvement, and other purposes


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
5.4% - 35.99% APR4 $1,000 to $50,00055803 to 5 years4
  • Fixed APR: 5.4% - 35.99% APR4
  • Min. credit score: 580
  • Loan amount: $1,000 to $50,0005
  • Loan terms (years): 3 to 5 years4
  • Time to fund: As fast as 1 business day6
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Available in all 50 states
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. Income: $12,000
  • Loan Uses: Payoff credit cards, consolidate debt, take a course or bootcamp, relocate, make a large purchase, and other purposes
Compare rates from these lenders without affecting your credit score. 100% free!

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All APRs reflect autopay and loyalty discounts where available | LightStream disclosure | 10SoFi Disclosures | Read more about Rates and Terms

Learn More: Refinancing Credit Card Debt and Getting Approved: Guide

You want to protect your credit utilization

One of the biggest factors of your credit score is your credit utilization — this is the amount you owe on revolving credit lines (such as credit cards and lines of credit) compared to your total credit limits. It’s a good idea to keep your credit utilization below 30% to keep your credit score as healthy as possible.

If you need to make a large purchase that would max out your credit cards, your credit score could end up taking a hit. But if you take out a personal loan to cover your expense, you can use the full loan amount with no effect on your credit utilization.

Tip: When you apply for a personal loan, the lender will perform a hard credit check to determine your creditworthiness. This could cause a slight drop in your credit score — though this is usually only temporary, and your score will likely bounce back within a few months.

Additionally, a personal loan could actually help to improve your credit — for example, if you make all your payments on time or are are able to diversify your credit mix. Ultimately, this positive impact on your credit score could outweigh any initially negative impact.

If you’d like to get a personal loan, remember to compare as many lenders as possible to find the right loan for you. This is easy with Credible: You can see your prequalified rates from multiple lenders in two minutes — with no effect on your credit.

Find out if a loan is right for you
Compare personal loan rates in 2 minutes

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Checking rates won’t affect your credit

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See: Debt Consolidation Loan vs. Credit Card Refinancing: How To Choose

When to use a credit card

If you’re trying to decide, here are a few reasons to choose a credit card:

  • You’re making a small purchase
  • You can avoid paying interest
  • You want convenience and added perks

You’re making a small purchase

If you have a small purchase or can afford to pay the balance off, a credit card can be a better idea.

But you want to make sure you can afford to pay off your credit cards at the end of each pay period. If not, and you carry a balance over to the next month, you could face high interest charges and fees.

Learn More: How to Pay Off Credit Card Debt Fast

You can avoid paying interest

Credit cards tend to have some of the highest interest rates — however, you might not have to pay interest if you use your card wisely. Two ways to do this include:

  • Paying your card off in full each month: This is the best way to avoid credit card interest while also staying on top of your spending.
  • Using a card with a 0% APR offer: Some credit cards come with a 0% APR introductory offer, which means you could avoid interest charges if you repay your balance before this period ends. However, if you can’t pay off the card in time, you could be stuck with some hefty interest charges.
Tip: It’s a good idea to only spend as much on your credit card as you can afford to pay back the same month. While you can make minimum payments, carrying a balance from month to month can lead to racking up interest charges.

If you can only afford a minimum payment, be sure to make your payment before your due date so you can avoid any late fees on top of the interest.

Also remember to keep your credit utilization in mind — for example, if you have just one credit card, don’t use more than 30% of your available credit limit to protect your credit score.

Check Out: This Trick Could Cut Your Credit Card Interest in HALF

You want convenience and added perks

Paying with a credit card is easy and convenient — especially if you already have one on hand and don’t need to apply for a new one. If you’re savvy, you can also maximize rewards from purchases by making sure you’re using the best card for your purchase. Sometimes you’ll get cash back, a statement credit, or points toward travel and lodging.

Although rewards shouldn’t be the main reason for using a credit card, they can be a nice added perk if you decide a credit card is your best choice.

See: How to Apply for a Credit Card and Get Approved

Personal loan vs. credit card: Which is right for you?

If you’ve got a small balance to pay off, a quick credit card transaction is easy and seamless. As long as you pay off the balance at the end of the month, a credit card is the better choice.

But if you’ve got a major expense and expect you’ll need some time to pay off the balance (like three to five years), consider taking out a personal loan instead.

Tip: Also be sure to consider your credit score and the rates you can reasonably expect.

For example, if you have poor credit, the rates you’re offered on a personal loan likely won’t be better than what you’d get on a credit card.

The bottom line is that no matter your choice, be sure to adjust your budget and make room for a new expense. Think about adding a calendar reminder to make sure you don’t forget about payment due dates — and responsibly pay off your debt.

If you decide to take out a personal loan, remember to consider as many lenders as possible to find the right loan for your needs. Credible makes this easy — you can compare your prequalified rates from multiple lenders after filling out a single, two-minute form.

Compare Loan Rates Now

Loan and credit card alternatives

If a personal loan or credit card don’t seem right for you, here are some alternatives to consider:

  • Home equity loan: If you’re a homeowner, you could tap into your home’s equity with a home equity loan. This type of loan is secured by your house, so you’ll likely get a lower interest rate than you’d get with a personal loan or credit card. However, if you can’t keep up with your payments, you risk losing your home.
  • HELOC: A home equity line of credit (HELOC) is another way for homeowners to access the equity in their homes. Unlike a home equity loan that’s paid out as a lump sum, a HELOC is a type of revolving credit line that can be repeatedly drawn on and paid off — similar to a credit card. Just remember that if you don’t make your payments, your house could be seized by the lender.
  • Cash-out refinancing: With this type of loan, your existing mortgage is paid off and replaced by a new loan with a higher loan amount than what you owe on your home. You’ll get the difference as a lump sum that you can use how you wish. Cash-out refinancing tends to come with lower rates than personal loans and credit cards. However, keep in mind that you’ll have to go through the mortgage approval process again if you apply, which could take several days or weeks. Additionally, like with home equity loans, the lender could foreclose on your house if you fail to make your payments.

Keep Reading: How to Lower Credit Card Interest Rates: 4 Options


About Rates and Terms: Rates for personal loans provided by lenders on the Credible platform range between 5.40%-35.99% APR with terms from 12 to 84 months. Rates presented include lender discounts for enrolling in autopay and loyalty programs, where applicable. Actual rates may be different from the rates advertised and/or shown and will be based on the lender’s eligibility criteria, which include factors such as credit score, loan amount, loan term, credit usage and history, and vary based on loan purpose. The lowest rates available typically require excellent credit, and for some lenders, may be reserved for specific loan purposes and/or shorter loan terms. The origination fee charged by the lenders on our platform ranges from 0% to 10%. Each lender has their own qualification criteria with respect to their autopay and loyalty discounts (e.g., some lenders require the borrower to elect autopay prior to loan funding in order to qualify for the autopay discount). All rates are determined by the lender and must be agreed upon between the borrower and the borrower’s chosen lender. For a loan of $10,000 with a three year repayment period, an interest rate of 7.99%, a $350 origination fee and an APR of 11.51%, the borrower will receive $9,650 at the time of loan funding and will make 36 monthly payments of $313.32. Assuming all on-time payments, and full performance of all terms and conditions of the loan contract and any discount programs enrolled in included in the APR/interest rate throughout the life of the loan, the borrower will pay a total of $11,279.43. As of March 12, 2019, none of the lenders on our platform require a down payment nor do they charge any prepayment penalties.

About the author
Dori Zinn
Dori Zinn

Dori Zinn is a student loan authority and a contributor to Credible. Her work has appeared in Huffington Post, Bankate, Inc, Quartz, and more.

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Home » All » Personal Loans » Personal Loan vs. Credit Card

Types of Personal Loans

  • Adoption Loans
  • Auto Repair Loans
  • Boat Loans
  • Dental Work Loans
  • Engagement Ring Loans
  • Kitchen Remodel Loans
  • Medical Expenses Loans
  • Motorcycle Loans
  • Moving Loans
  • Service Dog Loans
  • Swimming Pool Loans

Common Personal Loans

  • Personal Loan Rates
  • Bad Credit Loans
  • Fair Credit Loans
  • Good Credit Loans
  • Credit Card Consolidation Loans
  • Debt Consolidation Loans
  • Home Improvement Loans

Personal Loan Basics

  • Personal Loan Calculator
  • Where to Get a Personal Loan
  • How to Get a Personal Loan
  • Qualify for a Personal Loan

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