Every person goes through times in their lives when they require financial assistance. It could be for any purpose, including the desire to expand a business, make a large purchase, pay for college expenditures, or something else. Taking a loan to cover your financial needs, contrary to popular assumption, can be a smart idea if you choose the correct form of loan.

In general, people choose to use a credit card for their short- or long-term financial needs because it appears to be the simplest approach to organise the necessary finances. Banks often provide fast credit card loans to make it even more accessible. However, if anything appears to be too simple, there is almost certainly a catch. As a result, it's always a good idea to read the fine print.

So, what's the alternative to a credit card loan when you need instant money? You can get a gold loan, which is the best approach to get the instant money that you need.

In India

Every Indian household retains a large portion of their assets in the form of gold, whether it is in the shape of gold coins or jewellery, in a country like India where gold is considered more than just a valuable metal and has a great sentimental significance. These family-owned gold assets can be pledged to borrow the required amount of money in times of need. This is how a gold loan functions. And, given the current state of gold prices, there can be no investment alternative as safe as purchasing gold jewellery, which offers a guaranteed high return.

WHY SHOULD YOU CHOOSE A GOLD LOAN OVER A CREDIT CARD LOAN?

Because of your inevitable attachment to your gold, liquidating your gold holdings to meet your financial demands is the last thing you want to do. When you apply for a gold loan, you simply have to pledge your gold in order to acquire a loan, and you may get them back as soon as you repay the debt. In a manner, you're doing your own gold work.

Here are some of the reasons why a gold loan is preferable to a credit card loan: -

Interest Rates That Are Lower

Because gold loans are secured, you can get them at significantly cheaper interest rates than unsecured loans. Credit cards, on the other hand, are an unsecured loan that does not require collateral and has high interest rates.

You can use Ruptok's online gold loan interest rate calculator if you plan to apply for a gold loan.

No Processing Fees

Applying for a gold loan with Ruptok incurs no processing fees, making it an indisputably better option than applying for a credit card loan.

No credit history required.

When qualifying for a credit card loan, you must have a credit history. It may also be tough to get a loan accepted if you have a low credit score. In contrast, because a gold loan is a secured loan, an applicant does not need a credit history to apply. You can get one even if you have a bad credit history, and you can receive some amazing loan offers based on the quantity of gold you promise. It also helps to improve your credit score if you repay your gold loan on schedule.

Loan Amount

There are a lot of institutions that offer instant credit card loans, which may appear to be a decent alternative at first glance, but the biggest disadvantage is the small loan amount. You cannot exceed your predetermined credit limit while asking for a loan with your credit card. When you reach that limit, your credit score suffers. In the case of a gold loan, on the other hand, there is no such re-determined limit. You can get a loan for up to 75% of the value of the gold you're pledging right now.

Quick Disbursement

Credit card loans may seem like the quickest option to get a loan, but gold loans are even faster when it comes to loan approval and disbursement. In less than an hour, you can get a loan on your gold jewellery!

Flexibility

The best part about gold loans is how flexible the repayment options are. You have a variety of tenure and repayment choices to select from. When it comes to credit card loans, you don't receive nearly as much flexibility in terms of payments.

Ruptok provides the best gold loans in India, with no paperwork, speedy disbursement, and low interest rates. For additional information, please visit our website to clear any doubts.