 TITLE: What Are the Different Types of Personal Loans? CONTENT: When to Use a Credit Card Instead\n---------------------------------\nWhile personal loans can be a good fit for many situations, sometimes using a credit card makes more sense.\nFor example, while credit cards often have high interest rates, paying the interest on a several hundred dollar credit card balance over a few weeks is a more reasonable option than a payday loan. A $300 payday loan with a two-week payment period might cost you $45. A $300 credit card balance with a 28% annual percentage rate (APR) costs about $3 in interest over the same period. You can avoid interest charges on a credit card balance, however, by paying off your balance before the end of the card's grace period.\nIf you have good credit, you may also be able to qualify for a credit card with a promotional 0% intro APR offer.\nThe standard rate that applies to the balance that remains after the promotional period ends may be higher than what you could get with a personal loan, but you won't have to pay any origination fees. And any balance you pay off before the end of the promotional period won't accrue interest. END