Borrowing money via a credit card may be fast and convenient, but it isn't at all cheap.<br />According to Business Insider, the average credit card interest rate is currently over 17%.<br />On the other hand, personal loans come with fixed interest rates as low as 5%, fixed monthly payments, and a fixed repayment timeline.<br />Personal loans are usually best for people who need to borrow with a plan. But there are downsides, too.<br />For instance, you can't pay them off early and avoid paying the interest.
