Can I Pay Off Personal Loan With Credit Card

Paying off a loan with a credit card will depend on the lender and the type of loan.

Can i pay off personal loan with credit card. It s always a good idea to replace high interest credit cards with low interest loans he said. Before using a personal loan to pay off credit cards check the terms and consider the. Balance transfer cards give you a chance to bypass unnecessary interest on your existing loans over a set low or 0 apr introductory period.

You can pay off your personal loan debt faster. Well at least in some cases. If you re using a credit card to pay off a loan you ll need a card that offers a good deal on money transfers.

You can use a credit card to pay off a personal loan advised personal finance writer and credit card expert ben luthi. Yes a credit card can pay off a personal loan. If you re struggling to afford credit card payments taking out a personal loan with a lower interest rate and using it to pay off the credit card balance in full may be a good option.

A debt consolidation loan with a low interest rate could mean owing less per month which can help you make loan payments on time. Some credit card issuers will allow you to do it directly through your online account like any other balance transfer. If your lender allows it and you are given enough of a credit limit you may be able to pay a portion of your entire balance of your home car or student loans with a credit card.

Take the following example from a credit card statement. Using a low or no interest balance transfer credit card to pay off existing high interest loan debt can be a smart move. Personal loans are usually unsecured meaning you don t have to put down collateral to qualify for the loan.