Personal loan on credit card is a good financial option when in need of funds, but with MoneyTap you will have a ready line of credit that you can borrow from whenever you need money, 24/7
Have you ever found yourself in a financial dilemma where you needed funds immediately and wasn’t able to manage that? There is a solution that you can fall back on in cases as such…
If you own a credit card, it is easy to apply for a personal loan on credit card when you are in need of immediate funds. Credit card loans are pre-approved, unsecured loans, which often do not need documentation. Therefore, they are the quickest way to raise funds to cover your financial needs.
Loan on Credit Card – The Misconception
It’s a common misconception to think that if you apply for a loan on your credit card, the bank will increase the credit limit on your card and allow you to withdraw the cash through your card. The fact is that a loan on your credit card is a kind of a personal loan that the bank provides you against your existing credit card. The amount you can borrow is up to your lender. There is also another option of cash withdrawal from your credit card that you can consider, which often does not need documentation. Therefore, they are the quickest way to raise funds to cover your financial needs.
Credit Card Cash Withdrawal
Credit cards often allow you to withdraw cash equivalent to anywhere between 40-80% of your credit card limit, with a cap on your daily limits as well in certain cases. And if you go above the credit limit, you will need to pay an over-limit fee and also the usual interest rate on a cash advance.
MoneyTap Credit Card 2.0
There are crucial factors that differentiate personal loan on MoneyTap Credit Card 2.0 from personal loan on other credit cards. Such as:
Some other benefits are as follows:
24/7 access to money
How MoneyTap Credit Card 2.0 works.
Here’s an example.
Rahul’s best friend needed ₹ 1.5 Lakh immediately for an emergency. Rahul wanted to help his best friend in his time of need. He thought of using his credit card which had a credit limit of ₹ 2 Lakh. However, he was disappointed to know that he could withdraw only 40% of his credit limit that amounts to ₹ 80,000, which doesn’t meet his friend’s current requirement.
While researching online, he came across MoneyTap which offered him an instant credit card with 100% cash withdrawal and he had to pay only 1.08% interest per month (13% per annum) as compared to the traditional credit cards where he would have paid as high as 2.5-3% per month (30% – 36% per annum).
So, what do you think Rahul did? What would you do?
Rahul, for obvious reasons, chose to get MoneyTap’s personal line of credit with a credit card. He was able to get instant approval, and MoneyTap Credit Card 2.0 is the only credit card in India to offer 100% cash-withdrawal. He had 24×7 access to money with an option to transfer it to their bank account.
Not only was he able to help a friend in need, but also had leftover available credit for his own needs. Not just that, his credit set back to the entire amount as he paid his EMIs.
Let’s see the comparison he did:
What is your plan of action when you do not have sufficient funds and you are in need of immediate cash or credit? A personal loan on a credit card is when you borrow against your credit card limit and often, it is a viable and quick option for funds, but at times, the terms of the credit card company might be so that the loan against the credit card could be limited or have other terms attached.
Eligibility Criteria for MoneyTap
Credit Card 2.0
Minimum salary/income: In-hand
Minimum age: Above 23 years and
below 55 years