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Personal loans 'often a better fit than cards'
Consumers can benefit from choosing a personal loan over a credit card in some situations, an expert has suggested.
Writing for Lovemoney.com, Jane Baker outlined that while zero per cent balance transfer cards can be beneficial, the interest-free period is often only ever available for up to 16 months.
She explained that there are some scenarios where this may not be the best option for consumers looking to borrow.
"If you need to borrow several thousands of pounds, 16 months might not give you the opportunity to fully repay your debt," she outlined.
"In this case, you might decide a personal loan with fixed repayments over a pre-agreed term of your choice is a more suitable alternative."
Last month, research published by Sainsbury's Finance highlighted that around £12 million of personal loans were taken out to fund surgery during 2009.
It also revealed that 800 loans worth £4.77 million were used to pay for cosmetic work.