How personal loans in the UK differ from other credit options like credit cards or payday loans?
Personal loans often have a fixed repayment term of months or years, while credit cards have a revolving line of credit with no set end date and payday loans usually have a shorter term of 30 days or fewer. While credit card interest rates can vary, you can get very low rate personal loans, which tend to be much cheaper than payday loans. All three credit options tend to be unsecured and versatile, designed for a variety of uses.