Is a Gold Loan Better Than a Personal Loan?
People in need of money have numerous options these days, but one has to be careful with the choices out there. Gold loans and personal loans have increasingly become the preferred options for emergency cash infusions. The reasons are self-explanatory: they are easy to apply, their loan disbursal is instant, and there are no restrictions on how you use the loan funds. Both these loan options have their pros and cons and may either prove beneficial or become a financial burden for the individual. Here are some points to keep in mind about these two types of loans that will help you make an informed decision & plan your finances better. What is a Gold Loan? Gold loans are basically secured loans against gold, where you will have to give up your gold assets as collateral for your fund requirement. It is considered a good option for short-term money requirements and a certain percentage of the gold’s value is given to you as a loan. Once you pay off the loan, the lender will hand...
