On average, each person in India owes $1,402 dollars, and some people need to find new credit in order to make ends meet. If you need more credit, you may wonder which type of credit is the most affordable and convenient. This guide will help you to explore the options and make a decision that suits your preferences and circumstances. A credit card isn’t the only way to get quick cash, so learning about credit options will empower you as a consumer.

Shop for a new credit card

Your current credit card may not be offering as much value as another credit card might. Switching to another credit card may be a great way to access a higher credit limit, a lower interest rate, and an array of perks, from cash-back to air miles and beyond. If you want to pay less for your current credit card, consider asking your credit card company for a lower interest rate. It’s often possible to negotiate with credit card companies because they want to retain customers, rather than losing them to other companies.

If you decide to switch, pay off your existing balance first. If this isn’t possible due to your financial circumstances, arrange to have the balance transferred to a new credit card. Then look forward to accessing credit for less. Bear in mind that credit cards typically have rather high interest rates. If you want lower interest payments, consider borrowing from the bank instead.

Borrow from the bank

Banks, such as India’s big public sector banks, offer personal loans, lines of credit and other personal finance products (including mortgage loans) that help Indians to get their hands on money. While a bank won’t move as fast as a third-party lender, such as a payday loan company, a bank will offer an array of options for a variety of purposes. With banks, there are strict regulatory controls in place, so it may take longer to find out whether a loan application has been approved or denied, but it’s easy to access customer service, and larger loan amounts are often available. It’s also simple to compare interest rates and loan terms and conditions from different banks that serve consumers in India.

A personal loan will need to be repaid in a timely manner, and you will need to pay interest charges and any applicable fees. With a line of credit, you’ll be able to draw down on the credit line only when you need to. You will pay interest only on the amount that you borrow. A line of credit may also have fees, so read the fine print on any bank financial product before you sign on the dotted line. Make sure that you understand your responsibilities as a borrower.

Consider a payday loan or salary loan

Payday loans are short-term loans that carry high rates of interest. They are best utilized only for emergencies. If you need cash to stay afloat and you don’t have time to wait, paying a high rate of interest for a payday loan may make sense. Just be aware that this is one of the most expensive forms of credit. These loans are available online and in Indian communities, and the loan application process usually moves very fast. In many cases, it is possible to get approved and get funds transferred electronically within hours.

There are many ways to get quick cash, and some methods are quicker than others. Educate yourself as a consumer before you decide how to borrow. If you frequently need credit and you’re tired of dealing with interest payments, consider credit counseling, which may allow you to create a more practical and realistic budget that minimizes your reliance on credit in the future.