Varo Personal Loans have fixed repayment terms of 36 or 60 months. Credit cards have no set repayment term. This means that a borrower can pay as little as 1% of the outstanding balance. This could lengthen the repayment time and cost consumers more in interest charges over many years compared to paying a fixed amount of principal plus interest for a specific amount of time. Furthermore, credit cards often have higher rate, variable APRs (Annual Percentage Rates) compared to the Varo Personal Loan's fixed APRs.