New Delhi, Dec. 12 -- When a borrower needs quick funds, an overdraft and a personal loan are the two popular options that usually come to mind. Both financial products address the urgent need for finances. They can help resolve complex problems, such as medical emergencies, job loss, unexpected travel, or home renovations, as well as other immediate financial needs.

Still, it is essential to consider that these two options are distinct. Each operates in its own unique way. Understanding these key differences helps potential borrowers choose the most suitable product for their needs. They must consider their cash flow requirements, repayment considerations and personal comfort with debt.

Note: The differences above are illustrative. Act...