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A Payday Loan Or Your Credit Card, Which Is The Better Option?
You cannot completely rule out the possibility of certain times when your expenses go a little haywire. At such times you would need to take a loan or over draw from your credit card. Before finalizing the mode of getting credit, make sure that you look at the pros and cons of each of the options.
In the recent times, payday cash advance services have gained a lot of popularity. A lot of companies are offering advance payday service and as a consumer you can pick and choose what suits you the best. At the same time, the popularity of credit cards to meet expenses and even for day to day transactions is increasing. As a result, it might become difficult to choose between getting a payday cash advance and using a credit card. So, read on to know what could work to your advantage.
Paying through your credit card
But then at the same time, what most people do not realize is that you end up paying an interest on the money. At the same time, in case of most credit card companies, as long as you clear the minimum amount, you can continue paying through your credit card, but once again there is a catch here. As your payment to be made to the credit card company keeps on increasing, so does the interest that you need to pay. So, donít just get taken in with the idea of the convenience that a credit card offers, look at both sides of the picture.
Pay day advances
In most cases, it is felt that the interest rate for getting pay day advances is high, but at the same time these are hassle free and quick loans. At the same time, as these have to be paid back on your next pay date, so the interest does not carry over for a long period.
In case of payday advances, the loan is cleared on your next payday; therefore this is not a long term loan. In case of credit cards, the payment can be delayed and this can lead to paying high interests that we often do not realize. Statistics indicate that we actually end up paying a substantial amount in compound interests on credit card amounts. As a result, both credit cards and payday advances offer unique benefits and at the same time have certain limitations.
Objectively speaking, a payday loan could score over credit cards on many fronts. So, make sure you think about all this before taking a decision.
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