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Payday Loans or Credit Cards – Let Us Decide

Turn Your Financial Life other way around with One Smart Decision

Learn about both short term loans and credit cards before making final decision

Unexpected expenses occur more often than we are prepared for them. So, getting panic and stressing yourself is not a viable solution in such crazy economic circumstances. Calm down your mind and weigh all the feasible alternatives to arrange cash instantly. Online payday loans Nevada and owning a credit card both are favorite sources of middle class people of United States to get immediate access to required cash. But many of them stay confused as to decide which one is better. Of course, final decision depends on requirement of borrower, his ability to pay back and very obvious his eligibility to qualify. Following are some of advantages of both aspects which could help reader in a efficient way to decide between two.

Payday Loans or Credit Cards - Let Us Decide

Payday Loans or Credit Cards – Let Us Decide

Advantages of Payday Loans Nevada: –

  1. Regulated Interest Rates and Loan Fees- Though it is a known fact that payday loans charges high interest rates. But it is also true that in Nevada, interest rates and loan fee are specially capped by government legislation to keep borrowers protected from any kind of fraud. so, borrowing these short term loans cannot harm if a borrower is borrowing form some affiliated and licensed lender.
  1. Scheduled Repayment Criteria- Every loan condition is stated clearly in loan policy given to applicant before signing loan agreement. Especially repayment policy is mentioned very clearly. Though repayment is scheduled for every payday lending on next salary day. However, if someone feels like unapproachable to pay back on scheduled day then he can get 60 days extension period as per laws by informing his lender on prior basis.
  2. Easy to Qualify- Passing eligibility test for short term loans is very easy. An applicant must be above 18 years old citizen of United States to qualify for payday loans. He must be employed under same employer since last 90 days and must be earning at least $1000 as his monthly salary. It witnesses his repayment ability. Owning active bank account number is also mandatory to carry out loan transactions. Thus these are basic requirements that are easy to met to apply for short term loans.
  1. Easy Online Application Process- Online application process is the most striking feature of payday loans. The process just take less than 10 minutes. It does not involve any paper work and faxing formalities. The borrower is just supposed to fill application form available on lender’s website and submit there only. Even loan signing loan contract and transferring cash is done online. Thus, there is no hassling at all.
  1. No Useless Questioning– Unlike bank loans, borrower is supposed to inform his payday lender as for which purpose he is going to spend borrowed money. Just after getting loan amount disbursed into your bank account, you can withdraw it and use it for whatever you want. Just for personal safety use it wisely. Keep in mind that you have borrowed to improve your financial health not to make it worse.

Now, have look on some of pros of credit cards to have a more clear picture.

Advantages of Credit Cards: –

  1. Spend according to your need- Unlike payday you need not to decide it prior that how much amount do you require. You can swipe your credit card on the spot and can withdraw amount you need instantly. Unlike short term loans, they do not even take one day for disbursement, just swipe card and get cash in matter of seconds.
  1. Payback Rewarding Schemes- All credit cards linked with some rewarding schemes. For e.g.:- A card holder can get payback points after his total spendings that can be redeemed later to get some gift vouchers or can ask for cash back.
  1. Certain Interest Free Billing Cycle- Every credit card ha s a billing cycle linked to it. If card holder pay backs in that mean time then there will be no interest rate implication on amount he has spent. Thus, simple period through billing period to last payment date is completely interest free.

Knowing pros of both credit cards and payday loans Las Vegas Nevada, deciding becomes much easier if a consumer is are about his requirement, eligibility to qualify and capability to make repayments in time.

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