When people think of short term borrowing, they usually think of payday loans and cash advances. Did you know there are other ways to get quick cash? Most of us have a credit card which gives us the option to get a cash advance. This form of borrowing can often be a way to avoid working with a high-interest direct lender. Credit cards are also a form of high-interest borrowing as well. Since you’re using credit that has to be paid back make sure to purchase the things that you need now, not later. If you think about it, they are one in the same thing, just usually done and carried out in different forms and terms. Just as they differ, they will have also have some similarities as well. Which one is better though? That’s a hard question, as the answer is dependent on the personal tastes of the person that is using the credit card or payday loan.
Source: squarespace.com
Each lending option bares its own advantages that a person could benefit from. “So why borrow money that comes with huge interest rates and fees?”, someone may ask him or herself. Borrowing may give you a chance to get cash when you need it, against the persons’ next paycheck or direct deposit. Just as it is a convenience, it can also be a huge problem if you are not careful to keep a close watch on paying it back. This should only be used as a source of short term emergency cash. Only consider working with payday loans direct lenders if you are sure that you can pay them off as soon as possible with no trouble.
Borrowing can also be done in cash or collateral from a family member or someone that you happen to be close to. However, this is something that many people tend to avoid, and usually for a good reason. This type of borrowing has been known to get out of control and put a damper on once good relationships. We know of many situations where people have taken friends and relatives to court over past due loans. A situation like this would not be good for anyone to have to deal with at all.
Source: Inside Catholic
By using credit cards for your regular purchases, you are essential for taking things into your own hands. You can set up your situation to where you can handle your finances pretty much on your own. Or at least have more control than if you borrowed the traditional way. Credit cards will allow a person to buy things on credit and make payments on the amount due. Often these terms are specified in the credit card agreement or contact from most direct payday lenders. Try to find an option that is best for you and your specific situation. That way you can make the best use of the money or credit that you need and deserve.
