Understanding Your Credit Options
As modern consumers, we all encounter situations that require us to borrow money. Fortunately, there are several financial tools at our disposal. Knowing what credit option is right for each situation is essential. That’s why it’s important to educate yourself on the pros and cons of each of these financial tools.
Conventional Bank Loans
Cash Advance Loans
• No credit check required
• Quick application and approval process
• High interest rates
• Defaulting on a loan can create serious debt problems
Payday loans are a great tool for emergencies and cash flow problems. They are intended to be a short-term solution for smaller loan amounts. Although they come with high interest rates, due to the short timeframe of the loan this typically is not a problem unless you default on the loan. Protect yourself by budgeting carefully and having the loan amount paid by an automatic withdraw from your account on your next payday.
A Credit Tool for All Seasons