We were doing a credit market check and we found that we can borrow money up to an amount of $ 5000 both through a payday loan without requirements and through VISA with our credit card. Then we ask ourselves, which one is more convenient for us? Next we will try to address the pros and cons of each option.
How are credit card loans?
One of the most useful features offered by credit cards, such as VISA, is the possibility of making an advance and withdrawing cash. In other words, it works like a payday loan. At the moment the entity has the option to withdraw cash by ATM or from the Online banking.
Keep in mind that depending on the bank with which you operate, this promotion may have different nuances such as the amount of Good Finance they lend you or the interest rate at which you have to repay the loan. Usually, the method of payment is through the monthly summary of the card.
Therefore, to be able to access one of these loans, you first have to be part of a bank, then you have to ask for your VISA card and, just when you have the plastic, you can withdraw the money.
Another fact, which is not less, is that in order to access this loan, the client must have a limit of purchase available in installments, from which those consumed by this concept are discounted.
What does this mean? That card gives us a credit to make general purchases, for example $ 10,000 and I have made purchases in installments for $ 9,800, in this case I will not be able to access the loan because the card is already at the edge of the limit that the card finances me. Therefore, withdrawing money restrictions I can make with plastic.
What are the advantages of applying for a payday loan without requirements?
The first difference we can find with the previous option is that you do not need to be a customer of a bank. If you want to request a payday loan without requirements, fill out a form and send it. If there is no problem, they will give you the cash within 24 hours.
Among the benefits of payday loans we can highlight the following:
- Less paperwork: Many financiers ask for less documentation than banks to grant a loan. There are even some that completing the application via internet is enough. Then the same credit house will be responsible for verifying our credit history and if we have income. Therefore, the documentary requirements are simpler and this makes it easier and faster to access the loan.
- Speed: For everything said before, in a financial company like Good Finance it is faster to access a loan. While there are banks that have pre-approved loans, this is a service for customers only. In addition, many times loans are subject to the bank’s rating that may take days. On the other hand, in most of the financial institutions that grant loans, the rating is on the day.
We hope this information helps you decide where you are going to ask for your next loan. Do not hesitate to ask us for any questions!