Unsecured Loans vs. Credit Cards
When looking to buy a luxury item, like a new television or computer, you are probably going to immediately think about using a credit card as payment. However, you may want to consider utilizing an unsecured personal loan instead. Both payment types are useful means for getting quick access to the cash you necessitate. But, they both have several significant differences that you should be aware of.

Speed of Access to the Money You Need
These two types of payment methods are different when it comes to convenience. When using a credit card, you can pull your card out of your pocket and use it instantly, and even spur of the moment in the event that you are making an impulse purchase. On the other hand, utilizing a personal loan will mean having to apply for your loan, waiting for approval and then for your cash. Therefore, if you need money instantly, a credit card is going to be a better option for you. **We offer instant decision loans for those in need of immediate cash.

Interest Rates
The interest rates associated with both are going to be another key factor in determining which payment type is best for you. In most situations, credit cards are going to have significantly higher interest rates compared to unsecured personal loans. In fact, personal loan interest rates can be 33% of what credit card interest rates are. Therefore, you are going to be saving a considerable amount of money by the time you are done paying off your debt obligation. If the long-term financial consequences concern you, then a personal loan is more sensible for you.

Credit Requirements
Your credit is going to be key when deciding which financing option is more suitable. Credit cards are obtainable by people of any credit type. On the contrary, most personal loans are not. The majority of banks and traditional lenders will not grant unsecured loans to people with less than perfect credit. However, here at Choice, we have many different low rate loan programs that specialize in getting people with bad credit personal loans. Our loans will not only get you cash, but will also help you re-establish your credit history by reporting your account activity to the credit bureaus regularly.

The only benefit of credit cards is the ability to walk in a store and make an instant purchase. However, as listed above, interest rates are much higher, making credit cards less attractive in comparison to credit cards. APPLY NOW!

Related Reading:
Use Credit Cards Wisely
Banks Loans vs. Online Loans
More Credit Cards vs. Loans Info



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