View Single Post
Old 01-23-2018, 12:33 AM
jennys jennys is offline
Junior Member
Join Date: Aug 2017
Location: New York, United States
Posts: 19
Smile Re: Installment Loan Vs credit card help

Well, a decision to choose the credit product should entirely depend on your requirement. However I would share a quick rule to help you come to a decision. Always make the loan decision on 3 parameters—the cost, the amount and the duration. Credit card is one of the most expensive loans. You should never use them when you cannot afford the debt. Many prefer credit cards as they get to roll over balance and repay according to their choice. However this could be very costly delay and you should instead consider repaying on time. Besides, you can use credit card only owing to available limit.
On the other hand borrowing an instalment loan provides you cheaper loan at fixed repayment schedule. These are preferred by many as it helps them plan their finances. From 15 day loans to 50 months, loans are available online at a click of button. They are available in all forms, secured, unsecured, short or long and thus sky is the limit and you get ample choice.

To sum up use credit cards for small expenses wherein you just want to delay payment for a few days however when you seek funding resource instalment loans is the only viable option. Hope my answer helps you.
Reply With Quote