When it comes to loaning money, there are a number of options that one can avail of. While payday loans are often opted for in case one needs some easy and fast money, credit card transactions are also one of the more popular modes of loaning money. In this article we look at whether payday loans are better than credit catalogues or if the loans are easily paid off if the situation is reversed.

Payday Loans: The Pros and Cons
While the money is instantly available in the case of payday loans, the rate of interest is much higher than in the case of credit cards. Furthermore, despite the fact that the money gets dispensed fast and in an easy manner, there is always the fear of some legal loopholes being jumped at the time of payment. Overall, payday loans- despite being instantaneously convenient- are far more of a financial hassle than they are a gain. Not only do they add to the end of the month’ expense stress, but if the payday company is a predator; it might end up crippling you financially.

Credit Catalogues: The Better Option
Credit catalogues, on the other hand, have a number of benefits over paydays. For one thing, there is a leeway period during which one can pay off the debt with ease. Simultaneously, credit card companies offer cash back rewards and other complimentary bonus packages that might be useful. Overall, the rate of interest is lower and the grace period longer- which makes it a safer and easier option when it comes to paying back loan amounts.

Final Thoughts:
When it comes to paying off debts, research has found that both catalogues for bad credit and payday loans cause a great deal of financial stress to the customer. However, if one is in need of some ready cash for any emergency purpose, credit card payments are the option to go for. They are safer in legal terms and have a lower interest rate and longer grace period that can ensure a lighter financial strain.