Author Box
Articles Categories
All Categories
Articles Resources

Why Faxless Payday Loans Are Better Than Credit Cards?

April 18, 2012 | Comments: 0 | Views: 140

Credit cards have been offering consumers quick access to cash for decades. However, in recent years particularly, alternative borrowing opportunities have emerged - including the faxless payday loan.

So in what ways is the newcomer better than the old master?

1. Convenience

If you were to apply for a credit card, there's a good chance that you'll be left waiting for a decision and possibly be asked to confirm certain details before receiving final confirmation. Assuming that you are accepted, there will be a further wait as the card is sent to your address. Whilst this is fine if you have plenty of time available, it is less convenient if you're in a hurry to get your hands on some extra cash.

As the name suggests, faxless payday loans don't require any form of additional documentation to support an application. Whilst you may receive a phone call, just to clarify a couple of details, this is often complete within a few minutes. From here, the process will be complete in moments and the money transferred to your bank account within the hour. This is what has helped to propel payday loans into the public consciousness and boosted their popularity amongst a large section of society.

2. No outstanding or ongoing debt

Whenever you use a credit card, you constantly need to monitor spending and ensure that you repay the full amount each month. If you are unable to do this, you at least need to be able to have a plan to pay it off in instalments over a reasonable length of time; after all, you will be accruing interest and other costs for as long as this debt is outstanding - assuming you don't have a special introductory offer of course.

If you find yourself unable to pay off these debts and build more and more debt, the interest will rise, your expenses will increase and it will become more challenging to cover the costs of your credit. Whilst this may be an extreme example, it is a sad reality for many consumers who have spent more than they can afford to in the past.

With a faxless payday loan, you will be given a strict deadline by which the debt needs to be repaid. Whilst this may be a little restrictive, it does ensure that you have a deadline and a final cost in mind at the outset. This can help you to avoid ongoing debt and consolidate financial issues to ensure that they don't go beyond a month or perhaps two.

3. Quick solution vs temptation

As we've mentioned, having a credit card offers ongoing temptation to spend beyond what you can comfortably afford. Having credit available at any time can lead to a slow, but damaging increase in debt. This can really creep up on you if you're not careful, which is why you need to continually manage spending habits and pay more than the minimum repayment.

Faxless payday loans generally only take a few minutes to complete the application process and the cash is often available within an equally limited timeframe. So when you're really up against it financially, they will often offer the quickest and least damaging solution. There is always a risk with any form of borrowing, especially for those who are living close to the edge of their financial means. Just because credit is available, it doesn't always make it the best solution for your particular predicament.

So if you would rather deal with a problem quickly and with limited long-term risk or impact, faxless payday loans could well prove to be a much better option than credit cards. Whilst you don't want to borrow more than you can afford, potentially triggering a cycle of debt, the availability and swiftness of this form of borrowing help to make it an attractive proposition for many.

Vincent Rogers is a freelance writer who writes for a number of finance businesses. For Payday Loans, he recommends Payday Power.

Source: EzineArticles
Was this Helpful ?

Rate this Article

Article Tags:

Faxless Payday Loans


Payday Loans


Payday Loan

The 3 Month Payday Loans is most suitable options for the people who do not possess assets. There are a variety of loan options for the people who are willing to pledge assets against the cash

By: Cameron white l Finance > Personal Finance l July 09, 2013 lViews: 560

For many people, bankruptcy can make their world fall apart. The apparent loss of reputation coupled with the inability to take financial decisions can deter anyone from thinking clearly. But all is

By: noragwilt l Finance > Bankruptcy Lawyers l November 18, 2012 lViews: 304

If you are availing payday loans with monthly payments, it is easy for you to obtain quick money from online lending companies.By getting the best deals of loan, you can save money in terms of

By: Malen Cheks l Finance > Loans l November 16, 2012 lViews: 289

Loans online have become the popular source of income and people can make smart decision of taking it.Now, don’t go anywhere and sit in your home silently. Such deals would bring you money without

By: Marsh Jone l Finance > Loans l November 13, 2012 lViews: 288

Loans for the unemployed would let you feel comfortable with your unstable conditions due to jobless period.If you compare the rates of a few lenders, you would definitely get the suitable lender to

By: kelse roy l Finance > Loans l November 13, 2012 lViews: 467

By taking cash advance for bad credit, it is easy for you to improve your credit status. This loan is useful to relieve financial stress. This loan is totally free from credit verification and

By: Honard Nork l Finance > Loans l November 09, 2012 lViews: 301

Fast payday loans perfect way to cope up with all your financial problems without getting tensed or depressed. This loans scheme surely brings happy simile in your life once again. Applying online is

By: Daniel Robertl Finance > PayDay Loansl August 06, 2012 lViews: 343

All-in-all, same day loans is a good financial support for those borrowers who need instant cash before they received monthly paycheck.So this is the reason of the popularity of these loans. There

By: Cameron whitel Finance > PayDay Loansl July 30, 2012 lViews: 242

Do payday lenders charge higher interest rates than traditional lenders? Maybe not when taking into consideration the duration of the loan and the amount of time it takes to actually pay off.

By: Melissa Daleyl Finance > PayDay Loansl June 29, 2012 lViews: 219

While instant payday loans are useful for emergency situations, obtaining one can be avoided by aligning your finances. You don't need to get instant loans if you manage your finances well. People do

By: Cedric P Loisellel Finance > PayDay Loansl June 28, 2012 lViews: 222

Approvals on payday loans with bad credit are amongst the most commonly secured loans on the market. In fact, they are much more simply approved that many expect and offer a genuine break to

By: Mary Wisel Finance > PayDay Loansl June 27, 2012 lViews: 185

It can be a difficult situation when you are short of funds. Thankfully for emergencies, there are short term loans available. Payday loans are one common way to get money right away. You can obtain

By: Brad Reganl Finance > PayDay Loansl June 26, 2012 lViews: 176

While debt is something that many of us will have to accept as part of our financial lives. There are steps you can take to ensure that you minimise the debt you accumulate and once you have built

By: Vincent Rogersl Finance > Personal Financel April 27, 2012 lViews: 231

The ethics and responsibilities of same day loan companies are often called into question, usually as a result of their open lending practices and higher rates of interest. As a result, some

By: Vincent Rogersl Finance > Loansl April 18, 2012 lViews: 205

Regular employment is a prerequisite that most payday loan companies expect from applicants. If you aren't able to demonstrate a regular source of income from a reliable source, then most would

By: Vincent Rogersl Finance > PayDay Loansl April 18, 2012 lViews: 153

As most people are aware, payday loans are a short-term borrowing alternative that uses an applicant's wages as a form of guarantee. Therefore, it is imperative that anybody seeking to apply for any

By: Vincent Rogersl Finance > PayDay Loansl April 18, 2012 lViews: 171

Clip-on earrings are a very important accessory for any party outfit and choosing them is a task that you must do with care. There are several types of clip-on earring that are suitable for parties.

By: Vincent Rogersl Shopping Product Reviewsl February 29, 2012 lViews: 110

A recent study showed that around 80% of women have their ears pierced. The survey also showed that the majority of these women were wearing earrings almost daily. Thus, there is no doubt that

By: Vincent Rogersl Shopping Product Reviews > Jewelry Diamondsl February 29, 2012 lViews: 177

Discuss this Article

comments powered by Disqus