Direct online payday lenders offer a valuable resource for consumers who find themselves experiencing short-term financial hardship during tough economic times. When a car breaks down, a tooth needs filling, or bills are higher than expected, getting an advance on your paycheck may be a better option than reaching for a credit card. Having options is what helps us make good decisions, but when it comes to money, it’s important to know all of your options and what kind of effect your choices will have on your finances.

While credit cards may seem “easy,” paying them off after you’ve relied on them too many times can be anything but. Of course, the decision you make may be a matter of economics. Using plastic credit is an option, but remember, unless you want to incur interest charges, you must pay in full when you receive your statement. If you can’t, your balance will only grow as interest (and possible fees) is added over time. Credit cards are known to have some of the highest interest rates of all types of credit, and can ultimately make what you pay something double, depending on how long it takes you to pay them off. While the credit card companies do nothing to discourage you from “charging” it, you may be putting yourself in a dangerous financial position. This type of credit can end up becoming long-term debt when all you really wanted was short-term help.

Quick cash payday loans, on the other hand, can help with emergency cash needs, but they close the door on an open line of credit when used responsibly and wisely. These types of small dollar loans are meant to be acquired and paid off quickly; strictly for temporary financial needs. While credit card companies require only a minimum payment each month, which can leave you in debt for months or even years, payday loans require you to pay back what you borrow the next time you borrow. pay. So you can take care of that last-minute trip to the dentist or that unexpected car repair when needed, but pay off what you borrow as soon as possible. Very often it seems that these financial mishaps occur a few days before payday, when there is nothing left to withdraw from your bank account. There are even times when a utility bill or insurance premium will be due before you get paid due to the fact that the billing cycle is not in step with your payment cycle. Switching to a payday loan may be just the boost your checkbook needs to get you through until your paycheck goes to the bank.

There’s also the issue of late fees and/or charges that can be added to your credit card in the event you’re unable to pay your balance in a timely manner. If these charges assessed by your credit card company are going to be higher than a payday loan, it may be your smartest option to get a short-term loan from a payday lender and pay it off quickly in instead of being charged a small fortune. because it took a long time to pay off that credit card.

The bottom line? There will be times when using your credit card is the most appropriate option for your particular financial scenario. Keep in mind that paying off your balance each month is essential to successfully managing your spending. By doing so, you can use credit to your advantage while taking care of that last-minute bill or emergency expense. However, if you’re looking for quick cash but don’t want to reach for your credit card, seeking help from online direct payday lenders may be the cheapest option in the long run.