Short-term loans are “safer” than credit cards in a couple ways, even though many try to say this is not true. You can get a short-term payday loan with no credit check, and no ding on your credit history. The cost is not outrageous, and is usually about $15 to $25 per $100 borrowed. Compare this to missing a credit card payment fee of around $25 to $30. If you are up against a deadline, you can get a payday loan and pay the bill, whereas with a credit card you may not be able to get a cash advance, or you may be at your limit and not be able to charge the expense.

If you have a credit card, the lenders frequently will raise your limit the minute you get close to it, as long as you keep making payments on time. By doing this, you only get deeper into the credit debt situation. With a payday short-term loan, you must pay it off at your next payday. True, you can take out another for the same amount, larger, or smaller, for another period and with another fee if you need it. But, the impetus is to pay it off and get out of the loan on time and not do another. Fewer people get caught in a payday loan “trap” than get caught up in increased credit lines on credit cards.

Credit cards are easier to use, and to keep using, all the way up to your limit. Then it may take years to pay off the balance if you stop charging, and you will pay a lot more in finance charges before it is paid off. The short-term loans are “safer” than credit cards, because it takes more effort to go get one, and you have time to think about what you are doing. Most people use them for emergency situations, and not for living on, as many do with credit cards.

There is no benefit to your credit history with short-term payday loans, because you are not getting credit. These are loans, period. A credit card can mess up your credit history if you are late with a monthly payment, or miss some. Some financial advisors tell their clients to not even get credit cards. If you have cash, you do not need credit cards. Short-term loans are cash, and you repay with cash, quickly.

Faxless Payday Loans : If you are in need of extra cash until pay day, you may want to consider applying for a pay day or check loan on line.

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