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With the variety of ways you can acquire money, the choices can be confusing. For this not to happen, it is important that you know the similarities, differences, and benefits of these ways. For this article, let us take into consideration two of the fastest ways to get a loan - the credit card and payday loans in Canada.
How are they Similar?
In terms of convenience, both types of credit can be quick and easy. A credit card allows its owner instant cashless purchase at all merchant stores and establishments that accept it. There is just one form to be filled in - the receipt - and often only your signature is required. On the other hand, payday loans in Canada allow for almost instantaneous use of the borrowed money. With processing time targeted to within 24 hours from application to loan release and with very few forms to accomplish, these loans are fast and simple.
In terms of interest, both instruments of credit can charge higher rates than most credit facilities. In fact, with any unpaid balance on a credit card, the interest computed is on the total amount due regardless if the former is just a dollar. With payday loans in Canada, the interest on unpaid loan balances can be computed on the original principal. In addition to the interest rate, deferral charges and processing fees are also charged in a rollover.
