Choose a microloan or a credit card
Many times a large number of families in Spain need a microloan or use the credit card to solve an emergency financial situation that they can not afford at the moment, that is why after having spent a time the interest rate In the end, the payment they make is usually up to double, so it is very important to know which of the two services to choose if the microloan or the use of a credit card, which are totally different from long-term online loans.
For example, there are many people who do not require a large amount of money to be able to afford an investment, but in many cases also from the purchase of a television, a mobile phone or simply finance those vacations that they have wanted so much. So today we will have the answer to the question of which of the two options to choose for this type of emergencies, whether a microloan or a credit card.
Use the credit card?
When it comes to an emergency or the purchase of an item that is not a large amount of money, many times families or individuals use credit cards, since it is not necessary to obtain one of the long-term loans online, but with the use of “plastic”, people will be able to acquire the product although in the current account there is no money at the moment, therefore the bank must charge an interest on the amount that has been spent for it.
So using credit cards is convenient if what you are going to finance is a purchase that does not exceed the limit that you have in it since in Spain are very rare occasions in which it exceeds the same, since It is not used to make large payments.
According to official figures in 2015 in Spain there were more than 44.819 million credit cards, which is equivalent to approximately one per inhabitant, which in most times has used them in an excellent way, so without being used for minor purchases or emergencies in which you do not have to cover a large amount of money is convenient to use them and not microloans.
When to use microloans?
When it is not necessary to use long-term loans online, one of the best options is undoubtedly the microloans, which is one of the best alternatives to make purchases a little larger and not use the credit card, this is because This type of personal loans is very convenient for people who require cash liquidity urgently, since the vast majority can be obtained in 24 hours.
The big difference with credit cards is that they can be used in situations where you need a little more money than the card has available, in this way you do not overdraw the option you have of this type to be able to finance purchases that are required at the moment.
It is very important to mention that everything will depend on the period in which you plan to return the money in cash, since in the vast majority of microloans there is the option that can be 30 days, but there are interesting extensions that can give the option to customers to have a repayment period that goes up to 90 days, something that does not happen with credit cards, which regularly only offer up to 40 days with the payment without interest, but after spending it can charge interest each month.
So, in reality, both credit cards and microloans are ideal options to finance projects, emergencies or the purchase of products such as a television, a mobile phone, among others that do not involve a large amount of money to opt for a personal loan.
Choose a microloan or a credit card Rate this publication