Credit Cards vs. Installment Loans

Credit Cards vs. Installment Loans

Credit Cards vs. Installment Loans

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Opening up a credit card or taking out a loan are two very common options when you need a source of extra cash. If you’re on the market for one of these financial products then find out which one is better for you before you apply.

Credit Cards Defined
A credit card allows you to borrow money from a bank to make purchases. The amount you can borrow is called your credit limit and it is determined by several factors such as your credit score and how much debt you currently have.

Installment Loans Defined
An installment loan is a type of loan that is paid back through a series of payments over time. Usually, you can work with your lender to create a re-payment schedule that is best for you.

Which financial product is better for you?
When deciding which product is best you might want to consider how fast you need the money. If you’re looking to get funded as quickly as the same day or as soon as the next, we recommend choosing an installment loan as the approval process is usually faster. When applying for a credit card you’ll have to wait to get approved and then wait for an additional 7 to 10 business days to receive your credit card in the mail.

Also, consider installment loans if you have less-than-perfect credit because your credit score does not determine your eligibility to get a loan, like at NiceLoans!, whereas for a credit card your score does.
Loans are good for emergency expenses, medical bills, or just about anything you need extra cash for! Credit cards are a better option for when you don’t need to use your whole credit limit to purchase an item or if you want to improve your credit score by using them occasionally.

Where to apply for a loan?
You can apply for an installment loan at your nearest NiceLoans!. Did you know that when you visit a location you will be funded in as little as thirty minutes? If you have any questions about NiceLoans! financial products don’t hesitate to reach out to our customer support team by calling 833.308.6423 or e-mailing
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