At first glance, you may assume that borrowing money from a loan shark is the best decision you can make. Even if you realize that it’s a risk, you could fall in love with the idea of securing a large amount of money with little to no paperwork.
However, this is never a decision you should make. Doing business with a loan shark can lead you down a dark path, including a situation in which you’re paying more in interest than you ever should.
While you may not like the idea of running up a credit card balance, there are many reasons why this is better than turning to a loan shark:
- It’s safer. Let’s face it: there is nothing safe about borrowing from a loan shark. These people don’t have to follow any rules and regulations, meaning they can do pretty much anything they want in regards to the loan. Not to mention the fact that you could find yourself in a sticky situation should you be unable to pay.
- Just as fast. Depending on your approach, you may be able to apply for and receive a credit card on the same day. This is just as fast as doing business with a loan shark.
- Many benefits. For example, you may qualify for a rewards credit card. This allows you to earn points for every dollar you spend. Also, depending on your credit score and history, your rate may be much lower than one from a loan shark. Once you compare the benefits of the two options, it’ll be easy to see that a credit card has much more to offer.
These are just a few of the many reasons to choose a credit card over a loan shark. As tempted as you may be to give your business to a loan shark, it never makes sense to do so. Chances are that you can find a credit card that offers so many more benefits.