22 November 2022
Highlight: A Salary advance can be a better option when considering a short-term loan for emergency purposes instead of swiping a credit card, which in comparison is expensive.
Meeting with an unexpected event or emergency can be frustrating when you are out of savings or you did not plan your finances in advance. However, sometimes your savings are not enough to meet these unexpected situations. The question is, how would you approach such a situation? A personal loan? Well, the minimum tenure of personal loans is 12 months. So personal loans are out of the question. Credit cards? That calls for high interest rates.
The best option at hand is a salary advance loan, which is essentially an instant loan that works far superior to credit cards in many ways. Earlier, a conventional salary advance was the domain of employers to pay their employees a portion of their salary in advance. However, with the advent of online lending institutions, it is no longer the case. If you are a salaried employee, you can easily opt for an instant loan in India online via EarlySalary platform and pay back the advance in easy installments with low-interest rates.
Salary advance loans are grants against your salary, and the loan amount is proportional to your salary amount and can also be in multiples of the same. There are so many benefits of salary advances over credit cards.
If we talk about credit cards, the interest rates are high. It can become an exceedingly frustrating burden if you use credit cards for emergencies and cannot pay back the credit amount on time, such as paying hospital bills, making bill payments, or using it for other purchases.
There are many benefits of instant loans or salary advance loans over credit cards. We are going to list down the most prominent ones and why salary advances are better than credit cards.
Salary advance loans from Fibe can be the ideal option for fast and easy cash transfers and more manageable repayment options. On the other hand, credit cards can be a liability if you are unable to make credit payments on time, which can also lower your credit score. The choice is obvious!
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