Loan Calculator – Compare Loans to Credit Cards

When it comes to borrowing money, sometimes you are going to need the funds quickly, or want to borrow them in the short term. If this is the case for you, then you are going to need to consider whether or not a loan or a credit card is going to be the best method to obtain those funds.

Both of these forms of borrowing have their own benefits and drawbacks and it really depends on the amount that you want to borrow and how long you are looking to take to pay it off.

 

Compare the cost of borrowing

How much are you borrowing (£)?
Monthly repayment (£)? 
OR
Time taken to repay (months) 
Balance transfer fee (%) 
..and this deal is for:

 

Credit Cards offer flexibility, not only in the amount that you borrow but how you pay it off also. You can use a credit card to pay for things online or in a shop and many of them have a 0% interest rate for a set period of time. However, once this time is up, you may find that the interest rate rises considerably and if you pay only the minimum amount off each month that you may find that it will take a considerable amount of time for you to pay off the money that you have borrowed.

Pay day loans are incredibly easy to set up and usually you can have the money that you need in a very short space of time. Paid directly into your bank account and ready to be used for whatever you need it to be. These particular forms of loans are suitable for those who have a bad credit rating.

The only thing to remember with pay day loans is that they are designed to offer a short term option for credit. This means that they often have a high interest rate, which can lead to you paying back a lot more money than you originally borrowed. Particularly if you do it over a long period of time.

Not sure which one is right for you? This is incredibly common when people are thinking about credit and which variety is the right one for you.

Only too happy to help that you borrow the right money, from the right place, we have put together this helpful calculator for you to use. We hope that you find that our pay day loan calculator is the tool you need in order to find the best option for you. Incredibly easy to use and with everything that you need to allow you to compare the two options open to you. Using this you can decide which one that you want to take out and how long it could cost you in the long run.