Godzilla vs. King Kong, Alien vs. Predator, Freddy vs. Jason. Intense rivalries where you cannot afford to back the loser. Credit Cards vs. Fast Loans is another battle for the ages. One you cannot afford to lose. But how can you be sure who will prevail?

It’s all up to you – playing your situation in the best possible way to make sure that you are the winner. Not the lender, not the credit company, but you will be the one that comes out on top.

Credit Cards

How They Can Help: If you don’t have an emergency fund, then you may only ever be one paycheck away from bankruptcy. The first unexpected financial hardship that hits you might take all the money you have and leave you struggling to pay normal bills.

And for this, having an open line of credit on a credit card can be a lifesaver. It’s a temporary fix, but some times that’s all you need.

How They Can Hurt: Credit cards can sneak up on you. Even little charges here or there can add up, and the interest on the cards can be staggering. If you don’t pay off the balance quickly, the APR piles up leaving you paying the principle several times over!

Also, missing payments or building up too much debt can wreck your credit score and hurt you in the long term. Future mortgages, loans, even housing can all be put at risk.

Fast Loans

How They Can Help: Sometimes having a small line of credit just isn’t enough. If there is a medical emergency, or a complete automotive catastrophe, you may need several hundred dollars in a hurry. This is where a fast loan (payday or installment) may come to the rescue.

Fast loans don’t require a credit score for approval, and do not affect your credit score, which is another huge bonus.

How They Can Hurt: These lenders get you the money faster than anyone, but be careful they should be paid back just as quickly. An extended use of a payday loan can put you deep in the red. So be smart, borrow what you need, and have a plan to pay it back ASAP or you might get caught in the debt cycle.

Which is best for you depends on your particular financial situation. Each has advantages and drawbacks, so do your research and make sure you find the credit card or fast loan that best suits your needs.

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