Spend Wisely: Debt Card VS Credit Card

Getting loans have now become easier in Singapore with having licensed moneylenders where you can find access from EasyCredit Directory. You can spend the borrowed money on a lot of things like paying bills, rent etc. Moneylender avoids the trouble of going through long trails of paperwork and offers an instant personal loan based on particular documents with the lowest possible interest rate.

It’s up to you how you will be going to spend the amount. Most people think of investing the amount for future need and most people buy off things that are necessary for them. But how will you be spending it? By Cash or By Cards. For almost on anything you can spend money using cards like paying online for shopping, paying your bills etc.

The Licensed Moneylenders that are authorised by Ministry of Law (MLAW) In Singapore and other developed countries, people often pay things with their plastic money i.e. Credit cards and Debit cards. By this way, it is safer for them and plus save themselves from carrying the baggage of cash. The debit card lets you spend what’s available in your account and don’t let you get caught in debt. The bank drafts you the money with protection in your account which you can later your spend through your cards. Sometimes, people get hit by interest charges when they have an insufficient amount in their account, but with the loan from the enlisted licensed moneylender in the EasyCredit directory, these situations are now contended to rare.

If you want to use cash for buying things or paying off bills, you probably need to hit ATM and it is not necessarily that you will find them free very often. Lot’s of people still have faith in spending cash with their own hands rather than going by cards, so you often see them rushing in and out of ATMs and in certain situations where ATMs run out of cash, with no option, people forcibly have to spend amount by credit card or debit card.

Debit Card

In fact, in many ways, spending money with a debit card has proven inexpensive compared to a credit card. The waiver fees on a debit card are much less than on the credit card. You can even pay off your debt with your debit card to the concerned moneylender and they would charge some fees but that ought to be lowest. A debit card is bound to the account and keeps a good track of your expense through your checking account. Credit card, however, independent of checking account.

Debit card and credit card provides the financial convenience to the people instead of going physically to the place to
withdraw money or to buy things. With your laptop, you can make bookings, buy things online, order foods etc. and no hassle of paying with cash. Well, risk and reward both are a tradeoff in here. With many things comes danger as well but if used carefully and cautiously, no harm can be done to your money.

Pay Loan Using Debit Card

You can even pay your loan for your education through a debit card. With opening an account, by default, you will get your debit card and for that, you no need to repay it. It’s your account that needs to be kept in check. Moneylender before approving for the loan might want to glue in the credit history of an applicant because if the applicant has poor credit history then it might be a risk of granting them loan as the chances of recovery could be less. So often licensed money lender to run a thorough background check in Singapore. And once they get convinced, then only grants a loan to the applicant. They are not concerned about the latter part of how the person will spend it or use it. They are concerned with recovery part which shall be made after certain allotted time.

Fairly, once the loan gets sanctioned, it’s the applicant’s responsibility to take care of the money and should choose the wise medium for spending the amount. With credit cards and debit cards, it is handy to avail additional offers. With the financial advancement, comes the potential liability of getting caught in frauds or some theft. People have become smart enough to keep their pockets empty and carry their cards with them wherever they go. Singapore, like countries, doesn’t run out of card machines and almost every corner, you can possibly find ATMs.

Credit History

The credit history reflects a lot about the person and how they are managing their finances. Seeing that track, many moneylenders offers loan and sanctioned it hand to hand. A person with good credit history and zero default cases always manage to keep themselves in the good books of the moneylenders. The licensed moneylenders then perhaps offer them personal loan, business loan with some additional beneficial offers and waives of the interest rate at a cheaper rate so that they can run a good business with such clients. Often these clients are local business groups who often run into the situation of money need and hence they often keep in contact with some reputed and authorized moneylender.

These clients may also go by spending amount through debit or credit cards and once they have their loan in their account, it becomes easy for them to transact money through their plastics. They believe plastic money is safe than carrying a purse full of cash which might catch eyes of many thieves roaming around. Plastic money comes with many rewards which on time provide benefits to the people and thus through them, people spend their money with caution and safety. Furthermore, Singapore is moving towards of being a cashless society.

In conclusion

Well spending money or accessing it can be possible by both ways, it’s just people have to look for smarter and safer way of spending it. Moneylender are equally concerned for the money as the loaner and hence they would always wish for their clients to safeguard the loan amount and with proper interest and in time, they could return their principal amount. Licensed moneylender has their accounts in check so it necessarily not be tough for them to receive amount safely in their account. Go out spend through your debit card or credit card as you often found ways to ditch your wallet.