Personal Loans: Easy to Apply and Quick Approval. Don’t Wait, Apply Now!
How Is Getting a Cash Loan Better Than a Credit Card?
What is a Cash Loan ?
A cash loan is a financial product provided by financial institutions or banks to improve an individual’s liquidity. Cash loans come in various types, each with its own purpose, interest rates, methods of calculating interest, approval criteria, and application conditions. These factors differ depending on the type of loan. Today, we will explore the different types of cash loans so that those interested can choose the right loan that meets their needs and maximizes the benefits of applying for and using a personal loan.
By understanding these details, borrowers can ensure they make the most informed decision when choosing between a cash loan and a credit card, optimizing their financial flexibility.
Key Benefits of Taking a Cash Loan (or Personal Loan)
When there is a need for a lump sum of money in various situations, applying for a cash loan is certainly a great option. Here’s why:
- Lump Sum Payment: Unlike using a credit card, which requires withdrawing funds bit by bit, a cash loan allows you to receive the full amount directly into your bank account. This way, you don’t need to carry around a card, memorize PIN codes, or worry about whether your credit card is with you.
- Higher Loan Limits: When applying for a cash loan or personal loan, you’ll often receive a higher loan amount compared to a credit card. With cash loans, repayment is made in installments, which gradually reduces the loan balance, unlike credit card limits that might remain static or be harder to manage.
- Faster Approval and Access to Funds: Cash loans typically offer quicker approval, and once approved, the money is transferred into your account right away. This is much faster than waiting for a credit card to be issued, which may take longer or encounter shipping delays. If a credit card gets lost or there’s an issue, it can cause additional delays.
- Easier Approval Process: For credit cards, you usually need a minimum monthly income of 12,000 Baht. However, for cash loans, especially from non-bank lenders, you might be able to qualify with a lower income, which increases your chances of being approved. This gives you more options for financial products compared to the more rigid requirements of bank-issued credit cards.
Therefore, applying for a cash loan is a smart financial product designed to meet diverse needs, offering advantages such as faster approval, higher loan amounts, and a more flexible approval process, especially when you need a lump sum quickly.
[Click here to compare personal loans or apply for one to get your lump sum today! Fast approval, 100% legal.]
What Is a Credit Card?
A credit card is a type of loan card similar to a cash card in that it provides a credit limit from which you can withdraw cash. However, it differs in terms of interest rates. Cash withdrawals using credit cards incur higher interest rates compared to purchases of goods and services. This is because the primary purpose of a credit card is to facilitate cashless payments for goods and services within the approved credit limit.
Currently, the interest rate and annual fee for credit cards is capped at 16% per annum, while cash withdrawals come with an additional 3% withdrawal fee on the amount withdrawn, plus a 7% value-added tax (VAT).
Key Benefits of Using a Credit Card
- Convenience and Portability: Credit cards are easy to carry and use, eliminating the need to carry large amounts of cash.
- Instant Purchases: You can immediately purchase desired items and potentially use them as investments or for profit-making opportunities.
- Automatic Bill Payments: Credit cards allow you to automatically pay utility bills like phone, water, electricity, or internet bills in each billing cycle—ideal for those with a busy schedule.
- Exclusive Discounts and Rewards: Cardholders often receive discounts on products and services and can accumulate points to redeem gifts or additional benefits later.
Both cash loans and credit cards are financial products designed to benefit users. However, it is essential to use them wisely, with clear spending purposes and, most importantly, financial discipline. Overspending or borrowing beyond your repayment capacity can lead to significant debt traps or damage your financial history. Therefore, it’s highly recommended to thoroughly study and understand all the terms and details of any financial product before using it.
For those who are hesitant about whether to withdraw cash from a credit card, which typically incurs higher interest rates, or to apply for a personal loan to receive a lump sum, it’s important to set clear goals, directions, and purposes for using the funds. Be mindful of spending needs and manage your finances responsibly.
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Today, we’d like to introduce the Siam Digital Lending app! A legal loan application platform in Thailand that makes access to loans easier than ever. This user-centric platform allows you to apply for loans safely, with fast approvals, flexible conditions, and fair interest rates within legal limits.
Download the app and start using it today!
Ready to apply for a personal loan or legal cash loan with Siam Digital Lending? Simply download the app from Google Play or the App Store to experience the ease and convenience of every step in applying for a SiamDL personal loan.
Download now!
- Android: Siam Digital Lending – Google Play
- Apple Store: Siam Digital Lending – App Store
Fulfill all your needs with SiamDL’s versatile, unsecured personal loan.
- No need for collateral or guarantors.
- Receive approval for up to 5 times your average monthly income or up to 200,000 THB.
- Flexible repayment options for up to 30 months.
Quick Cash Loan – Instant Approval Within 15 Minutes
Siam Digital Lending offers a comprehensive online platform for personal loans. Enjoy features like application, fund disbursement, balance checks, bill payments, repayment schedules, and more—all in one place.
- Legal Loans: Fully compliant with the Bank of Thailand’s regulations and protected under the Personal Data Protection Act (PDPA).
- Transparent Services: Fair loans with standard interest rates of 25%, along with debt management consultation.
- Low-Income Accessibility: Applicants with a minimum income starting from 12,000 THB are eligible.
About Siam Digital Lending Co., Ltd.
Siam Digital Lending Co., Ltd. specializes in providing personal loan products tailored to meet customer needs. We aim to enhance access to legal financing solutions, aligning with the Bank of Thailand’s mission to address issues like informal lending and high household debt ratios.
We are committed to continuous improvement to deliver the best financial experiences to our customers. If you have questions, need assistance, or wish to report a concern or complaint, feel free to message us. Our team will respond promptly.
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