Cash Advance Loans Versus Credit Card Cash Advance

It happens to everyone

It happens to everyone. Sometimes, employees fall short of money in between paydays. For one reason or another, people have to find a way to make ends meet before they get their next paychecks. And in situations of dire need, instant small loans sound good. However, are they really any good? If theres no other choice left, which ones better: a cash advance loan or a credit card cash advance?

A cash advance loan is basically a short-term loan that allows you to borrow small amounts within 24 hours from application. Cash advance loans have gained popularity in recent years because the process does not require a credit check. So it is somewhat a second chance for people with bad credit rating.

A credit card cash advance, on the other hand, is cash borrowed against your credit card limit. This cash advance can be taken out in two ways. The first is by using your credit card to withdraw money from an ATM, and the second is by using a convenience check your credit card issuer will send to you.

In states like Missouri cash advance loans are the easy way to make ends meet in times of cash shortage. This is because getting a cash advance loan is quick, discreet, and convenient. And it has the most basic of requirements, so more people can successfully apply for these loans. What they do not realize is that cash advance loans, if not settled right away, can be very expensive. These loans usually charge $15 to $17.65 per $100 borrowed. And on top of this, most lenders charge a loan fee, plus late payment interest when your payment does not make it on time.

Credit card cash advances charge higher interest rates for cash advances than for regular purchases. They usually charge 2 to 4% of the amount of the cash advance, while some issuers charge a flat fee, whatever the amount of your advance is. Apparently, these rates are lower than that of a delayed Missouri cash advance loan repayment.

It is relatively easier to secure a Missouri cash advance loan than a credit card cash advance due to certain prerequisites like your credit limit. However, to make sure that you are making the right decision for your short-term needs, study both types of loans thoroughly. Everything you need to know is in the fine print.

by: Sofia Britts

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