Is It Better To Get A New Credit Card Or A Payday Cash Advance Loan - A Case Study

A recent case study has indicated that while a payday cash advance loan is a relatively

high cost of borrowing, it is often a better financial decision than getting a new credit card. The credit card companies are tightening lending standards in this economic environment and therefore many people with maxed out credit don't even have the option to get a new card or extend their credit. Those who are eligible for a new card should still consider getting a payday cash advance loan in times where they need fast cash. Instead of prolonging your repayment period and paying high interest fees, it would be wise to consider fast cash payday loans.

A payday cash advance loan is a short term loan ranging anywhere from $100 - $1,500 where a lender will expect repayment of the borrowed amount plus a finance charge on your next payday. If you have recently been faced with unexpected expenses and are in need of fast cash then getting a fast cash payday loan is the most convenient method in doing so. You usually can get your requested funds deposited directly into your bank account within 24 hours of filling out an online application.

Another option to get a short term loan would be to ask your credit card company for a cash advance. They will usually provide most consumers with up to $200 and will be repaid back throughout a longer time period than a payday cash advance loan. These credit card advances typically carry an interest rate of 26% on average. What credit card companies don't tell you is that your advance is put at the bottom of your repayment schedule so you have to pay back all items currently on your credit card before you can payoff the advance. Meanwhile, the 26% interest rate adds up very quickly and can make your balance spiral out of control.

If you truly want a short term loan then getting a payday cash advance loan is the most convenient method. A typical finance charge is $15 for every $100 you borrow although you can find better deals online if you know where to look.

If you are currently experiencing short term cash flow problems and are in need of quick cash then you will obviously want to get the best deal. I would strongly discourage you from going directly to a particular payday lender as you never really no if you are getting the best rate. Instead, the most efficient way to receive multiple quotes and get the best deal on your short term loan, is to utilize a multiple lender website that is affiliated with several payday lending companies. These websites will make the payday loan companies compete over your loan and therefore you are able to choose the one that was able to offer you the best deal. Going through a multiple lender website will save you time and money and they have consistently offered consumers the best market rate available. They are free to use and are by far the most convenient method to get quick cash.

For a payday cash advance loan lender that has consistently provided competitive rates check out this link:

Easy Cash Advance Loan

by: Matthew Couch

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