subject: Missouri Cash Advances Using Credit And Charge Cards [print this page] Customers who suddenly run out of money for their purchases often choose to go to the nearest bank or ATM and withdraw using their checking account. However, those whose checking accounts are found with insufficient funds may choose to apply for what is known today as cash advances.
A cash advance pertains to the service that allows a person to withdraw a certain amount from a financial institution, usually a bank. This can be done either by using a credit card or a charge card, or through an over-the-counter withdrawal at a bank recognized by the card issuer. This is a popular practice among people who love spending money.
In big and progressive states like Missouri, where there is a market large enough to sustain the peoples spending, cash advances are not new. There are hundreds of banks that can provide immediate cash advances to people who encounter sudden necessary expenses. Cash advance transactions are most popular in the states two largest metropolitan areas: St. Louis and Kansas City.
Missouri is among the many states where payday loans and cash advances are acceptable. There are states that do not have existing laws concerning lending, thereby not allowing such business to progress within their areas. Today, there are 39 recognized Missouri cash advance and payday loan companies operating to serve the residents needs. Others may be small-time cash advance corporations, while some companies may be operating online.
The wide use of credit cards and charge cards is proof of the fast-growing cash advance industry. Cash advance companies usually operate through their clients use of these cards. Missouri cash advance customers are allowed to withdraw or use the money of the bank to finance their purchases, with the agreement that the borrower repays the amount in full after a certain period.
When a client withdraws money using a credit card, whether through an ATM or an over-the-counter transaction, the bank usually charges a fee called an interchange fee. This covers for the service employed in the withdrawal. This is an additional charge to the borrower, on top of the actual amount to be paid in full plus the interest. This is how most Missouri cash advance operations work.
