subject: Find Out How a Same Day Cash Advance Loan is Better Than a Credit Card [print this page] Find Out How a Same Day Cash Advance Loan is Better Than a Credit Card
When you still have a week or so to go before your next paycheck arrives and your bank account is looking rather empty, a sudden and unexpected expense could mean disaster. Many people who find themselves in this position will usually charge these expenses to their credit cards if they have one but, when this is done on a regular basis, these people will generally end up with an insurmountable credit card debt that may never end up being repaid. What may be a better option in these situations is a same day cash advance loan and there are some very practical reasons why these loans may end up being a better option than a credit card.
A same day cash advance loan is exactly the same as any other payday loan or short term loan, except that these loans can be processed on the same day as they are applied for. This means that a same day cash advance loan can essentially give you instant access to cash in the same way a credit card can be used to get instant cash advances or make immediate purchases.
So, why should you choose a same day cash advance loan over a credit card? Well, the reason is quite simple really. You see, a same day cash advance loan in many cases can be a much cheaper way of accessing cash than through a credit card. When you withdraw cash from your credit card you are charged interest on the amount you withdraw immediately. There is no interest free period on cash withdrawals made on a credit card and in most instances the interest you will pay on these cash withdrawals is quite high, often higher than what you would pay on your credit card purchases.
If people paid their credit card balances out within the month, then these cards would be an affordable form of credit. But, let's face it, when only required to pay the minimum amount, most people will tend to do this, as it frees up their household budget. But, as a result they end up with a debt that will cost a fortune in interest and last for years. A same day cash advance loan, on the other hand, does not have these consequences. This is because a same day cash advance loan must be repaid in full from your next paycheck and, while this may cause you to have to adjust your budget the following month, it will certainly save you hundreds of dollars in the long run.
Some people may argue that the actual annual percentage rate on a same day cash advance loan can be quite high but, because this interest is only ever charged once on the initial amount that you borrow, it ends up actually costing less than the ongoing interest charged on your monthly credit card balance. In order to see how much you can save when you take out a same day cash advance loan, all you really need to do is look back over your credit card statements for the past 12 months and calculate the amount of interest you have paid. You may be quite surprised at how much you have needlessly paid out on these transactions.
So, the next time you are in need of quick cash, then consider a same day cash advance loan as an alternative to obtaining cash through your credit card. Do your math and see how much you can save on these convenient and fast cash loans.
