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Cash Advance – The Basics

cash-advance-1When it comes to the notion of cash advance, what usually is implied by it is a service from a bank and the ones who use it are mostly owners of credit cards. However, cash advance is also a type of loan and it is quite similar to the payday loan. In fact, the characteristic they have in common is that they are both granted really quickly and the borrower does not have to put much effort in the whole process. This type of loan has become really popular and there are many people who consider it more convenient a solution for certain financial issues.

Now, one of the advantages of cash credit loans is the fact that they are unsecured. Actually, you do not need to have any collateral to apply for it and be granted this loan. It is also true that these loans are short-term and they are paid back very shortly after you have taken one out and for some people this is extremely convenient. Nevertheless, cash advance loan has its disadvantages as well and one of them is that the interest rates and the fees are usually pretty higher than the rates and fees of regular loans. For some people this can be a problem, but this is also a reason for you to do some researching before you opt for any solution.

Actually, the truth is that cash advance fees and interest rates are not law-regulated. Therefore, lending companies and banks can set them as they wish, with no restrictions whatsoever. Consequently, both the fees and rates differ from one company to another and this is another reason for you to research thoroughly and find the company that offers favorable interest rates, fees and terms. In fact, this can be done quite easily for now there exists a large number of websites that contain all the necessary information about different lending companies and banks. Apart from the basic information, these websites also display the interest rates and the fees that the lenders charge. Calculators are also offered and they can tell you the sum you will have to pay back to the lender.

cash-advance-2Now, the amount of money that you can take out with this loan is not high and it can rarely exceed the sum of $1,000. Nevertheless, in case you have already taken some cash advance loans before, then it might happen that the lender will offer you to take out the total of $1,500 and this is in case you have paid the previous loans on time. However, you should think carefully and keep in mind that if you fail to pay it all back on time, you will be faced with even higher rates and fees.
To sum up, this type of loan really can be useful in case you need a small amount of money which you want to pay back in the shortest time possible. Nevertheless, you should be careful and wisely choose the lender with the lowest fees and rates and bear in mind that, unless you pay it back on time, they will just increase.
 
Cash advance – the facts you should know

cash-advance-3Are you in need for some extra cash to spend?

Is there something you have to pay at this moment, and you cant use your card to do it?

If you are in this kind of situation, one of the solutions you might take in consideration is a cash advance.

Before you choose to take cash advance loan, be sure to understand well what cash advance is. 

Let's try answering some of the most common questions.

What is it?

Simply said, it's a loan, cash money, you are taking from your credit card.

Most banks will provide you with this option. When you take money from your credit card, you will be charged a fee. Charging the fee is the bank's way to get its money which would otherwise be charged from the merchant. Your credit card  has two limits: the first one is your credit limit, and second one is your cash advance limit. Usually your cash advance limit is lower than your credit limit.   

How to get it?

When you've became familiar with terms of use and you've decided to use the option of cash advance the next question would be: how can you get this money?

It's quite easy, with your credit card you can take the money from almost any ATM machine. Be sure you are within your cash advance limit and there should be no problem.

How much is it going to cost?

This is probably the hardest question to answer. Through web you can find many calculators which can be very useful to calculate how much money you will have to pay overall.

Best thing to do is to visit your bank and get exact information, or you can consult your accountant.

Make a monthly budget and stick to it. If you have problem making your monthly or longer period budget, ask for help at your bank. Also there are many websites and public agencies that are offering free advices.

Is it the right thing for you?

cash-advance-4In some cases of the emergency, when you are without cash, choosing this option can help you a lot. But you must stay disciplined and not use it too often. If you decide to use cash advance be aware of the fact that when you take money from ATM you will be charged a fee, and your overall debt will increase, as well as your monthly obligations. Like with any other loan program, it should be approached carefully.

Remember, if you are borrowing money, do it within the amount you would be able to handle in the future.

You should always pay your monthly obligations on time so you would avoid paying high interest rates.

High interest rates could take you into the deeper debt, but if you are disciplined and if you fulfill your obligations on time, there should be no problems. Sometimes the hardest thing to do is to change our habits of handling the money. And, sometimes that's just what we need to do. Make a budget plan and stick to it, it's not so hard!!!
 
A few tips on a quick cash advance loan

cash-advance-5The economy is still in pretty bad shape all over the world and that is a fact few, but the most rich can deny. Of course, since neither you nor I are rich, we need to think about how to get the money needed to buy stuff that we need. Every day, our budget gets more and more limited with all the bills and other expenses that we have to pay almost every day. Well, somehow we do get by, but what about those times when we really need some extra money?

In case you need extra money for either paying school expenses, hospital bills, or something else, cash advance loan can be a really good solution to your problems. Of course, things are not as easy as just walking into a bank, getting your cash advance credit and getting out. Cash advance loans are a bit more complicated than that and if you want to know more about them, I suggest reading this article. Hopefully, it will clear some things for you.

First thing that you should do is to identify the need for the cash advance loan and how urgent it really is. If the need is: “I want to go to Haiti, but I don’t have the money for it, so I’ll take a cash advance loan”, then forget about it. However, if you have an unexpected bill or other similar expense that needs to be payed, than cash advance may be just the thing you need. You should know if the need for this loan is really urgent or it can wait till your next paycheck.

cash-advance-6You should also stick to smaller amounts of cash advance loan. This is because these loans tend to have pretty high interest rates and the bigger loan you get, the bigger the interest rate will be. Always keep one thing in mind: the best way to pay this loan on time is to get the amount which is not to bigger than your paycheck. So, in other words, if you earn 1000$ per month, don’t apply for a loan of 5000$ or more, who knows when and if you will be able to pay it.

Read the terms and conditions carefully. I know that this should go without saying, but there are so many people who forget about this simple thing and end up having loads of problems because they missed some little thing in the contract. There are a lot of quick cash advance companies and no one is saying that you should pick the first one you find. Hear them out, read the contract and if you don’t like it, thank them and keep looking. If there is something that you don’t understand about the terms and conditions, have them explain it to you, that is why they are there and, of course, they are legally obliged to provide you with full information before you sign a contract with them.