When we say cash advance loans, it actually refers to cash loans that can be withdrawn or use to pay some goods or services. Cash advance are normally added to credit cards and when needed, can be used like a regular ATM card to dispense cash. Although proven to be more expensive due to higher interest rates compared to credit card usage, there are still advantages of using cash advance loans.
It is fast cash. If you are approved for cash advance loan, then consider yourself lucky. Regardless of when and where you will need money, you got a card and a bank to back you up. One example of using it to your advantage is when you need to pay hospital bills. Most hospitals doesn’t accept credit cards- only cash and if you have cash advance loan credit on your card, then it is like paying in cash when in fact it is another credit added to your card.
One example of cash advance loan is payday loan. This loan is very easy to get approved once all requirements get passed. No credit check needed. All you have to submit is a proof of age, proof of income and identification. This application can be processed online making it more convenient for the applicant. Also, approval doesn’t take that long and you won’t have to think about it for a long period of time since it offers short term payments. The bottom line is cash advance loans are very accessible for everyone even if you have a bad credit loans.
Basically, having a cash advance loan capability added to your credit card or being able to do payday loans is very important. It is a big help to be able to recover from emergency situations especially if it is not payday yet. It can be your saviour on a bad weekend. No collateral needed and no need to wait for long turnaround time that might not come. Moreover, confidentiality agreement is greatly secured on this type of transaction and rest assured whatever reasons you have for getting cash advance or payday loan, it will be between you and your bank.
So, is it worth it to get a cash advance loan rather than get a credit card? The answer depends on your needs. However, please note that there are companies out there that provide services and products on a cash bass only and if all you have is a credit limit- you might not be able to afford their service. Yet, before going into cash advances, be aware that the interest rate for this kind of loan is much higher than the normal credit and loans that you might have tried already.