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Cash Advance Online: Short-Term Loan or Credit Card?

cash advance online is a better choice

The debate between credit card cash advance or finding a best cash advance online runs through a borrowers head usually about the time the emergency money is needed. It doesn’t leave much room for argument. The debate is short-lived. In fact, those who have available credit do not think about the alternative money at all. Most people would turn to what they know and are familiar with, their trusty credit card. If there is any available balance left, this money becomes an easy way to attain fast cash. The cost is rarely thought about. The people who have very little balance left debate in their heads whether to max out their cards

Because cash advance loans online are known for their high interest rates, many people with credit card access tend not to think too long about which option to take. If you had a recent credit statement, you would find that cash advances are handled differently than purchases. The amount available for a fast cash advance is only a fraction of the total available balance. The difference between the interest rates is extreme. Most credit card cash advance rates start at 15% with a charge to obtain the money. Depending on how the money is accessed, a borrower could also end up paying additional fees.

Cash advance online loans are simple

A direct cash advance online requires a borrower to fill out an easy application and when working with a responsible lender, there are no fees until the money is due. The interest rate and charges are clearly defined on the contract. As a short-term loan, the money is scheduled to be paid off quickly. Most borrowers will pay this loan off in a few months or less. The APR% is a mandatory disclosure. Anybody who would be keeping a short-term loan out for a year or more should seek out alternative money options. Long-term fast cash advances do not sit comfortably in a budget. Period.

The same goes for those credit card advances. The interest is comparable to the rates of a short-term loan (unless they are promotional rates, but then the ending date must be adhered to). The higher balance is incorporated in with the purchase balance. Only a portion of your monthly payment will be used to pay down the higher interest loan. Depending on your purchase balance and whether or not you are paying higher than the minimum required payment, your debt could take a very long time to pay off.

It’s a mindset. People believe that they are saving money by using long-term debt. These credit cash advances include fees right from the get go and continue to earn higher than normal interest while left unpaid. The money often gets forgotten about and the higher interest rate is ignored.

A simple cash advance online loan is hard to ignore. In fact, the thought of being charged additional high interest fees motivate people to pay off or at least pay down their loans. When borrowing money from any type of source, the thought beyond the initial emergency should be to pay it back fast rather than letting it get lost in the rest of your debt.

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