Have you looked at cash advance loans through online lenders or do you rely on the ones offered by credit card companies?
If you are looking for a cash advance loan, look at all your options.
Some people are so scared of an online direct lender, that they would rather use their credit card on an ATM for quick cash. Credit cards do off cash advances. They amount available is typically a much smaller portion of the remaining available balance. Whether you borrow online or through a credit card, fast access to money is not going to be cheap.
In order to obtain cash through a credit card, many folks use local ATMs. Whether in your hometown or while travelling, there are ATMs to be found. The problem with this method is that the fees and charges form what could be many different companies will hike up the cost of the high interest advance. High interest is not the sole possession of online cash advance loan lenders, credit card companies apply much higher interest as well.
Let’s look at the potential extra cost for credit card cash advances. ATM fees come in multiple shapes and sizes.
- Usage fees charged by a bank. If your card is not affiliated with the bank that owns the machine, you can expect to be charged by the owner. There are some banks which will charge its members anyway.
- The credit card company itself may have its own fee no matter what ATM is used.
- If the ATM is privately owned, you can expect to see multiple charges on your next credit card statement. The more remote the ATM is located, the larger the fee by the machine user.
There is always a price to pay for convenience. Just as a drink and snack will almost double in cost when purchased at a local corner market, borrowing fast money will also have its price. Fast cash advance loans are more pricey, but they do the trick. If you are going to use an ATM for fast cash, be aware of the fine print of charges which should be located on the machine itself. Familiarize yourself with the terms and conditions of the card you are using as well. Be aware that debit cards may not be accepted at all machines and they could possibly have higher fees depending on the owner of the machine.
Online cash advance loans do have set fees per amount borrowed. The available limit for the loan is based on monthly take home income, any state regulations or both. Shop for low fee direct lenders in order to save when repaying the loan.
Take note of the interest. Even if you plan on paying it off on time, you should always know what you are getting yourself into just in case something unplanned occurs. Cash advances on credit cards will begin charging interest the minute you obtain the cash, an online direct lender will at least give you an opportunity to pay it off before attaching the interest to the remaining balance. They both charge for the initial cash, so you will have to make the decision based on your own situation.
Enjoy the ease of cash advance loans, but prepare for the additional costs to repay the loan no matter which fast cash convenient source you use.