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Cash Advance Loan, Credit Card, Or Bank Loan |
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Just about everyone is faced with the need to borrow money at some point or another. The biggest
problem is trying to decide how to get that much needed extra cash. Should you get a
cash advance loan
you've been hearing so much about? Get a credit card? Or, should you just talk to the bank about
getting another loan? All have benefits and all have downfalls - and being well informed can help
you to avoid a costly mistake. |
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Cash Advance Loan |
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A
cash advance loan is a fast, easy, and convenient way to get cash.
For a small fee, the financing company will lend you the money you need to get you through
to until payday. To get one of these advances, you only need a valid checking account,
a direct deposit from an employer (most have a minimum deposit amount),
and a current bank statement. There's no large amounts of paperwork and no long waits.
In most instances, it only takes an hour to
be approved and you can spend the money the
next day. When your payday comes and it's
time to pay it back, the money automatically
comes out of your account. You don't have to
hassle with mailing checks or running to a
specific location to make a payment.
The loan period of a
payday cash advance is generally 2 weeks or less. Once you pay off the
loan, you're done, unlike credit cards where you may feel compelled to only pay the minimum
balance each month and as a result, pay hundreds or even thousands of dollars in interest
over time. However, if you need more than a couple of weeks to repay your cash advance
loan, you can easily secure another without having to go through the paperwork process again and again. |
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Credit Cards |
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In order to get a credit
card, you have to fill out a set of forms,
provide all of the proof they require,
undergo a credit check, and then, wait for
approval from the bank. In many instances,
it can take up to six weeks to hear if
you're approved and receive the card. Once
you get it, you can use it repeatedly.
However, you need be very cautious. They are
often difficult to get, particularly with
the economy in its current state. If your
credit is less than ideal, you need to be
extra cautious and read the fine print
carefully. Unfortunately, there are many
credit card companies that prey upon those
who are in desperate financial situations
and will charge high annual fees and
interest rates for an extremely low amount
of credit. You could pay $75-$300 just to
get a $250 line of credit. |
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Bank Loans |
When you need a large sum
of money, many people often choose a bank
loan. They can make a number of smaller
payments instead of one large one. The
payments generally come straight out of your
bank account on a regular basis and it helps
build credit.
Unfortunately, this can be a
grueling process with the extensive amount
of paperwork. In some cases, you might have
to wait until the management at the bank
meets and decides whether you get approved.
With the economy in a crunch, banks are more
hesitant than ever to issue loans. Of the
three options, a cash advance loan is by far
the easiest and quickest way to get cash.
There's no added stress of paperwork and it
is easy to keep control of. When you need
quick cash,
payday loans can definitely be
the smartest way to go. |
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Based on 57 ratings | 
