Cash advance refers to getting instant funds for dealing with emergencies. Some of the situations where individuals take resort to cash advances include:
• Coping with medical expenses
• Consolidating overdue debts
• Purposes of business development
• Paying of electric bills
• Home/car repairing
You can get cash advances primarily through two ways – through your credit card and through online cash advance loans.
Cash advances from credit cards
Credit card holders can use their credit cards for borrowing actual currency against their present balances. For a majority of credit card users, the cash amount which is available for getting cash advance is a small portion of their total credit limit. Statements that are issued by the concerned bank have two sets of figures, - the credit limit and the cash advance limit.
You have to use your credit card at the closest ATM for getting cash advances. The ATM or other forms of electronic banking machine will dispense actual currency so long your requested amount has not exceeded your present cash advance limit.
Making use of a cash advance loan is an expensive proposition. Interest rates and finance charges are high. Interest rates and finance charges are high. Interest on certain unsecured credit cards may go up to 23% at a few times which can fast eat into the advantages associated with a cash advance. Consumers must make it a point to borrow only a minimum amount of cash in order to take care of their financial emergencies and sincerely try to repay cash advances quickly.
Cash advance online
Online cash advance loan providers cater to your immediate cash needs without any credit check. Their instant processing techniques for cash advances save your time as well as energy as you get these cash advance loans fast from the comfort f your home or office. Online cash advance loans can go up to $1500.
Applications for cash advance take very less time to be filled and approved. Generally you need to have a monthly income of $800, and a valid savings account. In majority of the cases subsequent to approval, the lender transfers the funds directly to your bank account within a very short span of time.
Usually a bad credit history poses no hassles for getting cash advances with these online service providers. There is the payday cash advance facility available for any credit situation. For making use of payday cash advance, you must know the amount of paycheck you will be next provided, the exact time when you will get it, and the amount you can comfortably keep aside from that amount for repaying a payday cash advance loan. Payday cash advance providers will generally charge some amount of service fees on the basis of the cash amount you will borrow.
Certain online cash advance lenders do not even require faxing in of your personal details. This is done in order to avoid time waste and provide you with fast cash to help you cope with the emergency situation.
Thus bankruptcies, delayed payments, default arrears etc are no hurdles in this era where cash advance loans are readily available.