Best Pick: Payday Advances or Credit Card Advances?
- Author Johan Kriegbaum
- Published February 12, 2010
- Word count 516
Taking the right financial decisions is essential today because it could mean financial survival or failure. In the case of a small budget or making ends meet, many are now regularly preferring payday advances to credit card cash advances. When thinking alternatives on which to pick for short-term loans, it is safe to know the difference between a quick cash loan and a credit card cash advance. While the two terms are often erroneously applied interchangeably, these are really defined. While one is a time-tested, short-term financial selection, the other can create numerous headaches in the process.
Plastic currency often hand people the choice of getting at their line of credit as hard cash, just as if they are withdrawing money from their savings accounts. But before people -- employees, business owners, single mums, working students, and even retirees -- determine to access their credit card as hard money, give some time to figure on the dot what it signifies to get an advance from these little rectangular plastics.
These credit card loans can come at a massive disadvantage trade off. This is totally different from the flat, one-time payment for a payday loan or a fast cash loan, the interest rates billed for a credit card cash advance are far pricier than the regular credit card interest rate. Many of these charges per units are above 20 percent interest. To top it off, a new fee from the ATM used to take the necessary cash. It is like being hit with a double whammy, so unlike winning the lottery. Liken these figures with the one-time, flat fee of a fast cash loan and people would really picture the huge difference.
Come payment time, paying a credit card advance would be totally diverse from paying a fast cash loan or payday advance. People who use this financial servicing would attest that they again encounter a different set of stipulations from the conditions used when they simply use their credit card for credit. Most credit card companies push their clients to pay back any proportion they bear on their credit card before letting them to ready payments towards the credit card advance. There is no grace period before this soaring interest rate starts compiling, so when borrowers are able to prepare payments on their credit card cash advance, they would typically owe much more than the original cash loan.
Likened to a fast payday loan for quick and efficient money solution, a credit card cash advance is not only much more high-priced, but misleading. If people don't know on the dot what fees they would really pay, it can be overwhelming to try and anticipate how much they would have to factor in their budget. It is best to go online and apply for a fast cash loan rather than flash a credit card.
Respectable payday loan services have no secret fees and no extra billings. People who draw cash loans only owe the basic amount taken up and a direct lending fee. A payday advance is finally not only better to use, but easier to count on.
Johan Kriegbaum, online marketing manager of Payday Cash Loan, Australia's preferred short term lender, shares his insights on money matters. Payday Cash Loans also helps people in the long run by providing budgeting tools, e-books and individually researched articles on money matters and financial tips. The aim is to assist people in achieving instant and long term financial freedom.
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