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The credit card cash advance
Whether it’s an emergency or a late paycheck, we have all been in situations where we need quick cash. Credit card cash advances may be a quick solution for your cash-strapped problem. A credit card cash advance is a service which allows an individual who is a credit cardholder to withdraw cash up to a certain limit from an ATM, a bank or other financial agencies. These cash advances all have interest rates which are a bit higher than small bank loans as they are not regulated by the law.
A credit card cash advance is essentially the withdrawal of cash with a credit card. The lending company lets you borrow against your credit card. Credit card cash advances come in two different ways: a bank cash advance and a direct deposit or check cash advance.
Bank cash advance
This is the kind of credit cash advance which you can withdraw your cash from the ATM or bank. You may also decide to transfer the cash to your credit card most especially if you are protecting an overdraft. This kind of credit cash advance also includes buying foreign currencies, bails, lottery tickets, gaming chips from a casino, or situations of person-person money transfer. It is always important to remember that there is a stipulated limit to the credit line depending on your credit card status and the nature of your cash advance.
Direct deposit or check cash advance
This type of credit card cash advance will require you to either call your bank, write a check or have your cash advance transferred online from your credit card to your bank account. In this case, there is no limit as opposed to the bank cash advance just as far as you don’t exceed your total credit limit. However, there is a downside. The whole process may take a couple of days. If you have an emergency and need cash immediately, this type of cash advance may not be suitable for you.
With technological advancements, applying for cash advances online has been more popular than ever before. Most credit companies in the market go online to offer their services. Thus, you just have to key in your details and then follow the stipulated steps to apply for a cash advance.
It is important to choose a reliable and reputable cash advance lender. Seek guidance before you decide to commit to a cash advance lender. This is to ensure that you understand how the interest rates are being calculated, method of repayment and what you are getting into.