what is the point of a "cash advance"?
hit_man1 asked:
i just finished reading that a cash advance is basically a loan taken out against a line of credit or a credit card in which there is no grace period (you start paying interest immediately), and they impose higher than normal interest charges. what would be the incentive to take a cash advance then? why do people do it? thanks.
Some people (and some businesses) have no way of processing a credit card transaction (like a private sale).
For many people, they don't have much of a choice. They probably won't qualify for a traditional personal loan. A cash advance is expensive, but is still cheaper than a payday loan. It can also be for a larger amount of money than a payday loan.
Hope this helps. Good luck!
By my experiences, and alot of serious research, you should only work with established, land-based, payday lenders,which many have on-line sites.
Additionally, do not, borrow from more than one payday lender at a time. That is exactly how many people get into trouble with payday loans, by over extending them selves beyond the qualified amount given by a lender.