When you need cash, you have several options available to you. Being strapped for cash means that you need to get money from an easy source that is available to you with the least amount of hassle. For this reason, two options are best for most consumers. Credit card advances and paycheck advances make it simple for you to get the cash that you need more easily.
Credit Card Advances
Most people have at least one credit card. Though cards are most often used for purchasing items, credit cards come with the option to take out cash advances. To take out a credit card cash advance, you will need the pin number provided with the credit card. From there, you will be able to go to an ATM and take out cash as you would from a bank card.
Credit card cash advances offer you the ability to take out cash with no hassle. Credit card cash advances do have some downsides. For most credit cards, there is a limit to how much you can take out for cash advances. Cash from credit cards almost always comes at a higher interest rate than regular credit purchases, so they will cost you in the long run.
Payday loans are a way to stretch out your money from one payday to the next. If you are out of money until payday but need to get your hands-on cash, paycheck advances are one of your quickest options. Advances are available in some stores and online. Applying for an advance will require that you fill out a short application. The application will ask your personal information, payment information, and bank numbers in order to route your cash. Once you are approved, your money will be sent to your bank account, often the same day or next day.
Paycheck advances are often paid back in the very next payday, or in several subsequent paydays. The interest and fees on paycheck advance loans will vary from place to place. The downside to payday loans is that you can typically only have one at a time. They are also often higher in fees than other types of loans.
Paycheck versus Credit Card
When deciding between taking out a paycheck advance or a credit card advance, be sure that you line up the pros and cons. For some, the credit card cash advance will be quicker and easier to handle. For those who want to keep their credit off the line and wish to have cash the next day with fees that are made plain, a paycheck advance is a good idea.