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Credit Card cash advance vs. Payday Loans: Which is Best for you?

Urgent financial crisis can happen to anyone, and especially during the pandemic when many people are being laid off from their jobs. So be it a medical emergency or a home improvement, you can easily avail yourself a loan to deal with your financial matters.

But getting a loan approved can be daunting, especially if it is your first time. There are so many options out there, and choosing the right one can be very difficult. The most popular choices for urgent loans are credit card loans and payday loans, but which one is the best fit for you? Let's find out, shall we?

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What is a Credit card cash advance?

If you are not familiar with loans, this is a valid question to ask. We use a credit card to purchase things, so Credit Card cash advance loans can be unfamiliar to some. They are short-term loans that allow you to obtain cash immediately, whether through an ATM withdrawal, a bank check, or any other way. They have interest rates ranging from 2% to 15%, often with a minimum fee of $10 - $15. When you take out a cash advance, you will almost certainly be charged interest straight away. The average grace period that applies to credit card purchases, usually 45 days, does not apply in this case.

What is a payday loan?

Similar to Credit card loans, payday is also short-term loans where you pay an upfront fee to get a loan for up to $1000. They usually do not require an extensive credit check and rely solely on the current stable income source you have. The interest rates vary, and being a short-term loan, you have around two weeks to a month to repay it. They are not available in all the states, and to check eligibility, visit paydayLV website.

How does credit rating affect your choice?

Credit rating is an important deal when applying for a loan. If you have a good credit score, your chances of applying for any loan increase. But what if you have a less-than-ideal credit score? Most lenders will be reluctant to give you a loan, and improving a bad loan can take up to years. But having a bad credit score is not a crime. Financial problems can occur that might have forced you to pay a credit card debt. In such a situation where your credit score is low, you can apply for a guaranteed payday loan with no credit check. Payday lenders emphasize more on steady income rates over past records. In fact, paying off your loans over time will be reported, and your credit score will improve.

How quickly do you need the loan?

When deciding which loan to apply for, how quickly you need the fund also needs to be considered. Generally, the application process for a credit card loan is just as quick and straightforward as the application process for a payday loan; but the only difference is the length of time it takes to get the money in your account after the application process. Payday is usually much faster, with waiting time ranging a couple of hours to a maximum a day, whereas credit card loans still take up to a week to get the money into your account. So if you have an urgent emergency and need cash fast, payday lenders are your best bet.

Which has better interest rates?

On paper, payday has a higher interest rate when compared to cash advance loans. This is because payday lenders design the loan for short-term financial crunch only, and you are expected to pay off the loan from your next paycheck. A $100 loan for two weeks will set you back by around $10 - $15. Credit card cash advance loans have a lower rate but have a minimum fee of $15 whatever account your loan over the 8% - 15% interest rates. So, in short, if you are planning to lend smaller amounts up to $500, the rates for both the loans are comparable, but anything more than that credit cards will give you better rates.

Duration to pay off the loan

Both payday and credit card cash advance loans are short-term loans intended to be paid off at the earliest convenience. But payday, in particular, has a minimum duration of a couple of weeks to a month to pay off the loan. This is because the loan is intended for a short-term cash crunch, and you are expected to clear your loans when you receive your next paycheck. Credit card loans are more lenient, and you have a bit of room to pay off the loan. But do note the longer you take to clear your loans, the higher interests you will be paying.

Which is best for you?

Now that we have looked at the details of both loans let's find out which is best suited for you. A cash advance loan provides access to money quickly ( within 5-7 days), but the fees and interest rates can rapidly creep up. It is always more cost-effective to get a cash advance loan but requires you to have a high credit score.

A credit card cash advance is ideal for people who need a large sum of money as a loan but are confident to pay it off at the earliest possible time.

Payday is better suited if you have an emergency and need cash loans within hours. They also do not require you to have a good credit score, so anyone with a stable income can apply. Payday lenders design the loan for a short-term purpose, so it is not ideal for taking the loan if you are not confident that you can replay it on time.

Conclusion

Both payday and credit card loans are here to give you relief from financial problems. Payday lenders have made it particularly easy and convenient for you to apply for a loan and get approval within hours. To learn more about how to apply for a payday loan, visit PaydayLV website.  

 
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