In this episode of
Money Creation Explained we are going to cover What are
Credit Card Cash Advance Loans?
A cash advance allows people to use credit cards to get a
short term cash from an ATM or participating bank. A cash
advance has to be paid back just like anything else that is
paid by credit card. Instead of buying products and services
with the card, cash is being bought. In addition, most
credit card companies will not allow the entire credit line
in the form of cash advances and are capped at a few hundred
dollars. Other fees for this service include the cash
advance fee which is usually 3% - 5% of the total amount and
an ATM or bank fee.
Using cash advance is convenient because it is pre-approved
but it is an expensive loan option. Interest rates are often
much higher than the rate charged on purchases (up to 29.99
APR), there is no grace period to repay, and interest starts
to accrue immediately.
An alternative solution would be Secure Loans which is a
service offered by IOU Notes. It allows users to leverage
their own funds to obtain small loans for personal and
business use as needed and never pay more than 5% interest
per year on those funds. Using our service, a user can have
a dependable emergency loan option, help build or rebuild
their credit, budget their money better, and stop paying
high interest fees from other loans. This service was
created because of the need for affordable small loans.
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