What are the Different Types of Cash Advances?
People may take cash advances in numerous ways, and several different types exist. Many of them have a single element in common. Most borrowers will have to pay more for a cash advance in fees or interest charges than they would if it were possible to wait until that cash came in other forms, such as a paycheck or a low interest rate loan. Sometimes a cash advance is defined as borrowing on a line of credit, but simply borrowing cash. This may be done by using a personal credit card, and it’s often possible to get these cash advances at ATM machines. Alternately, some credit card companies give their customers checks, which can be deposited in a checking account or cashed. Advances are usually loaned at a higher interest rate than regular credit card use, with rates often a few percentage points above prime. If it’s possible to use a credit card to pay for something needed, instead of to take out cash with it, it may save money in interest later. One of the types of cash advances with
