 Personal
Cash Advances
Who has the time to learn all the differences between the many cash
advance products out there? What is a personal cash advance? Is
it any different than any other cash advance? Get answers to these cash
advance questions (and a few others) by reading this article!
Why a 'Personal Cash Advance'?
As one of the more obscure terms to come out of the cash
advance industry, a personal cash advance is simply a cash
advance cash loan that puts emphasis on the source of the credit
that the loan itself will draw from. In other words, a loan that draws
from a vehicle or a home would be called a secure or collateralized
loan, whereas a personal cash advance is a loan against you. Unlike
secured loans that have the potential to claim to whatever they're collateralized
against, a personal cash advance (which is the same as an unsecured
loan) lays claim to your credit. The consequences of failing to repay
a personal cash advance can have adverse effects on your credit line
and possibly your eligibility for things such as limit increases and
low interest rates; because of this, you must treat the repayment of
such a cash advance loan very
seriously and honor the agreement you sign just before you took out
the loan.
Does this cash advance have any specific advantages?
Not really. This isn't because a personal cash advance is any less
(or more) valuable than any other cash advance, but rather that all
cash advance products are basically the same. The difference that exists
between the various products available is usually just what different
companies call them; the terms of repayment, cost of per $100 of the
loan, and other determining factors remain largely the same. As such,
getting a personal cash advance as opposed to a payday
cash advance carries no consequence or benefit, so don't worry so
much about what your product is called.
What factors should I pay attention to?
Choosing between the different qualities each cash advance loan company
offers is largely at your discretion, but key factors to look out for
include:
- Cost per $100 charged (this is the industry's standard measurement
and takes place of "interest" or "APR")
- Whether or not the loan is a no fax cash advance
- What documents (if any) you'll need to furnish in order to complete
the loan
- The repayment terms (many customers prefer flexible repayment options)
- Which method they use to collect your payment (EFT, personal check,
etc.)
As about these qualities and then decide which factors are the most
important to you. Get four or five quotes from different companies so
you'll have a good idea of what's available to you!
|
