Cash advance loans actually refer to unsecured loans proffered by money lenders. Being unsecured, it generally attracts very soaring interest rates. Moreover, these are provided for a short time period. These loans range from credit cards which involve taking loans from an ATM machine at an interest rate of as much as 30%. Comparatively, taking a personal loan from family or a friend usually attracts zero interest.

Cash advance loans provide instant access to cash in times of emergencies. Besides, cash advances are quite handy while travelling. Also, cash advance loans can prove helpful even if there is no emergency, like when you need money to expand your business.

But, conversely, these cash advance loans also have some disadvantages, high interest rates being the primary one. In case of missing out early repayments, the interest may get added up to some exorbitant figures thus making you stand in a situation of high loss with no solution. Such cases exemplify the cash advance loans to be a rather expensive option.

Another disadvantage of cash advance loans includes the addictive nature of cash advances. The convenience and ease involved while obtaining these loans might result in making you extravagant. Within a very short time span, you may find yourself frequenting ATM counters and banks for these cash advances. Moreover, you may find yourself burdened with a huge debt long before you realize it. Furthermore, this debt is made even higher with sky-scraping interest rates.

There are many people who think short term loans to be a way of getting by till the arrival of the next pay cheque. Well, it is very important to remember the fact that cash advance loans are, probably, the most expensive credit forms and may also end up leaving you under long-term debts. Adding further, the longer you take to repay your loan, the higher is the interest accrued thus leading to owing up an amount that is much higher than what has actually been borrowed. However,  are quite helpful in dealing with the ever mounting requirements of the business or family and this has become the main reason for the popularity of such loans.

Well, while taking a cash advance loan, it is very important to be careful with the interest rate. An interest rate of 15% may come up to be 390% in long term. However, cash advance loan can also be obtained for short term also. Usually, short term loans are taken for about two weeks. Now, the interest rate for two weeks comes up to reach 30% per month and further reach 360% a year without even your consideration. Isn’t it a horrifying prospect? However, the good news is that a reputable and reasonable provider will not only play the trick but also provide you the financial assistance which may prove to be a real boon for you.

Well, in case you need quick and handy money, cash advance loans may be a solution. It is, however, important to ensure the pros and cons of the same. Also, just make sure that the loan is repaid as soon as possible to evade the uncalled for interest that may be incurred on you.

 

 



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