Quick Loans Explains: What Is a Cash Advance?

Whether you have one credit card or many credit cards, you’ve probably heard of cash advances and payday cash loans. Cash advances and payday loans can be used interchangeably unless the cash advance refers to a credit card cash advance. Both of these lending options are short-term, but they are not the same thing. In today’s blog, the loan lenders at Quick Loans define credit card cash advances and payday cash loans, and then they explain when to use a cash advance.  

What Is a Credit Card Cash Advance?

Simply put, a cash advance is a fast way to borrow money. A credit card cash advance is where you withdraw money from your credit card at an ATM. This advance requires a credit check to be approved. As long as you make minimum payments, you have the option to pay back the cash advance over time.

Quick Loans Quick Tip: To check your cash advance limit, view the latest copy of your credit card statement or login to your online account to see how much credit you have available for a cash advance.

What Is a Payday Cash Advance Loan?

A payday cash loan is a type of personal loan that is often used to help with small, unexpected costs. The payday cash advance is what you get from a payday loan lender, such as Quick Loans. This loan doesn’t require a credit check, and you must repay the lender directly, typically by your next payday.  

When Should I Use a Cash Advance?

Sometimes there is a purchase or payment that can’t wait, and your only option is to use cash. For example, you might use a cash advance when you hire a small business who doesn’t accept credit cards, such as a landscaper or a plumber. You may also decide to take out a cash advance to pay back a friend or to pay your monthly rent if your property owner doesn’t take credit cards.

Quick Loans: Money When You Need It

Whether you’re dealing with monthly bills, car repairs, or an unplanned expense, Quick Loans can help. We have provided financial products to the greater Springfield area for 20 years. Contact us today for more information or come see us in Nixa.