Thursday, November 23, 2017

What are the Differences between Payday Loans and Cash Advances ?

When you are short on cash, you may find the fastest way to borrow money from someone or some loans to stay on bills. For those who seek the short time lending option, the terms of cash advances and payday loans might have been recommended to you. Whatever it is, the one thing for sure is that you think you get the money as soon as possible. Payday loans and cash advances may look the same or called it as synonym but apparently they are different in respect. What are the differences between payday loans and cash advances?


Get Started!


As both offer the short term loan, both of them also have the high rate of interest. These are the alternatives for them to get the money as well as its big risk. Well, let us get started. Payday loan is actually a kind of loan in short term which the borrowers have to go through some applications required for a successful loan. It can be done either in store or online. The system is still the same whether you are online or in store. It is just typical kind of applying something to bank. You will deal with some papers in front of you to get through the loan.

Meanwhile, a cash advance is another cash loan in short term that you get but you do not need to go through such papers to apply for. Cash advance enables you to get some money from the credit card you have. Compared to payday loan, cash advances are considered easier since you do not have to ask for other permission to get the money right in front of you. Yet, it is not easy either to be able to get accepted to apply for a credit card. Once you get the credit card, you can take out the money based on the amount you need. 


How Much Money We Can Borrow? 


What are the differences between payday loans and cash advances? It is from the amount of money that we can borrow. Basically, payday loans will lend you money between $10 up to $1000. It will be seen from the income report you have monthly. The decision of whether your application will be accepted or not usually only takes 15 minutes to 30. Instead of going to the in store to get through the comprehend process, most people prefer going online to complete their process from the internet. Besides, they will get any kinds of updates only by accessing the internet. 

Meanwhile the cash advance is based on the limit of your own credit cards. In order to have one, you need to apply to the major banks and they will give you the limit of credit based on the amount of money you have at the bank. It means that when you want to have bigger limit of money, you have to own high balance in your account. These might help you answer what are the differences between payday loans and cash advances.


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