The Real Cost Of Cash Advance
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Vigi Floyd
Mar 26, 2013, 3:00:04 AM3/26/13
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Please consider this free-reprint article written by:
Vigi Floyd
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Article Title: The Real Cost Of Cash Advance
Author: Vigi Floyd
Word Count: 455
Article URL: http://www.isnare.com/?aid=148160&ca=Finances
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=148160
Easy Publish Tool: http://www.isnare.com/html.php?aid=148160
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One of the most expensive loans in the financial market is Cash Advance, a cash loan obtained against your credit card's account balance by means of which you can withdraw money from an ATM, bank, or branch of a financial institution.
Although you can borrow up to a certain percentage of your overall credit limit, the easy procedure to obtain Cash Advance may lead you to costly mistakes that you can easily prevent by following a few guidelines.
Safety and soundness of a financial institution can easily be found at the Federal Deposit Insurance Corporation (FDIC) entity, which supervises the compliance of institutions that offer Cash Advance programs.
Because applying for Cash Advance is a very easy and quick procedure that does not require paper work, the FDIC recommends everyone to pay attention to the "fine print" of a deal before your debt can increase considerably.
The high-risk nature of Payday Loans and Cash Advance lending strives in that the amount of money that you receive is put on your account as a separate outstanding balance. So if you are paying "x" interest rate for your actual credit, the money received as Cash Advance is subject to additional interest charges, usually at a higher rate.
Although, it is matter of common sense to repay Cash Advance loans as soon as possible, any payment made will be applied to reduce your outstanding credit card balance prior to the payment of Cash Advance. If you fall behind on paying your debt or fail with an ordinary credit card payment, the money you are considering as a Cash Advance repayment will be applied to your ordinary credit line. This way more interests will be accrued to the Cash Advance if is not enough to cover the outstanding balances.
Cash Advance and Payday Loans are short-term loans priced at a fixed dollar fee, which cost in so short term to maturity is translated into the higher annual percentage rate (APR) among all other type of loans.
Getting cash from an ATM after receiving a Cash Advance also has an interest charge that is applied immediately, since there is no grace period. Some credit card issuers require that you withdraw money from a bank's ATM, in which case both the credit card issuer and the bank will charge an additional transaction fee, whether a small percentage of the cash advance, or a flat dollar fee.
Reading and understanding the terms of Cash Advance loans is your best protection to avoid overwhelming debt on your credit cards so leave this type of loan as your last resource for a moment of a real cash necessity.
About The Author: Floyd http://www.x8-freelance.biz/
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=148160
*********************** ARTICLE END ***********************
- To distribute your articles go to http://www.isnare.com/distribution.php
- For more free-reprint articles go to http://www.isnare.com
Message delivered directly to members of the group:
publish-the...@googlegroups.com
*****************************************************************
Please consider this free-reprint article written by:
Vigi Floyd
*****************************
IMPORTANT - Publication/Reprint Terms
- You have permission to publish this article electronically in free-only publications such as a website or an ezine as long as the bylines are included.
- You are not allowed to use this article for commercial purposes. The article should only be reprinted in a publicly accessible website and not in a members-only commercial site.
- You are not allowed to post/reprint this article in any sites/publications that contains or supports hate, violence, porn and warez or any indecent and illegal sites/publications.
- You are not allowed to use this article in UCE (Unsolicited Commercial Email) or SPAM. This article MUST be distributed in an opt-in email list only.
- If you distribute this article in an ezine or newsletter, we ask that you send a copy of the newsletter or ezine that contains the article to http://www.isnare.com/eta.php?aid=148160
- If you post this article in a website/forum/blog, ALL links MUST be set to hyperlinks and we ask that you send a copy of the URL where the article is posted to http://www.isnare.com/eta.php?aid=148160
- We request that you ask permission from the author if you want to publish this article in print.
The role of iSnare.com is only to distribute this article as part of its Article Distribution feature ( http://www.isnare.com/distribution.php ). iSnare.com does NOT own this article, please respect the author's copyright and this publication/reprint terms. If you do not agree to any of these terms, please do not reprint or publish this article.
*****************************
Article Title: The Real Cost Of Cash Advance
Author: Vigi Floyd
Word Count: 455
Article URL: http://www.isnare.com/?aid=148160&ca=Finances
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=148160
Easy Publish Tool: http://www.isnare.com/html.php?aid=148160
*********************** ARTICLE START ***********************
One of the most expensive loans in the financial market is Cash Advance, a cash loan obtained against your credit card's account balance by means of which you can withdraw money from an ATM, bank, or branch of a financial institution.
Although you can borrow up to a certain percentage of your overall credit limit, the easy procedure to obtain Cash Advance may lead you to costly mistakes that you can easily prevent by following a few guidelines.
Safety and soundness of a financial institution can easily be found at the Federal Deposit Insurance Corporation (FDIC) entity, which supervises the compliance of institutions that offer Cash Advance programs.
Because applying for Cash Advance is a very easy and quick procedure that does not require paper work, the FDIC recommends everyone to pay attention to the "fine print" of a deal before your debt can increase considerably.
The high-risk nature of Payday Loans and Cash Advance lending strives in that the amount of money that you receive is put on your account as a separate outstanding balance. So if you are paying "x" interest rate for your actual credit, the money received as Cash Advance is subject to additional interest charges, usually at a higher rate.
Although, it is matter of common sense to repay Cash Advance loans as soon as possible, any payment made will be applied to reduce your outstanding credit card balance prior to the payment of Cash Advance. If you fall behind on paying your debt or fail with an ordinary credit card payment, the money you are considering as a Cash Advance repayment will be applied to your ordinary credit line. This way more interests will be accrued to the Cash Advance if is not enough to cover the outstanding balances.
Cash Advance and Payday Loans are short-term loans priced at a fixed dollar fee, which cost in so short term to maturity is translated into the higher annual percentage rate (APR) among all other type of loans.
Getting cash from an ATM after receiving a Cash Advance also has an interest charge that is applied immediately, since there is no grace period. Some credit card issuers require that you withdraw money from a bank's ATM, in which case both the credit card issuer and the bank will charge an additional transaction fee, whether a small percentage of the cash advance, or a flat dollar fee.
Reading and understanding the terms of Cash Advance loans is your best protection to avoid overwhelming debt on your credit cards so leave this type of loan as your last resource for a moment of a real cash necessity.
About The Author: Floyd http://www.x8-freelance.biz/
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=148160
*********************** ARTICLE END ***********************
- To distribute your articles go to http://www.isnare.com/distribution.php
- For more free-reprint articles go to http://www.isnare.com
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