A Crash Course in Credit Card Cash Advances (3 of 3): Better Alternatives
There are options far more affordable than cash advances — options that won’t leave you in worse financial shape than you were before. Here are OppLoans’ recommended alternatives to credit card cash advances.
As with other financial products, credit card cash advances have advantages and disadvantages. While you can use a credit card cash advance to access cash quickly, they carry extremely high rates, charge additional fees, and offer no grace period—which means interest starts accruing immediately. If you do your research you can decide, with confidence, whether a credit card cash advance is right for you and your financial situation.
Borrowing from Friends or Family
This option is completely dependent on your specific situation. Do you have a friend or relative that’s able to lend you the money you need to tide you over until payday? If so, this may be a good idea. Odds are that if you’re borrowing from a loved one, they’ll either give you a good deal or not charge you any interest.
When approaching a friend or family member for a loan, be prepared with details. You should be professional, know exactly how much you need, and set a firm date by which they’ll be repaid. Being prepared with all of the details will make it easier for them to help you out. It’s recommended to have a written agreement. If you want things to be official, you can get the agreement notarized, which makes it a legal document. Whether or not you choose to do that, it’s important to treat a family loan just as you would a bank loan and pay it back on time.
This can be a risky option as failing to fulfill the terms of the agreement could have a negative effect on your relationship. Keep those family get-togethers pleasant, or at least less awkward than normal!
Find a Credit Union
Taking out a loan from a credit union can be another good alternative to credit card cash advances. Credit unions are small, non-profit, local banks that are controlled by their members rather than shareholders. You have to apply to become a member, but if accepted you may be rewarded with lower rates than you would find at a normal bank.
Rely on OppLoans
If you’re in a financial bind and you’re looking for a fast loan that’s safer and more affordable, then OppLoans is the place for you. You’ll get better rates (up to 125% lower than payday loans) and a caring and helpful experience. Our personal installment loans offer as much as $10,000 and come with regular, fixed-rate payments. You’ll always be able to find a loan amount that fits your budget, and there will never be any surprise fees.
OppLoans is the alternative to credit card cash advances that offers you fast funding, lower interest, and a more personal experience. Click “Apply Online” below to get started today!
The information contained herein is provided for free and is to be used for educational and informational purposes only. We are not a credit repair organization as defined under federal or state law and we do not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit. Articles provided in connection with this blog are general in nature, provided for informational purposes only and are not a substitute for individualized professional advice. We make no representation that we will improve or attempt to improve your credit record, history, or rating through the use of the resources provided through the OppLoans blog.