Are cash advance loans bad for your credit score?
Do cash advance loans affect your credit?
If you need a fast cash loan and you’re worried about your credit score, you’ll definitely need to avoid traditional cash advance products. A “cash advance” or cash advance loan could actually be one of three different products—all of which you should avoid.
Here are the types of cash advances people who need fast cash often consider:
- A credit card cash advance
- A cash advance from a storefront lender (think of this as payday loan in disguise)
- A cash advance on your paycheck from your employer
Each of these “products” come with their own set of disadvantages and risks. For instance, a credit card cash advance costs you a higher amount of interest than regular credit card interest, and it begins accruing right away; a cash advance from a storefront lender is just another name for a dangerous, high-cost payday loan; and a cash advance from your employer is uncomfortable (if it’s even offered).
However, there is a better alternative. If you need money now and are concerned about your credit score, OppLoans offers a fast, secure application, and reliable financing that you can use like a cash advance without the disadvantages of credit card cash advances, store front cash advances, and employer paycheck cash advances. OppLoans installment loans offer fast funding, lower rates than payday loans and credit reporting to all three major credit bureaus which can help build your credit history.
Click apply now to apply for a quick cash loan with installment payments that could help you build your credit history.