Comparing Cash Advance vs Payday Loan: Understanding the Differences
Money problems can happen at any time. Learn how a fast loan can help get you the cash you need. If you need cash fast then click the button below to get started.
Difference Between a Cash Advance and Payday Loan
When you need fast cash what can you do? Well you can get a second job, sell unwanted things online or borrow from family or friends. The other options are a cash advance or payday loan.
If you choose the cash advance or payday loan option then you must know the difference.
A cash advance is where you take out cash from a credit card. This means an upfront fee for taking the money out and then a high interest rate every month. This can be a way to fall fast in to a debt trap because it takes thirty days to get the bill.
A payday loan is a short-term loan used for unexpected expenses. It also comes with a high interest amount but it is not revolving and it is usually due on your next payday. With most 1 hour payday loans it is the least expensive way to go in most situations.
Whatever you choose just make sure you only borrow what you can afford to pay back. If you need more help then contact a professional certified public accountant anout your situation.
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How Does it Affect My Credit Score?
With a cash advance from a credit card immediately affects your credit score showing the cash advance and affects your score and the ability to get a loan.
A payday loan does not pull a hard credit check and does not affect your score. They are mostly called payday loans for bad credit and only way it affects your score is if you miss payments or default on the loan.
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APR Disclosure
Some states have laws limiting the Annual Percentage Rate (APR) that a lender can charge you. APRs for cash advance loans range from 200% and 1386%, APRs for installment loans range from 6.63% to 225%, and APRs for personal loans range from 4.99% to 450% and vary by lender. Loans from a state that has no limiting laws or loans from a bank not governed by state laws may have an even higher APR. The APR is the rate at which your loan accrues interest and is based upon the amount, cost and term of your loan, repayment amounts and timing of payments. Lenders are legally required to show you the APR and other terms of your loan before you execute a loan agreement. APR rates are subject to change. If you have questions about your loan contact your lender directly and for any other questions contact us thriugh customer service.
Material Disclosure
Exclusions
Residents of some states may not be eligible for some or all short-term, small-dollar loans.
Credit Implications
Tax Loans Now does not make any credit decisions. Independent, participating lenders that you might be connected with may perform credit checks with credit reporting bureaus or obtain consumer reports, typically through alternative providers to determine credit worthiness, credit standing and/or credit capacity. By submitting your information, you agree to allow participating lenders to verify your information and check your credit. Consider seeking professional advice regarding your financial needs, risks and alternatives to short-term loans. How do I reach customer service? You can email us at info@taxloansnow.com