What is a Cash Advance?

A cash advance is a service provided by most credit card and charge card issuers. The service allows cardholders to withdraw cash, either through an ATM or over the counter at a bank or other financial agency, up to a certain limit.
This article provides information about the following:

1. Basic Considerations in Cash Advances


2. Benefits of Cash Advances


3. Payday Loans in Canada

What are Basic Considerations in Cash Advances?

Cash advances generally incur a fee (to replace the interchange fee normally charged to the merchant on a card transaction), although this is sometimes waived if the account is in credit. When this is made on a credit card, they are usually charged at a higher rate of interest than a regular credit card transaction, and generally do not attract an interest-free period which is customarily given to cardholders who pay off their bill in full every month.
Some "purchases" made with a credit card of items that are viewed as cash are also considered to be cash advances in accordance with the credit card network's guidelines, thereby incurring the higher interest rate and the lack of the grace period. These often include money orders, lottery tickets, gaming chips, and certain taxes and fees paid to certain governments. However should the merchants do not disclose the actual nature of the transactions, these will be processed as regular credit card transactions. Since many merchants have also passed on the credit card processing fees to the credit card holders, despite the credit card network's guidelines stated the credit card holders should not have any extra fee for doing a transaction with a credit card.
Under card scheme rules, a credit card holder presenting an accepted form of identification must be issued a cash advance over the counter at any bank which issues that type of credit card, even if the cardholder cannot give his or her PIN.

Pls See: wikipedia.org

What are the Benefits of Cash Advances?

A cash advance is a convenient financial solution, when you find yourself in dire need of quick cash to take care of your immediate needs. Its convenience emanates from the fact that, you are able to access funds, within the shortest time possible, without being subjected to the rigorous security checks and vetting; as is the case with banks and other financial institutions, when you need a loan.
Some of the benefits include:
The need for credit background checks and credit reports is eliminated.
There is instant approval for funds if you qualify.
Applications are secure and private.
You have a freehand to use the cash as you wish.
Repayments are automated.
Money is disbursed into your account within the shortest time possible; often within hours.
However, you should avoid the allure of getting quick cash, by making sure that you only take this kind of loan when in an emergency or when in dire need of cash. This is advisable, if you are to avoid getting in to unnecessary debt. Just like with conventional loans, the fees and interest rates charged are considerably high for advances. In addition, the allure of obtaining cash quickly is bound to develop into a habit that will easily land you in debt, or ensure you do not get out of debt, if not properly checked.

Pls See: cashadvance.ca

What are Payday Loans in Canada?

A payday loan is a minor, short-term loan that helps bridge Canadians' financial gaps between paydays. This allows Canadians to cover many costs that would cause financial distress if not covered. Payday loans range from $100 to over $1000. They have small fees attached to them and are meant to be paid back on the borrower's following payday. The great thing about payday loans is that if you have no capacity to pay by your next payday, you can apply for "a re-loan" and re-borrow the loan you just paid off. You can do this as many times as you need to until you feel secure about your financial situation. Payday loan fees vary depending on the payday loan company you are applying with.
Where can I apply for a payday loan?
You can either apply for your payday loan in-person at a retail store that offers payday loan services or you can apply online on the net. Applying online through the web is the most convenient way to get the quick, immediate cash you need to resolve any financial situation. You won't have to step out into the cold, hot, wet or icy weather that is included in Canadian living. You can be multi-tasking at home with chores while applying for your Canadian payday loan and get the quick cash you need within minutes.

Pls See: paydaytown.com

Applying for a Loan

Before applying, there are a number of factors that you need to take into consideration, namely; the fees, interest rates, credit limit, balance transfers, debts and the grace period.