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People will always have some reason for needing cash that they do not have It does not always have to be an emergency such as unexpected expenses in between paychecks It could also be because they want buy big-ticket items or go on a grand holiday For whatever reason two of the fastest ways to get funds is through credit card cash advances or payday advances

Both have its advantages and disadvantages It all boils down to the borrowers ability to pay Below is a comparison between the two options

Payday advances have a higher interest rate than cash advances from credit cards The $10 to $30 finance charge per $100 borrowed may not seem too much to pay at first especially if the borrower is able to pay off the loan after two weeks However if the borrower cannot pay on the deadline the finance charge is compounded for every week that the loan is unpaid a rate of increase much faster than for credit cards

Credit card cash advances can take a longer time to pay The usual practice of credit card companies is to apply payments to any existing balance first before paying off the cash advance itself Unless the payment is large enough certainly well over the combined minimum payment for the current balance and the cash advance it will take a long time for the borrower to make a dent on his credit card debt

Payday loans have no effect your credit history Because the terms are quite short and the loan is guaranteed against the borrowers next paycheck payday advances do not contribute to or detract from your credit score This is unlike credit card cash advances which are included in your credit history

Borrowers get cash faster with payday advances than with credit card cash advances There are usually less requirements no faxing of documents and credit history checks making the loan process faster and the loan guaranteed more or less On the other hand credit card cash advances are subject to credit history checks and is not guaranteed

Based on the pros and cons listed above fast cash loans like payday advances seem to be the better choice over credit card cash advances However the borrower has to keep in mind that fast cash loans are short-term loans only and should not be used as a long-term financial solution It is better only if the loan is sure to be paid on or before the deadline

If the borrower is not sure that the loan can be paid in two weeks a credit card cash advance would be better because of the longer period for payment However one should not make a cash advance on a card with a large balance or worse maxed out People should avoid maxing out their credit cards because it becomes harder to pay several of these at once In the end only the borrower can decide which of the two options payday advance or credit card cash advance is more suitable for the situation