The interest rates range from 5.99% to %, based on creditworthiness. The application and approval processes are quick and you can receive the funds as soon as the next business day. However, if you’re looking to borrow a large sum of money, the approval process may take longer.
The installment loans above may require a credit check. If that doesn’t seem like the best option, you can also consider a credit card cash advance.
If you have the funds available on your credit card, this could be an easy option for you. However, not all credit cards allow cash advances, and those that do tend to charge very high fees. And once you’ve taken out the money, interest will start accruing immediately.
To receive the money, you can visit your local branch. If you’d rather make a cash withdrawal from an ATM, you’ll need to call the bank and set up a PIN. Listed below are three credit cards that may be good for cash advances.
PenFed Promise Visa Card
PenFed Credit Union issues this card. Borrowers with a fair credit score can qualify for this card and the APR range is % to %.
PenFed doesn’t charge cash advance fees on any of its cards, which is pretty uncommon. Most credit cards charge cash advance fees between 3% and 5%. It will charge interest on the amount you withdraw, though.
Capital One Platinum Credit Card
This card is easy to apply for and available to borrowers with less-than-ideal credit. The regular APR is %, which is on the high side, and it doesn’t offer an introductory APR.
But you will have access to cash advances, and the company charges a 3% cash advance fee. This isn’t as good as what PenFed offers, but it’s lower than some.
First Access Solid Black Visa Credit Card
The First Access Solid Black Visa card isn’t going to be your best option, but it is available to borrowers with a poor credit history. The APR is %, which is much higher than what other credit cards charge. But if you need to take out a cash advance, there are no cash advance fees other than the interest.
Is a cash advance loan a payday loan?
Payday loans and cash advance loans are basically the same thing and the terms are used interchangeably. They are typically used to fulfill short-term cash needs and essentially serve as an advance on your upcoming wages. However, the cash advance loans we mentioned above, while they’re still high, have much better rates than typical payday loans.
Payday loans and title loans are notoriously expensive and should be avoided whenever possible. The Consumer Financial www.paydayloansohio.net/cities/vandalia/ Protection Bureau (CFPB) warns that the average 2-week APRs on payday loans is almost 400%.
How to Avoid High-Interest Rate Bad Credit Loans
There are several things you can do to avoid dealing with payday lenders and online payday loans. For the short term, consider an installment loan. For the long term, work to rebuild and repair your credit.
Short-Term Personal Installment Loans
Personal loans are a type of installment loan that charge a far lower interest rate than payday loans. Rather than applying for an online payday loan with a payday lender, you may want to consider looking into personal loans for bad credit. There are several lenders, including the ones mentioned above that offer installment loans to borrowers with bad credit.
Establishing and Repairing Your Credit
If you’re dealing with poor credit scores, you’re going to need to either establish or repair your credit. You’ll want to start by grabbing a copy of your free credit report from each of the three major credit bureaus at to see what needs to be done.