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Payday Loans In Indianapolis Vs. Credit Card Cash Advances
Applying for an unsecured loan is a fast way to get extra cash to attend to one unexpected cost or the other. If you're considering applying for a quick loan online, you most likely must have seen lenders of payday loans in Indianapolis as well as lenders of credit card cash advances. This is because these are the two most common options when you talk about unsecured loans. Understanding each concept will help you make a well-informed decision when applying for a loan.
What Are Payday Loans In Indianapolis?
A payday loan is a type of personal loan that doesn't usually exceed $100 - $1500 and it is expected that you pay back on your next payday. However, some lenders allow payment to be before or after your payday. It doesn't necessarily need to be on the day of your payment. Payday loans or payday advances as they are popularly called are offered unsecured. What this means is that you will not be required to sign over any collateral. The amount you will receive depends on your income. Some lenders can allow you to pay back in multiple installments, but most lenders require that the entire some, including the interest, is paid back in one payment.
Credit Card Cash Advances
Most times, a cash advance is used synonymously with a payday loan. It is a term used to describe a type of unsecured personal loan that is given as an advance to your paycheck. Just like a payday loan, the amount granted depends on how much you earn, and you have to pay it when you receive your paycheck or within one month.
Cash advances can also be granted based on your credit card limit. The amount granted will depend on your credit card history and not your monthly income. It is called a credit card cash advance, and just like buying with credit cards, the terms for payment depend on the policies of the card.
What's The Difference?
Although both methods of obtaining personal loans are unsecured and similar, a credit card cash advance has different terms. While payday loans in Indianapolis give you advances based on your income that should be paid when you get your next paycheck, a credit card cash advance is given based on your credit score and history. The terms for repaying a payday loan revolve around how much you earn and can sometimes be extended past your payday. On the other hand, your income isn't considered when you opt for a credit card cash advance. No matter how much you earn, if your credit score is too low, you may not qualify to obtain this loan.
Whether you want a credit card cash advance or a payday loan, keep in mind that unsecured loans are normally given out at much higher interest rate than secured loans. This is because the risk the lender bares for an unsecured loan is by far higher than that of a secured loan. Some lenders will not grant your application if they discover that you owe another leader. Some lenders offer regular customers lower interest rates. Make sure you have all the information you need before you apply.
Payday Loans Indianapolis