Who knows what tomorrow is up to? When it is all about paying the instant bills, we all quiver in the meantime. The most common ways to pay them off and the stereotypic ways that strike our mind are Cash Advance loans and Debit card loans. Many opt for the Cash Advance loans, and there are certain reasons for why people do so. Cash Advance loans are the category of loan which is currently donning the monopoly in all kinds of loans.
There are a plethora of speculations about why people should not opt for the Cash Advance loans, many even believe that these kinds of loans end up people under the mountain of debts. If properly dealt, you can acknowledge that Cash Advance loans are all but the best way to fulfill the emergency financial needs.
There are situations in Cash Advance loans when people take a certain amount from the lender and the pay it back with the very nominal charges that are quite negligible to be considered. The real interest rates piss us off only after it reaches certain saturation point. Cash Advance loans are quite beneficial when the borrower manages to pay it back-in-time. For those who don’t maintain a streak in opting this loan, Cash Advance loans are highly suggested for them.
Now, with the advent of the mighty Internet, everything has become easy. Many people these days are proceeding with the Prepaid Debit Card loans believing that these are more convincing in terms of interest rates. But, the fact is, they don’t really have no idea what’s going on inside.
Here we enlisted few facts about why you should prefer Cash Advance loans over Prepaid Debit Card loans.
Drawbacks of choosing Prepaid Debit Card loans:
1. Unseen Service Charges: Unlike the transparency in the charges we pay for the Cash Advance loans, there are many other service charges we have to pay for the Prepaid Debit Card loans. You might manage to avoid the interest, but you obviously have to pay the card service fee, which actually comes to the same number.
Surprisingly, these charges are hidden in the professionally woven words which many of us fail to get. Most of the times, you will end up paying more than what you would have for Cash Advance loans.
2. More Expensive: There are chances that the Interest might tower up to staggering 1000% APR excluding all the other fees if you are going on with the fee included ‘debit card’.
3. Time Taking: Unlike the Cash Advance loans, here you have to wait for a long time in order to get your loan approved. After all, this is done only after the credit check which isn’t needed for the Cash Advance loan. The game has not ended yet! Now, you have to register the card in your name either on phone, online or in person and after that, the card will be given to you.
Perks of taking Cash Advance loans:
1. Loose Terms: This is the most opted kind of loan in the whole country and now that has happened for a reason. For the flexible process of getting money into our hands and the simple procedure excluding the credit check makes Cash Advance loans preferable over Prepaid Debit Card loans. During the emergency times, this loan makes it easy to get your cash in hands within no time.
2. Takes No Time: Unlike the hectic process of applying, getting approved and waiting for a while to get the prepaid debit card, things go simple with the Cash Advance loan. All you need is steady employment.
3. Opt For Higher Amounts: The amount of money you can get in Cash Advance loans completely depends on your income and the time within which you want to repay it. The lender can increase your loan limit to $1000 or more.