Have you ever heard about cash advance service? You might have heard of it but never really realize what kind of service it is. The cash advance service is a kind of service that is provided by almost all the credit card and charge card issuers. This service is basically a loan that enables people to withdraw a certain amount of cash through an ATM, at the bank over the counter or at other approved financial agencies. A cash advance approved applicant is agreeing to borrow the fund for a fee. The fee is called Annual Percentage Rate (APR). The interest that the approved applicant will be paying is ranging between 15% and 30%.
Cash advance service is a short term loan and the repayment period is typically short in average of 2 weeks. Some lenders might offer a cash advance service that lasts for 8 to 31 days. The cash advance service is also very dependent to the state’s regulation so it may be different from one state to another. Cash advance service can be really beneficial for people who are in need for instant cash as they wait for their paycheck. The cash advance application is simple and takes shorter time compared to traditional bank loan.