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Please note, certain ideas and products presented in this article may not be offered by Monzi nor the lenders we work with. This article presents only general information. Consider seeking professional financial, taxation, legal or other advice to check how the information and ideas presented on this website relate to your unique circumstances.
What is a cash advance loan?
A cash advance loan is a service offered by credit card providers. In addition to making purchases, most credit cards will also allow you to withdraw money, as cash. It is similar to withdrawing money from the ATM with your debit card, except the cash advance comes from your line of credit, which will then be repaid with interest.
While this service may, in certain situations, be a convenient option if you’re short of cash or in an emergency, they can end up costing more than it would be to make transactions with your card. This is because credit card providers charge a separate, usually higher, interest rate. Learn more about personal loans bad credit instant approval here. Learn more about fast cash loans bad credit here. Learn more about pay advance here.
What is considered a cash advance?
A cash advance on a credit card does not only refer to the withdrawal of actual cash from an ATM. It does, additionally, refer to cash-like transfers. This includes the following:
- Cash withdrawals. Obviously, you can use your credit card to get a cash advance loan. This can be done through an ATM, a physical bank branch or by getting cash out at a supermarket. Your credit card provider views all of this, as well as things like buying foreign currency, as cash advances.
- Gift cards. Loading money onto a gift card functions essentially like cash. Load money on with your credit card and your provider will charge you for the advance.
- Gambling. Your provider will charge you for using your credit card to fund gambling transactions. Keep in mind, this may also extend to any food or drink purchased within the gambling establishment.
- Unpaid balance transfers. If you fail to repay your debt within the promotional balance transfer period, your lender may start charging you your card’s advance rate.
- Online transfers. Transfers from your credit card online to your savings or spending account.
- Utilities Certain providers may charge this rate to consumers using their card to to pay for utility bills, like gas, electric, phone or internet.
- Government payments. Your provider may charge you the advance rate if you use your card to pay Government charges, like the ATO.
Cash advance loan – pros and cons
Cash advances are available if you have an eligible credit card. You can get credit card cash advances at a bank or ATM. It has the same pros and cons as a physical lender – convenient, but may be costly. Yet, these are popular for various reasons. For example, while a lot of Aussies carry credit cards for day to day spending, they may find themselves at a place that only accepts cash, like a market.
While a credit card advance may, in some situations, be very useful, they may also create unhealthy borrowing habits. Before you know it, you could find yourself in a spiral of debt, while you watch your credit score crumble before your eyes.
You could, alternatively, use a lender-finder like Monzi. Monzi can put you in touch with a lender offering cash loans that could be used on anything from a bond loan and travel loan. You could even use it to pay for car maintenance! But more on Monzi later! To read more about cash in 1 hour no credit checks here.
What is the cash advance fee?
Most credit card issuers will charge either a flat fee or a percentage of the cash advance loan, usually whichever is greater.
Alternatively, you can divide the interest rate for the advance by the number of days in the year (365) and then multiply this number by the amount withdrawn. Finally, multiply the result by the number of days from the transaction to the day you pay it. After all, a cash advance loan will start gaining interest straight away.
Finally, remember if your provider charges as cash advance fee, be sure to add this number to your final figures. This will be the total cost of your advance.
Ultimately, the fee will vary from lender to lender. To find out exactly what your fees would be, you should get in contact with your credit card provider directly. Learn more about payday loans australia here.
Does a cash advance loan hurt my credit score?
To begin, a cash advance loan is generally not listed on your credit report when you take it out. As a result, simply getting an advance may not affect your credit immediately.
However, any advance will come with extra fees as well as a higher rate. Moreover, these may quickly add up and you may find yourself struggling with repayments. If you start missing payments, defaulting or paying late, your credit score will be affected.
This may have adverse effects in the future. Specifically, it may be difficult to secure approval for future credit applications.
What are cash advance loans?
Outside of withdrawing cash with your credit card, cash advances can also refer to short term loans in Australia.
This is rather an umbrella term. In other words, these cash loans could refer to a large personal loan paid over several years, or a smaller payday loan.
Can Monzi offer me a cash advance loan?
Monzi cannot offer you cash loans ourselves. Instead, we may be able to match you with a lender offering personal loans. This is because we are a lender-finder service.
In short, we’ve made it our mission to help as many Aussies match with credit providers as possible. Moreover, our service is simple, streamlined and completely safe.
Specifically, our panel of credit providers are potentially able to offer personal loans from $2,100 o $15,000.
Short term loans vs. cash advance loans
Monzi aims to put our customers in touch with a market of short-term lenders.
Short term loans are another term for cash advance loans. In other words, if you need quick and easy loans, you could consider using a short term lender. After all, Monzi may be able to find short term lenders that may offer fast loans.
In short, applying with Monzi may only take a few minutes. Moreover, if you apply during normal business hours, we may be able to give you a response within 60 minutes.
Monzi works with lenders who might be able to offer personal loans of up to $15,000.
Can Monzi find 1 hour cash advance from direct lenders?
Monzi may not always be able to pair our clients with payday lenders. If you’re searching for easy online credit, Monzi could potentially match you with lenders offering cash advance from $2,100 all the way up to $15,000.
Even though Monzi may not be able to match you with a payday lender, we work with short term lenders who may be able to process your loan application swiftly allowing you to access fast cash. While each lender may differ, you could expect to receive your loan within 24 hours of approving your loan contract. Access to funds, however, is dependent on inter-bank transfer times.
So, if you want to find a lender offering personal loans up to a maximum of $15,000, look no further than Monzi.
Instant advance online no credit check
You may see these loans advertised online by certain payday lenders. However, payday lenders may not be your only option.
While certain lenders who offer payday loans may not conduct credit checks, Monzi may still be able to help if you have poor credit. This is because we work with lenders who may be able to offer personal loans to Aussies with poor credit.
Monzi has a user-friendly site with quick application forms that can be filled in and submitted on any computer or phone.
These cash advance loans offer fast and convenient access to cash. While this may seem initially attractive, often the drawbacks can outweigh the benefits. Costs start accumulating and can quickly get out of control.
Borrowers may end up applying for a second, third, even fourth loan to repay the previous one. Ultimately, they may owe thousands on what may have started out as just one hundred dollars.
Monzi’s cash advance online alternative
Why should consumers choose Monzi’s lender-finder service? Because we may be able to pair you with a reputable lender in no time, and without the hassle.
Keep in mind, however, that lenders require applicants to have been receiving a regular income for the past three months or more, which is why we access a copy of your bank statements. Don’t stress though – they’ll be viewed in read-only format, and your details will be permanently deleted once your statements have been accessed.
We provide you with the option of filling in one application form and getting access to a panel of lenders. This makes applying for loans in Brisbane, Sydney, Melbourne, or anywhere in Australia, super easy and convenient.
Our eligibility criteria
To be eligible to apply with Monzi, you will need to be a citizen or Permanent Resident of Australia and at least 18 years old. You must also provide a valid mobile number and email address.
Keep in mind, however, that you will need to have been receiving some sort of regular income into your personal bank account for the last three months. Additionally, we work with lenders who may offer loans for people on Centrelink. This is because these lenders can potentially regard regular Centrelink benefits as a form of income.
A solid cash advance alternative in an emergency
Australians who are stuck with surprise medical bills, have had an accident, or who find themselves in a financial emergency can find a lender fast with Monzi. Monzi, as well as the lender we work with, understand the financial disaster can strike at any time.
We will, therefore, always do our best to work as quickly as we can. Keep in mind, however, that most lenders operate during normal business hours. Therefore, if you apply on the weekend, your application may not be approved until they are next back in the office.
Credit card cash advance FAQs
Still have a few queries around cash advance using your credit card? No worries – we’ll aim to answer a few of the more frequently asked questions here:
Do providers see bill payments as a cash advance?
This is a slightly more complicated question to answer, so bear with us.
Ultimately, it all depends on who you are paying. Moreover, has your biller set up BPAY to include credit cards as payment? If so, your credit card provider will process this payment as a normal transaction.
On the other hand, if your biller does not not accept credit card payments, you may still be able to go through with the transaction. However, your credit card provider will likely process this as an advance.
My new card comes with 0% interest promotional period. Will this apply to an advance?
In general, the majority of 0% interest periods only extend to standard transactions or balance transfers.Therefore, an advance transaction is unlikely to fall within the promotional rate.
Ultimately, however, Monzi cannot speak on behalf of all providers in Australia. Therefore, it pays to get in contact with your provider directly for more information.
Can I balance transfer cash advance debt to a new card?
If you meet the eligibility criteria for a new card, you can transfer any debt from cash withdrawals. This means you can take advantage of the introductory interest rate period.
Bear in mind, the minimum eligibility criteria for a credit card generally involves the following:
- At least 18 years old
- Meet the minimum income requirement
- Meet residency status
- Have acceptable credit history.