Paycheck Advance Vs a Credit Card Advance

by Mrs Money

Emergencies arise, and thankfully, if you no longer have an emergency savings account, there are other options. Paycheck advances and credit card advances are easy ways to access cash you need in a short amount of time. However, is one better than the other?

What Is a Paycheck Advance?

A paycheck advance is a loan against your next paycheck. A paycheck advance store will approve your loan up to your standard paycheck amount. The terms are to repay it in full on your next pay date. The money is automatically withdrawn from your checking account.

Advantages:

• Can be approved for up to the amount of your standard paycheck
• Great backup funding in case you’ve maxed out all alternatives
• No credit checks

Disadvantages:

• High interest fees
• Must be paid back by your next paycheck
• Can overdraw your checking account
• You can become dependent on paycheck advances

What Is a Credit Card Advance?

A credit card advance is accessing the available credit line of your credit cards. Instead of waiting for approval or the funds to be sent to you, you can access your money immediately via an ATM or a convenience check. You can handle life’s unexpected expenses that you can’t use your credit card for.

Advantages:

• Immediate access to the funds
• It can be paid back over extended time
• You have a pre-approved amount available

Disadvantages:

• Possible ATM fee if you do not use the associated banks ATM
• Standard transaction fee
• A higher APR than charges, sometimes up to 7% higher
• There are no grace periods, so you will have accrued interest the moment you withdraw
the funds

• A chance you can go over your credit limit and impose additional fees

Is One Better Than the Other?

As you can see, there tend to be more disadvantages with a credit card advance. However, if you are not living paycheck to paycheck, you may do better off with a credit card advance.

Paycheck advances are more difficult to get out of if you find yourself in the same situation the next go round. If you have defaulted to using them that means, you may not have had any emergency funds to turn to, such as your credit card.

There is a term called The Payday Loan Shuffle, which means those who take paycheck advances often take another to help cover the prior loan. You run the risk of closing your checking account and being in debt for a while.

You can eliminate accruing interest with a credit card advance. You can get a no-interest balance transfer offer or quickly minimize your interest by making larger payments.

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Finding an Insurance Agent you Trust is Important

by Guest

When it comes to handling the finances that will affect your home and family, a good insurance agent is always something to look for. You want to find someone that will work for you, no matter what situation is taking place in your life. These are some of the benefits of contacting an agent:

Their General Knowledge Can Expand to Yours
With a wide knowledge of products and services that they offer and how the market works, their knowledge is always invaluable. A good agent can always point you in the right direction if you ever need to know the ins and outs of the market.

You Receive only the Best Insurance
By contacting an agent, you will be able to receive the highest quality of insurance on the market, depending on your location. This type of agent is here to help you get the best deals on insurance for your family that will be in place no matter what situation arises.

You Want Someone Other Than a Family Member Who Can Help
Sure, you could contact your brother-in-law who runs some form of non-reputable insurance agency to hook you up with a deal, but are you sure you want to go down that road? Always contact a professional agent who isn’t in your family; they are always eager and willing to help you get set up with the very best deals in insurance. They will always have a vast knowledge of the subtleties of the market and can help answer any questions that you may have.

Someone You Can Trust
Your agent should always be someone that you can trust when it comes to a time of financial instability or uncertainty. Whenever you shop around for an agent, you can always be sure that you will find the right person who fits your wants and needs and will be able to take you where you need to go financially.

You’re an Expert at Your Business, Not the Insurance Business
You run your own business, and you know how to do it well. However, you’re not too sure of how the insurance industry works. Contact an agent and he or she will be able to help you understand better and integrate insurance policies into your business for your employees. It is a true win-win situation.

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