How cash advances work • Benzinga
When managing your monthly budget and cash flow, it can be difficult to keep all of your expenses under control. Sometimes you need a little more money to get by. This is where cash advances come in, but how do cash advances work? Where can I find them and how can I pay for them?
How do cash advances work?
A cash advance is a small injection of money offered by a financial institution. However, keep in mind that this is not a loan. Typically, you get a cash advance with little or no interest and affordable payment terms.
Where can you get a cash advance?
Usually, cash advances come from credit card companies, adding this amount to your total balance. However, some financial platforms offer free cash advances, adding that money to your account, issuing a direct deposit, or sending a check.
How to repay a cash advance?
If you take a cash advance from a credit card issuer, you will likely make a payment on that advance along with your regular monthly payment. Typically, you pay no interest on cash advances from online financial platforms, but you may be subject to interest rates charged by credit card issuers.
How much money can you access with a cash advance?
Depending on the issuer, you can access either a percentage of your total available credit, a fixed amount, or a range of amounts dictated by the financial institution.
If you are working with a digital financial platform, instant cash advances are often small, but easy to obtain. In fact, many of these platforms allow you to access a cash advance through the mobile app.
Who can use cash advances?
Anyone can use a cash advance. There are times when you might need a little extra cash, and you should look to a cash advance instead of a loan that likely has high interest rates or complicated repayment terms. .
Cash advances can help you:
- Emergency room
- Unexpected expenses
- Trip costs
About Money Lion
Pricing and Features
MoneyLion is a financial platform that aims to help the 99% feel 100% about their finances. To this end, the platform offers several services, including:
- Mobile banking
- Cash back
- No hidden costs
- Financial calculators
- Buy now pay later options
- Investment accounts
- Crypto accounts
- Credits to builders
- Instacash advances