Do you need cash advance on the same day?
If you need cashing to cover unexpected costs, you may be comparing your online loan to monthly payments or cashing. What’s the difference, and what’s a better option for you? Let’s take a look at the basics of each type of loan now!
What is an online loan with monthly payments?
An online loan with a monthly payment is a fixed amount of money borrowed from a lender for a specified period at a set interest rate. For example, you can borrow $ 3,000 for 12 months at a 20% interest rate.
After that, we will repay a part of the original loan amount and interest on the loan every month. Using the numbers above, you would pay $ 278 per month for 12 months. After 12 months, the loan will be repaid.
If you need a lot of money and have enough credit, a monthly online loan is a good choice. Generally, if you have a bad credit score, you will not be able to get this type of loan.
What is Cash Advance?
A cash advance, also known as a “payday loan,” is a short-term loan aimed at covering costs until the next payday.
Borrow a fixed amount (for example, $ 500) and repay this amount on the next payday plus an additional fee from the payday loan company.
Cashing is generally more expensive than personal loans. However, most payday loan lenders do not require a traditional credit check, so it is much easier to use a bad credit cash advance. The process of getting cash advance is also usually faster and more convenient than a monthly installment online loan.
What’s good for me – a monthly or cash prepayment online loan?
In most cases this depends on what you need money for. Monthly online loans are often a good way to meet your long-term financial goals.
For example, suppose you have a credit card with a balance of $ 5,000 and an interest rate of 30%. If you have a $ 5,000 monthly online loan available at a 20% interest rate, you can repay your credit card and save on payments.
On the other hand, if you need hundreds of dollars to cover emergency costs such as car repairs or unexpected medical costs, it’s usually much faster and easier to get cash advances from a company like Flex Loans Online. ..>
Understand which loan option is right for you!
Both monthly payments from Flex Loans Online and online loans in cash advance can be a useful financial tool. Therefore, be sure to understand the differences and which type of loan is right for your situation.