What is a Cash Advance? What is a Cash Advance on a Credit Card? How to Get Cash Advance from Credit Card?
What is a Cash Advance? A Cash Advance is a financial service that allows you to borrow money from a lender or financial institution. often in the form of cash for a short period. It is typically used for urgent or immediate financial needs. Main features of a cash advance include: Immediate Access to Cash : A cash advance provides you with quick access to funds, which can be helpful in emergencies or situations where you need cash. H igher Costs : Cash advances usually come with higher fees and interest rates compared to traditional loans. The cost can be in the form of a flat fee or a percentage of the amount you borrow. Example : John who needs $100. He has two options for obtaining the money: a traditional personal loan and a ca