4 Alternatives to Credit Card Cash Advances

Everyone experiences cash shortages at some point in their lives, and these shortages can cause significant stress. Before you get a cash advance Mississippi from your credit card, consider exploring other loan and income opportunities.

Salary Advance

If you are employed, your employer may be willing to advance part of your salary. However, your employer may charge you a modest fee, such as $8, and a high interest rate. In addition, your payments may be automatically deducted from your checks. Make sure you understand the terms of the advance prior to taking this money from your employer so you aren’t surprised by the interest and fee rates or the shortages in your paychecks.

Collateral Loan

Real assets can be put up as collateral for a loan. These types of loans are good if you have less-than-great credit. Your interest rate will not be affected by your low credit score because the bank can sell the asset to recover its money.

In addition to real assets, such as homes and vehicles, banks may loan against monetary assets, such as certificates of deposit or trusts. If the certificate of deposit is held within the bank, your interest rate may be very low.

Existing Debt Options

If you have student loans, you may qualify for a temporary deferment or forbearance. For either of these options, you may choose to pay the interest or forego the total payment for a specific period of time.

If you have history with a bank or credit card company, these companies may allow you to defer payments on a loan or balance for a certain period. In addition, you may qualify for flexible payment terms, waived fees or increases in your credit.

If you seek to pay off your credit card, the company may cut off your credit and offer an installment plan. Because these plans are typically interest free, you may save significant money even if you are charged a fee.

Selling Your Stuff

If you need fast cash, consider selling some of the items around your house that you no longer need or use. If your items are valuable and you don’t have the time or experience to set up a garage sale or sell your items online, you may choose to visit a pawn shop. Get sales price quotes for your items from several sales avenues prior to selling your items.

Today’s market offers multiple alternatives to credit card cash advances. Before you commit to the high interest and fees associated with cash advances, consider several alternatives, including selling things you don’t use.

 

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