Credit Card Cash Advance – Is it Possible?
November 30th, 2010
Under normal circumstances lenders charge an exorbitant rate of interest for these payday loans, the rates being ranging from 15 % to 30% for the amount borrowed for the period of two weeks. The borrower gives the lender a post dated check for the full amount borrowed including the interest charged, and the lender can cash if the cash advance is not paid up by the stipulated period.The lender provides the borrower with a legal document that explains the terms of the loan, the rate of interest charged and late fee if any. If the account does not have the requisite amount of money, the borrower is faced with a fee from the bank for the bounced check which will add to his debts and the lender can even charge enhanced interest for the borrower’s inability to pay up the borrowed money on time. This is the quagmire that a borrower gets into due to his inability to repay the loan.
Entry Filed under: Finance