Kyle is a contributing author who works for a number of financial portals in the online lending space. He has been covering the consumer loans and finance markets since 2006, his focus is to uncover topics that help borrowers get out of debt and save money daily. You can connect with him on Twitter, LinkedIN and Google+
Personal loans and credit card cash advance are the two most popular options that people will consider when they need a sum of money. Credit card cash advance means you are borrowing money with your credit card by withdrawing from the ATM. Credit card cash advance allows you to get the funds faster since you can immediately withdraw it from the ATM.
It will take some time for a personal loans to get approved and the funds to be wired into your bank account. The process of applying for a personal loan is more complicated than credit card cash advance. There are some financial documents that you have to provide when applying for a personal loan. The bank will take into account several factors before deciding to approve the loan amount you apply for.
Credit card cash advance is more expensive than personal loans. The interest of a credit card cash advance is about 20% – 30%. Getting a personal loan is much cheaper if you have an excellent credit score of above 700. With an excellent credit, you can qualify for a low interest in the personal loan. However, taking a personal loans can be expensive if you don’t have a good credit score.
The interest rate of a personal loan is half of the interest rate you are charged in a cash advance. There is a low limit on the amount of cash advance you can withdraw from the ATM. Besides the interest, you also have to pay the cash advance fee for every withdrawal. The cash advance fee can be as high as 5% of the withdrawn amount. There are some credit cards that allow you to take out cash advance without getting charged for a fee.
Most credit cards have a $5,000 credit limit but you usually aren’t allowed to withdraw the entire amount from the ATM. Your credit card company may limit you to withdraw only a few hundred dollars as cash advance from ATM. Credit card cash advance is meant to be used in case of emergency when you need the money immediately. Personal loans is more suitable if you are planning for a big purchase as you can borrow up to $25,000.
Credit cards cash advance has a shorter repayment period compared to personal loans. The interest rate starts to build up from the day you perform the withdrawal. Therefore, you have to repay back the amount as fast as you can otherwise it will get very expensive. On the other hand, personal loans has a fixed interest and it offers a longer repayment period of 3 – 5 years. It is less stressful to make the repayment for a personal loan than a credit card cash advance because you are given a longer time to repay it.
Do you find it difficult to save money? You are not alone. In a recent survey, 62 percent of Americans have less than one thousand dollars in savings and 21 percent do not even own a savings account. Well-known financial radio host, Dave Ramsey, stresses the importance of building up a one thousand dollar savings account. Does that sound overwhelming? It isn’t. If you want to save money, there are easy and rather painless ways to do so. Here are some examples of how to cut your expenses so you can build a savings account.
How often do you eat out? If you are like most Americans you eat a prepared meal four to five times per week. Over the course of a month, that adds up to an average of 18 meals per month. Rather than spending money on eating out, make a commitment to eat all (or at least most) of your meals at home. You will definitely save money doing so.
Do you have items in your home you no longer use or need? Hold a garage sale or put them for sale online at Ebay or Craigslist. Take the funds from those sales and put them in your savings account.
Do you have the opportunity for overtime at work? Even a few hours a week adds up. Take that extra cash and stash it in your savings account. If that is not an option, take a look at your skills and see if there are ways you can earn a little extra cash per month. Do you like dogs? Believe it or not, dog walkers charge 20 dollars and more per hour for dog walking services. That can really add to your bottom line in your savings account
Don’t feel like working extra hours after work? Look at your current expenses and see if you can find ways to reduce them. Some people choose to cancel their cable service and sign up for services such as Netflix and Hulu. Using these services can save a pretty penny every month. If you do not want to give up your cable, consider bundling your phone, Internet, and cable services with one of your providers. Many companies offer discounts for bundling these services. You will not only save money, but you will have the convenience of paying only one bill for these services. Just remember to stash the money you saved in you find in your savings account.
Have you reviewed your car and house insurance lately? It is wise to review your coverage and premiums on an annual basis. Get multiple quotes each year to find the lowest cost. Also, as your needs in life change, you may find you do not need as much coverage now. Furthermore, if you raise your deductibles, you will lower your premiums. All of these methods will help you save money to build up your savings account.
There are many ways you can do little things to reduce your expenses and increase your savings. All you need to do is track what you are spending and see where you might be able to cut back without it adversely affecting your lifestyle. For example, are you paying for multiple gigabytes of data on your cell phone plan but don’t come close to using that amount? Cut back on the data plan and reduce your cost. Take that savings and stash it away. Before you know it, you will have saved $1,000 or more in your savings account. You will be happy you did.
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If you have been hit with a garnishment for a debt that is long past due, you could be losing as much as 25% of your paycheck until the debt is repaid. Many people facing garnishment feel they are trapped, with no way out. You do have options you can take to fight garnishment, even if you have already been garnished for some time now. You can protest, or object to the garnishment. You will need to file for a hearing in the court that levied the garnishment on you.
There are some basic steps to follow, although some steps will vary according to what state you live in. No creditor home loans, car loans, personal loans, etc with the exception of the government, student loan debt and past due child support can garnish you without a court hearing. Even if a judgement has been levied on you, the creditor must go to court again and file papers to start the garnishment process. You do not need to be in court for the creditor to win a garnishment order on you.
If the court grants your creditor an order to garnish your wages, the marshal or sheriff will deliver the order to your employer. In most states you have the right to receive a written notice informing you that you will be garnished. You have the right to a hearing in court before your employer may begin with holding your income. This hearing is your chance to have the garnishment lowered, work out a payment plan or possibly even have the garnishment order thrown out altogether. The notice you will receive should be called a Notice of Garnishment of Personal Earnings, but this name might differ according to what state you reside in.
Once you receive your Notice of Garnishment of Personal Earnings, you must act very quickly, or your time window to act will close. The time to act will range from 30 days on the high end, to a mere 5 days in some states. If this window closes due to your failure to act, garnishment can and will begin. If you have any objections to your garnishment, you must beat this deadline.
To start your objection process you will need to file paperwork, in a written objection to any proposed wage garnishment. The notice that court sent you will outline the proper procedure to follow as far as how to start the written objection. You must send this to court, but you also must send a copy to your creditor who won judgement on you, in most states. Your objection must include the case number and case caption, and the reasons you are objecting. It must also be currently dated and contain your contact information, then you must sign the document. If you fail to do this correctly you may be waiving your right to fight the garnishment at a later date. If you are unsure of any of these steps, call a debt attorney, they are especially trained to deal with all manner of debt related legal maters.
Court will send you a hearing date. It is vital that you attend this hearing, if you want to protect your income. If you have not heard from the court with the date and time of your hearing, do contact the clerk of the court, as mistakes do happen. When you have your moment in court do not challenge the judgement itself, you will lose, you can however challenge the garnishment itself. You can argue for exemption or for relief by means of a lower percentage of garnishment. Bring with you to court any and all documents related to the case, and any documents that will support your claims. The judge will then render a decision which will take one of three forms, lowered garnishment, vacating the garnishment altogether, or upholding the garnishment if your objections have no merit.
This article just covers the basics and should not be taken as legal advice. If you need legal advice seek out a debt attorney. The editorial team from Installment Signature Loans covers lending and finance topics for consumers trying to save money and stay debt free in 2015.
These days we see offers all the time for credit cards offering 1.5 times cash back or double your cash join now offers. Free money sounds great to most people, I mean who does not like free money? Some of these very credit cards offer sign up bonuses worth between $100 and $500 depending on the card.
Obtaining these credit cards in and off itself is not dangerous, but they can be. How can obtaining a credit card with no annual fee that offers cash back on every purchase be dangerous? For one the offers of a free $100 to $500 just for signing up often come with a caveat that you spend between $500 and $5000 in an allotted time frame, often with in 90 days of opening the account. It is easy after that point to forget how high the balance truly is then get slammed with interest. In the blink of an eye the sign up bonus you received was just eaten by interest rates.
Now I must say I am not advocating avoiding these credit cards. Used properly they can be of great value. The key word here however is “when used properly”. We need to remember these credit card companies are businesses not philanthropies, they do not make money by paying you to use their services. Where they make their money is by offering you just enough credit so that you get tempted to use this credit and then over extend your finances. Once you have spent enough money on credit that you can no longer pay the balance in full by the end of the statements grace period the credit card company has just transformed you into a cash cow via the interest. Miss a payment? Again you become a cash cow in the form of late fees and penalty interest rates.
The way to avoid these problems is to sign up, obtain the cards as planed but use them intelligently. This of course means paying off the balance each month in full to avoid interest. Credit card interest is not by any means cheap. You could easily totally erase any cash back and sign up benefits if you incur interest on your recent charges. You can however profit from using these type of credit cards by using your credit card instead of your debit card then paying back what you borrowed before the grace period ends, there by earning your cash back and ducking out of any interest charges.
Also keep in mind the best cash back deals feature rotating categories. This means for 3 months you might get 3% cash back for dining out then the following 3 months after that may be for select department stores only. To further complicate matters many of these credit cards require you to opt into that quarters cash back bonus categories. You also need to read the fine print for any credit card reward program as there are always or nearly always catch 22s buried in them.
Also avoid trying to work the system. I have known several people who would apply for these cards, use them for 3 months to receive the sign up bonus then close out the account. Big mistake on their part which they paid dearly for in the form of a decent ding to their credit score. Credit scores calculate the percentage of available credit that you are using, so closing out a credit card can really hurt your credit score.
The editorial team from Installment Signature Loans is committed to finding the best offers for all types of credit and loan products. Do you have a good money savings tip, send us and email.
Personal loans can have plenty of pitfalls which you need to be aware of. While you can save more money by applying for a personal loan versus a payday loan, there are some unsavory lenders who will bilk you with fees and higher interest rates. If you can do so, obtaining a loan that requires collateral can save you money in interest. Lenders who require no collateral are taking a higher risk in lending you money and that higher risk is there for spread out among everyone they lend to in the form of higher interest rates. If you know for certain you can repay any loan that you take out, you should consider taking a personal loan that requires collateral to save hundreds of dollars in avoidable interest and finance charges.
If you are not putting up any collateral and do decide going forward with a loan, you should be aware that any loan you are going for will be based primarily off three things, you income and your credit score, as well as any debts you currently owe. You will want to check your credit scores both your vantage and FICO scores, as well as pulling all 3 credit reports to check for any inaccuracies before applying. If you are not aware of your credit score simply sign up for a credit monitoring service and then cancel during the grace period to avoid any charges.
You can get personal loans from the following institutions:
You should avoid any offers that state “No Credit Check” as these are either scams or the interest that will be charged will be through the roof. Payday loan lenders fall into this category and should be avoided at all costs, even if you have less than perfect credit there are other options besides unscrupulous payday loan lenders.
You should always compare your loan options side by side, never just jump at the first offer that comes your way. If an offer was made to you, trust me the offer will stand tomorrow and the day after that, take your time to find the best possible loan rates, you owe yourself the best possible rates.
You can also consider another option other than a personal loan if your credit rating is 750 plus. The option I am referring to is credit cards which offer a introductory 0% interest rate for 12 to 18 months. This works out well if you know for certain that you can pay off the balance in the allotted introductory time frame as it then essentially becomes an interest free personal loan.
If you happen to have bad credit there are also options for you to obtain a decent loan. One such option is to get a co-signer and piggy back on their good credit. of course you need to be absolutely certain that you will honor paying back the loan as loans that go into default where someone has co-signed can cause considerable strains on family relationships or friendships.
Also as stated earlier if you have a car or a home consider using these as collateral in order to get lower interest rates. A home equity loan or home equity line of credit will most often be cheaper than a unsecured personal loan.
Are Credit Reports and credit scores…biased Towards the 1% and Wealthy?
Opinions surrounding credit scoring vary but one thing is certain…there’s a significant contingent that believes that credit scoring discriminates against both minorities and the poor.
Before I start digging into this hornet’s nest let me first give you the following facts.
• Credit bureau risk scores are designed to identify the level of someone’s credit risk and that’s it. If they are used for something other than that then, as any decent lawyer will tell you…”the factory warranty no longer applies.”
• Credit bureau risk scores are calculated from information on a consumer’s credit report and nothing more.
• Credit reports do not contain data that specifically identifies your race, gender, income, education or
lifestyle preferences. Therefore credit scores can’t be rewarded or penalized for any of those reasons. Having said that, you could make a reasonable argument that other information on your credit report could be used as a proxy for these things. For example, if a fictitious David Smith’s credit report shows that he lives in Beverly Hills, has student loans, has a mortgage loan for $5,000,000 and a car loan with Rolls Royce credit you could make a pretty good assumption that David is a college educated “he” with an expensive car and an even more expensive house and likely not visiting our site looking for a short term loan, perhaps a larger $100,000 personal loan, but not likely anything less than six figures. Given that information you could assume that he makes an impressive and substantial salary. I am able to make a pretty solid assumption of all of these things even though his credit reports didn’t overtly state any of this.
The question is do credit reports and credit scores take sufficient steps to assure that the non-David Smiths of the world aren’t unfairly penalized by their systems. Should they? Is it the job of the credit bureaus or the credit scoring companies to ensure fair lending?
As with any charged topic like this there will be those who have an opinion based solely on emotion, politics, hypersensitivity, racism or previous negative experience. Let’s address those folks first.
• Those who believe that credit reports and credit scores overtly discriminate are incorrect and we won’t address their opinions further.
• Those who believe that credit reports and credit scores have absolutely no unfair impact to minorities or poor people are also incorrect and we won’t address their opinions further.
The answer is clearly somewhere in between and any rational industry insider who has any sense of intellectual integrity is going to admit as such.
Now that we’ve set the ground rules, we can continue.
I’ve seen multiple studies on this very topic and amazingly they all “validate” the opinion that the conducting organization would commonly champion as part of their stated charter or mission. You can take that however you want to take it. What it tells me is that they are all right and wrong to some extent and we really haven’t seen a completely unbiased and scientifically sound study on the matter and we probably never will.
Don’t be fooled by studies that say that “at the aggregate” or “nationally” credit scoring is fair or unfair. Any study that simply looks at millions and millions of consumer’s as part of their sample is so watered down that it’s irrelevant. Think of a children’s choir made up of 100 kids singing Happy Birthday in unison. Together they sound pretty good. But, when you pull out one or two kids and ask them to sing the song by themselves…they don’t sound that good, do they? The sample sizes cover up the deficiencies of these studies.
The point is that you can always find horrible examples of unfair treatment if you are willing to look past the masses, roll up your sleeves and get down into the geographic minutia.
Here’s the real deal on the matter:
Credit reports and scores do not intentionally discriminate against anyone. But, it’s a fact that they do treat some homogenous group unfairly. Here is the primary example as I see it…
Those who live in rural areas of the country and those who live in areas that are considered high minority areas are treated less favorably by the credit reporting and credit scoring systems. I believe that most negative impact is because of their limited access to mainstream lending institutions.
Take, for example, the metro Atlanta area. Significant minority population just south of downtown, a significant “majority” population north of downtown and rural areas within a 2-hour drive in almost any direction from downtown.
Anyone who has spent any significant time in the Atlanta area knows that anywhere north of the city there is no shortage of bank branches, ATM machines and advertisements for mainstream lender services. However, in the minority areas of the city you’re much more likely to find an abundance of payday lenders, car title lenders and finance companies. And in the rural areas, you are likely to find a fairly unappealing ratio of finance companies to banks.
I imagine that this is how it is in any city that has poorly integrated racial or socio-economic populations. Poorly, in this case, is defined as a significantly uneven ratio of all races and incomes across all areas.
People who live in these areas are going to gravitate to the services offered locally. As such, poor people, minorities and rural folks are going to have more exposure and access to credit offered by non-banks. It may or may not be their intentional choice, but it may be who is marketing their services more aggressively to the local population.
Anyone who has ever dealt with finance companies, payday lenders or their ilk knows that their offerings are designed specifically for higher risk borrowers. Their rates approach the legally allowed limit, their marketing tactics have been accused of being predatory and the terms of their loans almost always contain strict penalties for even the most minor payment transgressions.
Less experienced borrowers are more likely to fall into difficult situations when their lenders have the ability to change their terms or accelerate payments to impossible standards. As such, their credit reports and credit scores are going to suffer more than consumers who had similar credit management practices but with banks and credit unions.
And, it’s commonly known that having a finance company account on your credit report will cost you credit score points. The reason is that consumer’s who have finance company accounts tend to be higher risk borrowers than those who don’t. What we don’t know is why are they higher risk?
The credit score developers have tried for years to fully eliminate this from their models in lieu of something else but the fact that it has some degree of value in the score has kept it around. As you can imagine, this is a public relations problem.
Is the problem that higher risk consumer’s gravitate to less prestigious lenders or is the problem that those who have accounts with these companies are more likely to have their credit reports and scores trashed because of unreasonable and hard to understand loan terms?
It’s safe to say that the answer is a little from column A and a little from column B.
So, do credit reports and scores treat minorities and poor people unfairly? I would say that they do, but it’s not their fault. And, I would say that criticism of these systems would be more productive if it were aimed at some of the less ethical lending institutions. Screaming at the credit bureaus and credit scoring models is kind of like yelling at the librarian because you don’t like the books.
Credit card late payment fees, just about everyone has had it happen at some point. Ussualy it is our own fault we were late with the payment and the resulting late payment fee between $25 and $35 rests squarely on our shoulders. Instead of getting angry about the late fee you can instead take action. There are a few simple things you can do to get out of paying that late fee, although there is no guarantee that this will work it is better than simply paying the late fee.
The first step is to pay off the bill in full, minus whatever your late fee is, as soon as possible. For one it shows the credit card company you are serious about paying off your debt and secondly it will help you to avoid a second late payment. So if your credit card bill is for $235 and your late fee is $35 pay them $200. You skip paying the late fee in the hopes you can get your credit card company to waive the fee.
Next what you need to do is to set up automatic bill pay for your credit card. I use my bank to take care of this directly through my banks website, I use Bank Of America but I would guess most banks these days offer an automated bill pay service. This move sets the creditors ease of mind and also might have an effect on the credit card companies algorithm. All credit card companies use algorithms to gauge their customers spending habits and finances. The big reason to set up automated bill payment is that when you call the credit card company up you can tell them that you will never be late on a bill again due to setting up auto pay for the card.
Now is the time to call the credit card company up and make your case. You need to be polite and to the point, state that the bill escaped your mind, that you have never before been late with a payment and do not intend for it to happen again. Let them know to ensure that it never happens again that you have set up automatic bill pay through your bank, and that you would like to inquire if the late fee may be waived this one time. The CSR or customer service rep will likely put you on hold to speak to their manager. If your track record with the credit card is pretty good there is a decent chance that the fee will be waived. If it does not get waived you will have at the very least ensured you will not face a late fee again due to setting up the auto pay.
Most credit card issuers will indeed work with you on late fees and even APR, you just have to ask. Also I should note if the first rep declines your request you can try again on another day and reach a different CSR agent, I myself have had luck with that in renegotiating my credit cards APR, the first rep declined my request so I sat on it for a few days and called back reaching a new service rep, asked again and had my request approved and my APR lowered by slightly over 1 percent.
Leading the way in 2015 with consumer lending, loans, credit and debt savings topics, stay tuned to http://instalmentsignatureloans.com for best advice on getting ahead with your credit and debt related goals.
The transmission in your vehicle is broken. You have some unexpected medical bills that are not covered by your health insurance. Your checking and savings account balances are not enough to cover these unpleasant and untimely expenses. How can you pay for these interruptions in your life? Many people turn to signature loans from banks to pay for bills that they cannot cover with their own financial resources.
A signature loan offered by a bank is an example of a loan that can be given to borrowers who provide only their signatures and their promises to pay as a guarantee of payment. These loans typically have high interest rates because there is no collateral to cover any default on the loan.
The creation of unsecured loans can be traced to the establishment of the Banco Giro in Venice, Italy in the early 1600s. The early Venetian bankers provided a service to merchants and other businessmen to pay for purchases or sales without the exchange of coins. Payments for transactions were made by using credits which were recorded for future business agreements. These credits were issued between the merchants by having a banker enter a written record of the transaction in an official book. The term “banche di scritta”, an Italian phrase meaning “banks of written”,was given to this practice of conducting business in writing with the official presence of a banker.
In the United States, signature loans were given to consumers as early as 1904 by the Bank of Italy. Amadeo Pietro Giannini wanted to establish a bank that would serve the credit needs of immigrants and other less fortunate people. Giannini founded the Bank of Italy in San Francisco, California. The generous loan policies of Bank of Italy allowed poor immigrants to borrow money without collateral. Giannini had compassion for people who were hard workers but who did not have the resources that wealthier people had.
Even though Giannini’s business practices were not considered sound or prudent by his banking competitors, he still believed that granting unsecured loans to hard working customers was a way to strengthen the buying power of ordinary consumers who could not provide a guarantee of payment other than their signature.
Giannini’s risky loan policies changed the banking industry. Struggling businesses who needed someone to believe in their good character and their vision for a profitable business venture now had a banker who would help them when other banks were not willing to take a risk without collateral.
Since the beginning of organized modern lending in America, the only way to secure a loan was to go through a bank, credit union or other traditional lender. Banks have had the upper hand now for over 200 years when it comes to loans and the borrowing process, and banks require lots of detailed paperwork from borrowers and subject borrowers to strict credit and lending rules. If one didn’t pass the banks rigid criteria, one would not get the loan and it was difficult to get one’s loan reconsidered by the bank. These practices have left many deserving individuals unable to get loans.
Then entered payday loan lenders. These lenders would offer loans to those the bank shot down for a loan, but these loans were and are often for no more than two weeks to three months. Payday loans also feature for the most part absurd interest rates, as high as 300%. I’ve seen payday loan contracts with four digit interest rates. More than 80 percent of payday loans are rolled over into a loan extension with exorbitant fees or are followed by another loan within 14 days. Payday loans are clearly no option for borrowers looking to get a fair loan, as payday loans are nothing short of predatory lending and usury. Many people using payday loans end up trapped in a cycle of debt and ever revolving loan extensions that can take years to get out of. To make matters worse the payday loan companies auto debit accounts, leading many unfortunate borrowers to end up with insufficient funds, late fees, NSF fees and other financial distress.
The last decade has seen a new form of lending for personal loans, one that is changing the landscape for borrowers in need, even for those with excellent credit. Since 2005 peer to peer lending has been offering borrowers another avenue for borrowing money via personal signature loans. Signature loans are loans that require nothing more than your signature that you promise to repay the loan. These loans are made by individual investors, rather than a company, and these investor lenders compete for your business on the basis of your credit. The interest rates tend to be much lower than traditional brick and motor banks and credit unions, due to having much lower overhead than banks so they can provide the service more cheaply than traditional financial institutions. These loans are made through peer to peer lending sites. The loans obtained from these sites are always unsecured loans, and are not protected by government insurance. Lenders can and are however often sold to other lenders, as these loans are considered securities and are hence tradable on the open market.
What do you need to obtain a loan from these peer to peer lending networks? You tend to at the minimum have held your current job for at least 6 months and lived at your current address for at least 6 months, although there are a few peer to peer lending sites out there that have cut this requirement down to a mere 3 months for job and time of residency. You also need to verify your bank account, employment and income, and agree to a credit check. Many of these peer to peer lending sites will lend to people with less than perfect credit or even bad credit or no credit, so these marks on your credit report do not necessarily mean you will be outright denied a loan, however these negative marks on your credit will affect what interest rates you will be offered. Even the highest interest rates offered by these peer to peer lending networks are much lower than the fees and interest you would pay if you went with a payday loan.
Peer to peer lending may be the option you are looking for if you have been turned down by banks and credit unions and do not desire to be ripped off by predatory payday loan companies that can and often do charge upwards of 300% or more in interest and fees. Peer to peer lending is one of the fastest growing platforms and investments. More people are turning to peer to peer lending in the wake of banks tightening up their loan criteria.
Everyone gets in a bind every now and again and sometimes money is just too tight to process. However, when it comes to quick money, there are a few things to consider. The main argument is if it is better to take a cash advance loan or just let your account overdraft. While both are options that should be avoided if at all possible, it is beneficial to think about what factors may lead to these circumstances and which is the best option for you.
First off you should know a bit about what each option entails. With cash advance loans you generally write the company a check for the amount you are borrowing plus the charges that are going to be applied. The company keeps the check until an agreed upon day and then cashes it. This is fine and dandy if you have the money in your account or if you are able to make payments on the loan that you have taken out. If however you are still stretched thin when your paycheck comes around, you may need to think of other options.
With a bank overdraft fee you generally pay a flat fee for each time that your account is over drawn. This means that if you for instance have three bills coming out and the second bill is the one that overdraws your account, you bank will generally pay the amount then charge a fee for doing so. In most cases this is $35 or so. The bank will then cover the third bill as well and apply another $35 fee. This is also fine if you have the money to get your account back in the black.
The argument stands, which method is best and less expensive? The answer may surprise, you, it really depends on the individual situation of both the lender, the bank, and the individual. If you are only going to overdraft one time then you get your money in order and do not do it again, it is much less expensive to overdraft. However, if you overdraft often or multiple times in one month the fees may become more expensive than fees that are applied by a cash advance loan.
The same goes for cash advance loans, if you are only borrowing once then you do not have to do it again, this is much cheaper than over drafting multiple times. Also, if you are taking out your first cash advance loan the interest may be much lower than both the fees for future loans and the fees that a bank charges for overdraft. In most cases you can talk to your bank and get overdraft protection that is not as expensive as just over drafting every now and again. Most banks have programs that have lower fees that are geared toward people that tend to overdraft to help alleviate some of the fees.