Outside of cash advance institutions, those who carry a credit card have a cash advance at their fingertips.
While I would prefer to never use a cash advance due to high interest rates and possible fees from the ATM, using available credit from a credit card that I hold for cash is much less expensive than other quickie cash advance loans that are out there.
For one thing, if I use my own available credit on a credit card with a zero balance that I hold for emergencies and pay it back before my next credit card bill statement I can avoid paying the higher finance charges that are assigned to cash advances.
Using a personal credit card also allows me the choice to pay back the cash advance over a longer period of time, something that is often not an option at a cash advance institution… or if it is available, even at the higher rate assigned by the credit card company, it would be difficult to not have a lower percentage rate with the credit card company than by institutions that make their business giving out quick cash loans.
The problem with using a personal credit card for a cash advance loan is that if there is a balance on the credit card, most credit card issuers are going to apply payments to the balance with the least finance charge first. Therefore one would have to pay off the entire balance on the credit card in order to keep from paying the inflated cash advance finance charges. If the card is one that always carries a balance, the rate that is assigned to that cash advance could really add up!
For this reason, I would highly recommend not using the cash advance option of your credit card unless you have a zero balance, or close to a zero balance.
If you do choose to take out a cash advance on your personal credit card, do ensure that you are fully aware of all of the terms, including the higher finance charges and any associated fees. If you are not familiar with them, do look at a recent bill, check it out online or have your credit card company send you the terms in print. Once you actually use the card, you have agreed to the terms so do know what you are getting into in advance and use it only as a last resort.