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As a result, they may be able to offer lower interest rates on personal loans than banks or other for-profit lenders. Credit card cash advances typically have a higher interest rate than regular credit card purchases, and some credit card issuers also charge a fee for cash advances. Credit counselors can help you develop a budget, negotiate with creditors, and create a plan to improve your credit.
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If you're thinking about getting a loan, make sure to do your research and choose a lender that you can trust. Overall, getting a loan from a bank can be a good option for those who need to borrow a large sum of money or who want to take advantage of a low interest rate. Personal loans may have fixed or variable interest rates, and they may be offered with different repayment terms, such as monthly payments over a period of several years.
Overall, cash advances on credit cards can be a convenient way to access cash in a pinch, but they also come with high costs and potential risks. However, there are also some potential drawbacks to getting a loan from a bank.