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Overall, while both credit card cash advances and payday loans can provide access to cash in a pinch, credit card cash advances offer several advantages over payday loans, including lower cost, easier qualification, and greater flexibility. If you are looking for a lender that is committed to supporting local businesses and organizations, a credit union may be a good choice.
However, cash advances on credit cards also come with some significant drawbacks. Some traditional loans have strict rules about credit scores or needing collateral (like a car or house).
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Check out reviews and compare terms and fees from several different lenders before you decide which one to use. This can be especially beneficial for those who are trying to improve their credit or who have a limited credit history. However, it is important for borrowers to be mindful of their spending when using a revolving credit line.