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This can result in the loans cardholder owing more in interest over time, especially if they are unable to pay off the cash advance quickly. Some traditional loans have strict rules about credit scores or needing collateral (like a car or house).
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While the bad process of obtaining a loan from a bank may require the submission of a significant amount of documentation and potentially have more stringent eligibility requirements, the personalized customer service and support that banks offer can make the process worth it. Online loans also tend to have faster turnaround times than traditional loans. Additionally, cash advances on credit cards do not have a grace period, which means that interest begins accruing on the ar borrowed amount as soon as it is withdrawn.