Why I Prefer a Cash Advance Loan Over a Credit Card?

Each to his own, that is what I always like to say. We all have our own preferences and we really cannot impose what we like on other people. Well, perhaps to a certain extent, we can try to impose our preferences on others but then again, it is not always the best course to take. When it comes to finances, however, I like to inform other people - especially those who are close to me - about the options that are available to them. The current economic crisis that many people from different countries are undergoing is enough reason to want to help others realise that they can take a better course of action when it comes to money.

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One of my strongest financial beliefs is that the credit card should be used minimally. This piece of plastic has such power and it can be used to bail you out in many different situations. It has its benefits but it does have its pitfalls as well. Believe me, I have learned this the hard way. That is why I am a strong advocate of using credit cards wisely and as sparingly as possible.

So what is my option aside from the credit card? A cash advance loan. A cash advance loan can give you the cash that you need when you need it. It may not be as convenient as a credit card, which you merely have to present at any time. However, a cash advance loan gives you a big edge - the fact that you have cash on hand.

Perhaps you are thinking, "Why would having limited cash on hand be an advantage over having a credit card with a higher purchase limit?" I don't know about you but that same positive note (having "unlimited" purchasing power) can be your downfall. Having a credit card on hand can lull you into a false sense of security. It can make you think that you can just make these purchases and worry about the paying part later on. Before you know it, you are up to your neck in debt.

With a supply of cash on hand - albeit limited - you can control your spending and budget your expenses more wisely. Take a look at these two scenarios. Let us say that you go away on a short weekend break to get away from the city. In the first scenario, you decide to use your credit card. You use it to pay for your hotel. You use it for your petrol. You use it for food. You use it for other purchases - souvenirs, tours, and the like. You do not immediately feel the weight of your purchases. Yet when the credit card bill arrives, you are astounded at how much you spent! In the second scenario, you decide to use cash from a cash advance loan. You know exactly how much you can afford to spend so you plan your expenses carefully. You book an affordable hotel. You look around for affordable meals. You do not buy trinkets that you do not need.

At the end of the day, which is the wiser route to take?


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