Payday loan or credit card advance?
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Thread: Payday loan or credit card advance?

  1. #1
    Junior Member
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    Jan 2017
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    Post Payday loan or credit card advance?

    Hi Everybody, I am a new member was wondering whether I somebody can advise me.
    I need $300 immediately.
    Should I take a payday loan or take a cash advance on my credit card. If I am unable to payback the credit card will it affect m credit score. Thanks.


  2. #2
    Senior Member
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    Aug 2013
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    Both ideas are terrible ways to access $300. You'd be better to sell or hock something for the money.

    In any event, a quick search suggests it will cost you less to use your credit card. As to credit score, I assume you will continue to pay at least the card minimum each month so your payment history will remain positive. Whether it affects your credit score then depends partly on how much of your credit utilization the $300 represents - i.e. is it only 10% of a $3000 limit?
    I guess I wonder why you would be concerned about your credit score if you don't have $300 readily available?
    Last edited by OnlyMyOpinion; 2017-01-05 at 01:05 AM.

  3. #3
    Senior Member sags's Avatar
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    Regardless of where you borrow the money, if you don't pay it back it will affect your credit score.

    A cash advance from your credit card would be much lower interest rate.

    If you require the money immediately, and don't have a credit card already......it will take weeks to get the card.

    In that case, you have a choice of relatives, selling something, pawning something, or a payday loan.
    Last edited by sags; 2017-01-04 at 10:19 PM.
    Someone planted a tree a long time ago and now I sit in the shade.

  4. #4
    Senior Member atrp2biz's Avatar
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    Why do you need cash? Is it possible to provide the debtor with a product using your credit card (gift card) in lieu of cash? This will delay the accrual of interest.

    Or is this a crowbar to the knee kind of situation?

  5. #5
    Junior Member
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    Thanks a lot for the advise. I will check with my credit card first.

    Thanks a lot for the advise. I will check with my credit card first.

  6. #6
    Senior Member
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    Jun 2016
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    901
    Something is not right here for someone to need money this quick and wait for an answer here. I know one thing if I ever walk into a pay day loan store I will need a bucket to throw up in first. Red flags go up on this one something is wrong here.


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