Cash Advances

CannyJock

Mr.Mulla wrote: »

Why not apply cash advance in some pay day loan banks instead of applying for a credit card then using it for cash advance? It is actually the easiest way and best way to get money quickly. Even people with a low or bad credit score have a chance in getting approved with this type of loan.

Only downside is that maximum loan you can get is at 2,5000.

You're not counting the APR between 1286% and 2120% then?

http://www.moneysupermarket.com/payday-loans/

Ah, scratch that, just found a load of others not listed there at 3000% so apparently these are the lower interest ones.

PinheadSK

Mr.Mulla wrote: »

Why not apply cash advance in some pay day loan banks instead of applying for a credit card then using it for cash advance? It is actually the easiest way and best way to get money quickly. Even people with a low or bad credit score have a chance in getting approved with this type of loan.

Only downside is that maximum loan you can get is at 2,5000.

That has to be the single most dangerous and foolish piece of advice I've seen on these forums! Once he/she is in to the payday loan system, how on earth do they get out, especially with the overall sum that's being discussed here. They'd be better off selling a kidney!

As for the OP, think again my friend. If you manage to get a credit card with no previous history, your balance won't be anywhere near £20k... and if you manage to persuade them to put it up and up and up, then you won't find another card that will take that limit on an interest free deal... and if you can find anyone to lend you any amount without any fees, please post it here as I'm sure we'd all like a piece of that pie.

Sean

chattychappy

Also it's quite common for credit card companies to restrict the amount of credit limit that can be taken out as a cash advance.

I would have thought a traditional bank personal loan would be the way to go - assuming the OP has some credit history, which seems doubtful.