3 Things You Need to Know About a Cash Advance Loan
When it comes to borrowing loans today, the salaried professional has three broad options in front of him – borrowing against a credit card, taking a loan from a traditional bank, or availing a personal loan from among a host of lenders, including NBFCs and FinTech companies. Each of these options come with their own disadvantages, though. Traditional banks are known for long waiting times – it can take up to two weeks just to get your loan application approved, leaving aside the long queues and extensive documentation involved. Personal loans do come with a lot of benefits, sure, but if you’re looking for smaller amounts, chances are you won’t find anything below ₹50,000. The repayment tenures that personal loans come with are also usually from six months to a year. Let’s not even talk about how costly credit cards are – interest rates start from 15% and can go up to as high as 30%. So, if you have a sudden expense to meet, but you only want a small amount, let’s say, aroun...