Can I Use Credit Card Cash Advances without the Fees?

Avoid Credit Card Cash Advance Fees?

Not so fast!

If you have been working to get your credit in order, you may realize that this comes with the ability to draw money from your credit card.

Is there a way to transfer cash from your credit card to your checking account without incurring fees?

Yes, technically there is a way to get money from your credit card into your bank account.

But it’s not without fees and risks.

Technically, if you use PayPal then you could charge yourself as a merchant and have it deposit into your checking account.

The loophole appears that it would work if you had a second email address. The second address would have to be setup and linked to a checking account. You would then send money from email account one to email address two.

Basically, from your credit card to your checking accoun.  The you have cash in your checking at the cost of a credit transaction. Not the cost of a credit card cash advance.

Another option would be to transfer it to a family member who also has an account. This way they would recieve the cash. But as some users have pointed out on Quora, this is against the user rules:

Fee free transfers paypal

This user points out it would violate the terms of service. And be expensive!

Transfer your PayPal credit to yourself?

Some also have asked if you can take the PayPal credit and use it to transfer The thought is that this method would too be cheaper than a credit card cash advance. Usually, transfers to your bank account get hit with fees using this method.

Interestingly, when looking online for the answer to this question, one of the first results is the paypal community forum. Here I was expecting some kind of reply from the PayPal folks that said it would violate the Terms and Conditions.

Instead they simply reply that you can’t transfer PayPal credit to yourself. But they did say that you can send it to another’s email address. But as you can see, there’s fees attached to it.

paypal transfer to myself

Reply from Paypal Staff about PayPal Credit Transfering

People think that there are ways around these fees, but they're taking risks.

It’s safer and likely cheaper to actually get an online cash advance

If you are considering doing this PayPal transaction to youself: STOP!

This is one of the few instances where I would recommend looking at a discount online cash advance instead of messing with trying to leverage your credit. Not to mention violations of terms of service!

So the best thing to do is look for other methods. Getting an online cash advance is the better option. Here the low fees that you can manage ($15 for Cashnetusa.com for example) would be a smarter move than trying to game the PayPal system and getting yourself into trouble. The reason that PayPal has these terms of service in place is becuase they want to make sure that oppotunities for money laundering are kept to a minimum.

 

Low interest payday loans stairs

Low Interest Payday Loans: Do they exist?

Low interest payday loans are a myth

Low interest payday loans may sound too good to be true. And the truth is that’s the case.

Payday loans have high interest rates because the lender wants to make sure that they get their money back. A good credit score represents the that people pay what the owe. Without it there is no guarentee. If you are getting a payday loan, chances are you have no or bad credit. And the lender needs to make up for his losses on bad loans by charging you more.

Low interest is usually reserved for those who have good or excellent credit. If you want access to low interest loans, you should consider getting out of the payday loan cycle and improve your credit with me in the new year. We want to make sure that we’re avoiding any possible debt traps. But to be honest if it were as simple to save as it were to spend, then we wouldn’t all have this problem with cash flow shortage.

The truth is that we need to make sure that we can move up, just like the Jeffersons, to the next credit bracket.

If you want low interest loans: fix your credit

I hope that as we near the end of the year, you have started to take my advice and are compiling your bills and thinking about your committment to freeze any future credit card use and slow down on the payday loans.

Its also worth noting that if you want to start taking this pathway and looking for some companies that may be able to offer you the most reputable options, it is worth considering looking in the Consumer Affairs listing of payday lenders.

Personal loans typically have lower interest

There are a couple companies that are in both the payday loan and short term loans (also called installment loans). One of these companies is ACE Cash Express. They have varrying reviews and for the most part they seem to be okay with consumers.

Obviously, I would like to recommend you to the short term loan over the payday loan since then the interest rates would be lower. These are also referred to as installment loans. If you go onto the ACE Cash Website, you can see that there are a number of options on the top header of the website.

Here you’ll see that there are payday loans, installment loans, title loans, prepaid cards, money transfers, tax services and more. ACE is truely working to be its own self sufficient business that is one stop for all of its consumers.

Discount Online Loans

Holiday Spending and Financial Resolutions

Spend only what you can afford

The holidays are approaching. You need to buy presents, bring wine to parties and somehow pay for it all. We all know that the holidays can be tough on your wallet. This is why I’d like to encourage you to spend only what you can afford.

Make a list and check it twice

Go through the list of presents that you need to buy and other gifts. Is there some way that you can make a cake or bake some cookies with items you may already have in your pantry as opposed to buying a nice bottle of wine? I’ve found that people are usually more appreciative of these types of things. Sure, it may take a bit of time, but there’s thought behind it and it saves you money!

Save with online shopping

If you need to do some shopping, why not at least do it online? Amazon has lots of great items that are usually cheaper than you could find them in a store anyway.

Try to skip the discount cash advance

If one of your goals for the new year is fixing your credit, then see if you can pass on the online payday loan this month. It’s probably asking a lot, but setting the groundwork now might just help you get off to the right foot in the new year. If its not possible, then go ahead and take it out. But starting in the new year, I’ll be walking you through the steps weekly to make sure that you can take the small actions to get your financials back in order.

Make a game out of saving

If you need to stay motivated, just consider what you can do with your savings. Look at the prices in your local chain stores and then compare them to Amazon. Is it cheaper to order online? Then pay yourself the difference!

 

 

 

fix credit with cash

5 Quick Actions to Fix Your Credit

Take these 5 steps towards fixing your credit

One of the first steps to getting your household financials in order is to make sure that you take steps to fix your credit.

While there are reasons to get an online cash advance, there are an equal number of reasons to try your best to avoid it. On the internet, there are also a number of bad apples out there who do not do a good job of looking after your best interests. These bad actors may make recovering from financial whirlpool even harder

1. Check your credit score

Before you can fix your credit, you’ll need to know what you score is to measure. There are a number of services out there to check your credit score quickly online. Really though, you should stick with one of the main three credit bureaus in the US that report your scores. You can choose any one of them to get your score:

  • Equifax – www.equifax.com P.O. Box 740241. Atlanta, GA 30374-0241. 1-800-685-1111.
  • Experian – www.experian.com P.O. Box 2104. Allen, TX 75013-0949. 1-888-EXPERIAN (397-3742)
  • TransUnion – www.transunion.com P.O. Box 1000. Chester, PA 19022. 1-800-916-8800.

You get one free credit report check per year, as mandated by the government. So, you won’t have to worry about shelling out money to get back on the right track.

2. Stop using credit cards to fix your credit

Fix your credit freezing card

Fix your credit by cutting down on credit card charges. Freeze cards if you have to.

If you’re serious about fixing your credit, you need to stop the cycle of changing things that you cannot afford. If you’re worried about needing them for true emergencies, you can always freeze your cards…. literally.

Ideally you should take this to also mean stopping the use of online cash advances if possible. While they are good for an emergency, just like credit cards, they can get out of control if they are not properly used. There are also alternatives to payday loans that can help you get your finances in order.

3. Add up all your bills

Before you can make a budget, you need to have an idea of what all the bills out there are that you need to pay off. At this point, the numbers may be overwhelming. Just gather up all of your bills and write down what you need to pay off.

4. Make a rough plan

Budgets can be overwhelming. Since we are right now just looking at what to do in the present, we’re not going to worry about budgeting out all the little things. Just know generally how much you can set aside to pay off your debt and bills. One of the problems with waiting until the end of the month is that then you may not have any money left over for your bills. Instead, pay the bills as soon as you get your paycheck.

5. Spend only in cash

Multiple studies show that we spend less using cash and are at least more aware of how much we spend when we use cash. Use this mindhack to help get your financials back in check. You can go back to using cards responsibly and get off cash only after your finances are back in check.

 

Payday Loan State Maxiums

What is the maxium payday loan amount for my state?

Payday loans are not available in all states

They also have different maxium loan amounts!

First of all, not all states allow payday lending. Because, different states have different terms for payday loans, it is important not to take a quick look at our list below. In addition to states either allowing or not allowing payday loans, especially relevant is the fact that there are laws that regulate payday loan state maxiums.

If you find yourself in a situation where you need to get a payday loan, then it is best to make sure that you:

  1. Check the list below to see if your state is included and what the max loan amount you can expect is.
  2. If its not on the list, double check here.
  3. Once, you know what you can get on the market, go to our list of associated payday lenders.

Sometimes, you will find that even if you are on the OK’d list, the online lender may have choosen not to do business in your state. Furthermore, you can apply online anyway and leave the homework to the loan companies. Rather than worry about if you fit the criteria before applying, they will tell you outright whether or not you qualify based on an automated checklist that they have.

So to get started with step one, there are the basic overviews of loan amounts by state. Remember to check out further information in the link if you don’t see your state.

Payday Loan State Maxiums:

States with a payday loan amount max less than $500

  • California ($300)
  • Louisiana ($350)
  • Minnesota ($350)
  • Montana ($300)

States with a max $500 loan amount

  • Alabama
  • Alaska
  • Colorado
  • Florida (exclusive of fees)
  • Iowa
  • Kansas
  • Kentucky
  • Mississippi
  • Missouri
  • Nebraska
  • New Hampshire
  • North Dakota
  • Ohio
  • Oklahoma (exclusive of finance charge)
  • Rhode Island
  • South Dakota
  • Tennessee
  • Virginia

States with a payday loan amount max above $500

  • Delaware ($1000)
  • Hawaii ($600)
  • Idaho ($1000)
  • Illinois ($1000 or 25% of consumers gross monthly income, whichever is less)
  • Indiana ($550)
  • Michigan ($600)
  • North Dakota ($600)
  • Oregon ($50,000)
  • South Carolina ($550)
  • Washington ($700 or 30% of consumers gross monthly income, whichever is less)

Finding more information on payday loans

In conclusion, different states have differnt laws and the payday lenders need to play by these rules. If you want to learn more about then lending practicing laws in your state, I encourage you to check out this website on payday lending state statues.