Cash Advance

What is a cash advance?

Cash Advance Definition: A cash advance is a type of loan and typically a short-term amount often repaid on the next payday. Cash advances also refer to an amount of cash withdrawn from a credit card or line of credit, giving cardholders access to money to pay bills and expenses.

While cash advances are convenient and are approved quickly, they often include significant fees and high-interest rates. These advances provide easy funding and approval. While a cash advance won’t impact a credit score, it can eventually affect your credit if the outstanding balance increases and cash advances aren’t repaid in a timely manner.

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