If you are looking for a cash advance, you better be ready for the big interest rates that come with it. It is inevitable. If someone is lending you cash for something, then they want to make sure, at the very least, that they are getting their money back. Also, by risking their own personal cash, and not a line of credit, they expect to be compensated for the risk that they are under taking by giving you the cash.
- The bank is in the business of making money no matter how nice they may seem.
- Make sure to check all interest rates of every bank before you decide to settle on one.
- When it is cash involved, and not credit, people and banks are much more protective over lending.
“When you give someone your cash to hold and they give you a “rate of return”, we are assuming that you can take the cash back from them at any time. That’s what we call a “savings interest rate”. You may hear about things called “CDs” or “Certificates of Deposit”.”