200 Cash Advance in Australia – Full Details

Emergencies come at the worst times, and going to the bank to take cash loans straight away might not be the best option for your current situation. Instead, if you only need to borrow a small amount and you have a credit card, consider a cash advance, such as a $200 cash advance.

Cash advance loans might sound like a nice and convenient way to get small loans in minutes, but you still need to understand the ins and outs of the deal you’re about to make.

So, for the uninitiated, we’ve written this quick guide to explain the nuances of a $200 cash advance (Australia), as well as go through how to get one today.

What this article covers:

What Is a Cash Advance?

Cash advances are basically direct deposit cash loans. You can request them with your credit card, and you have a near guarantee of being accepted, regardless of your credit score or current financial standing, especially if you’re borrowing a relatively small amount, like $200.

Cash advances work almost like withdrawing money using your debit card against your bank account. But instead, you use your credit card, in this instance, against your line of credit.

200 cash advance

But remember that cash advances aren’t made for borrowing bigger sums of money or for long-term loans. Instead, if you’re going through a financial rough patch, you can take a cash advance til payday.

How to Get a Cash Advance

You can easily get a cash advance from your nearest ATM (if your credit card has a PIN) by simply entering the card in and withdrawing the amount you need, such as $200 in this case.

Alternatively, you can get your cash advance loans the old-fashioned way, which is by going to the bank and withdrawing money from the teller using your credit card.

And if your credit card issuer allows you to write cheques, then you can write your name as the recipient and get your cash advance this way. However, make sure your issuer allows you to do this first by contacting them and asking directly.

Benefits of Cash Advances

The most prominent benefit of getting a cash advance is that you’re almost guaranteed to get the money you’re borrowing in minutes. In many cases, you can simply walk to the ATM and withdraw the money with your credit card as if you’re using a debit or prepaid card.

small loans in minutes

But even if you withdraw money from the teller at the bank, you’re still very unlikely to get rejected.

So if you’re in a situation where you’re out of money for the rest of the month, but you need only a small amount (such as $200) to make it through, then you can do it with a cash advance online in minutes and simply pay it back at the start of next month.

Drawbacks of Cash Advances

As with most guaranteed cash loans, the main drawback with cash advances is that they carry fairly high interest rates, even higher than regular credit card purchases, and there’s typically no interest-free period. For instance, you can get charged up to 20% in interest fees or even more. So if you’re taking a $200 cash advance, you can pay $40 in interest.

Then there’s the cash advance fee, which is either a percentage or a flat fee that you pay upfront to take the money. Most credit card issues should set this fee within the 2-5% range, but typically around 3%. Or, if it’s a flat fee, it should be in the ballpark of $10 to $15.

Lastly, there’s the fact that you can’t borrow too much money with cash advances. Typically, you’ll be limited to less than $1,000.

cash loans straight away

Conclusion

A $200 cash advance can help you survive to the end of the month in a quick and hassle-free manner. This is because cash advances acceptance rates are close to 100%, and you can easily take it out from the ATM using your credit card PIN.

However, familiarise yourself with the interest rates and fees of taking out a cash advance so you can calculate how much you’ll be paying off.

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