What is a Cash Advance or Payday Loan?
A cash advance is a short-term loan for a small amount ($100 - $600), usually loaned until your next payday. The cost of a $100 cash advance is typically about half the cost of a bank dishonour fee, less than paying late fee's for your rent, and certainly more convenient and private than having to visit a bank.
Why a Cash Advance Is Your Smartest Option...
| Compare | Cash Doctors Cash Advance | Credit Card & Personal Loans |
| Ease of application | No documents. All online. Instant answer. Apply in minutes. | Lengthy documents and can take up to several days to arrange/be approved. |
| Amount. Do you really need that much? | If you need less than $600 you can get exactly what you need. You don't have to borrow more than you require. | You often get far more than you really need, which can entice you into unnecessary spending. This equates to higher levels of interest. |
| Discipline - Repayment requirements | You are required to repay your scheduled repayment amount/s on your next payday/s within a maximum of 45 days. Easy to remain disciplined. | It's too easy to repay the minimum payment for a credit card and delay paying the principal. Personal loans have set repayment times and these can run for years. Hard to remain disciplined. |
| Period of loan - How long are you in debt? | Repaid on your next payday or within a maximum of 45 days. You have repaid the cash advance in full, you've solved your problem and you can get on with your life. There is no long-term debt. | Credit cards have no set term and the debt can go on and on for a very long time. People are tempted only to pay the minimum amount. There is no closure. Personal loans are a long term commitment for years. |
| Subsequent cash advances | Paid in seconds straight onto your Cash Advance Cash Doctors card. Available only if you have paid your previous cash advance balance in full i.e. only if you can afford it. | Personal loan - Need to reapply each time. Credit Card - Constant 'maxxing out' of credit card limit because you are able to utilise even though you haven't paid the previous balance ..i.e even though you can't afford it. |
| Costs | When expressed unfairly as an APR a Cash Doctors loan looks expensive. But reasonable for a small short term loan - not unlike a taxi v an air flight. Cost can be from $50 to $200 depending on amount and term. How much does it cost? | Because you often end up with more funds for longer than you need with a personal loan, or you maintain a high balance owing on your credit card, you can end up repaying thousands in interest over time. |
It's easy. Get cash and get on with your life.
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