Why get a cash advance instead of a credit card or personal loan?
Most people don't trust themselves with a credit card. It's just too easy to put off repaying a credit card and let the balance grow and grow.
For example, let's say you borrow $5,000 on a credit card charging 1.46% interest per month. If you only make the minimum payment - usually the greater of 3% of the balance or $10, it will take you 215 months to pay off (that's nearly 18 years) and you'll repay a massive total of $9,411.
Personal loans are good for long term borrowing or larger amounts. But think about it - if you only need a few hundred dollars, is it worth borrowing the extra money needed for a minimum loan amount and paying it for the next 3 years? You'll have forgotten what you needed the money for!
With our cash advances, you have to repay on a set date, so it disciplines you to stay on top of it, repay it and forget about it. Our solutions are strictly short term - up to 45 days. Other lenders want you to repay bigger amounts than you need over long periods. We want you to repay as quickly as possible and get on with your life.
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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