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xonlyyours
Joined: 21 Nov 2008
xonlyyours's page
Posts: 1
27 Magic Points
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Subject: cash loan
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Fri Nov 21, 2008 3:50 am
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| can I get a cash loan and pay it off using my credit card monthly |
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carol
Joined: 27 Jun 2006
carol's page
Posts: 1362
Location: Los Angeles, California
29592 Magic Points
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Fri Nov 21, 2008 5:17 am
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Hi Xonlyyours
You can repay cash loan by means of credit card only if your creditor permits you to do so. Mostly cash loans cannot be repaid through credit cards and you need to go for a repayment plan with your creditor by which you may auto debit your checking account to repay off the loan. However, you can always take a cash advance on your credit cards to repay off the loan but for that you need to pay a cash advance fee.
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Carol |
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Justin
Joined: 17 Jul 2006
Justin's page
Posts: 1298
28935 Magic Points
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Fri Nov 21, 2008 5:39 am
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No, credit cards can only be used to make purchases and take cash advance if needed. It can never be used to repay back a loan. However, if it is an outstanding credit card debt, you can go for balance transfer credit cards to pay it off. Most of the balance transfer credit cards come with an introductory zero APR for a period of 12 months and has no annual charges. However, there are some credit card companies that offer personal loans on your your existing credit cards which you need to repay on a monthly basis.
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Justin |
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4500
8812 Magic Points
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Fri Nov 21, 2008 7:31 pm
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| You could use your credit card to take out cash advances to pay the bill but then you will starta really bad cycle that would probaly catch up with you sooner or later. The interest rate on cash advances is alot higher too. |
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anthony
Joined: 31 Jul 2006
anthony's page
Posts: 550
13573 Magic Points
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Sat Nov 22, 2008 3:52 am
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Yes. you are right fireyone. Not only interest rates are high on cash advances but also there are certain cash advances fees associated with it. So it is always better to make purchases on credit cards than to go for cash advance. Moreover, there are certain credit card companies which also offer loans based on your credit card spending and repayments on the card. But you cannot make repayments of your loan through credit cards.
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Anthony Marx
A positive attitude is not achieved by turning a blind eye to the negative, but rather by responding to every situation in the most positive way possible. |
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4500
8812 Magic Points
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Sun Nov 23, 2008 2:47 am
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| Some of those loan transfer fees can be on the expensive side laos. I have seen this alot and the loan transfer fees being pretty expensive. It only cost me $35 to get the bak to take over a credit card loan my hubby and I had. This was pennies compared to the other routes there was to take. |
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