Latest news with #cashadvance
Yahoo
6 days ago
- Business
- Yahoo
Can you buy stocks with a credit card?
In general, you can't directly buy stocks with a credit card because it's not an accepted funding method by most brokerage firms. There are indirect ways to use credit cards to buy stocks, such as taking out a cash advance, but you have to weigh the pros and cons of such methods. It may make more sense to simply use your credit card rewards earned from everyday purchases to help fund investment purchases. What to know about buying stocks with a credit card Most brokerage firms don't accept credit cards as a funding or payment method. Common ways to fund an investment account include using a bank account, a check, or a wire transfer. For example, here are the ways you can fund a SoFi or Robinhood account: SoFi Invest: Link your SoFi Money account, personal checking, or savings account. You can also initiate an account transfer (ACAT), rollover, check, or wire transfer. Robinhood: Link a debit card, checking account, or savings account. You can also initiate a wire transfer. If you do find an option to buy stocks with a credit card, consider these risks first: Scams: The U.S. Securities and Exchange Commission warns that anyone asking you to pay for an investment using a credit card is a red flag. This is likely because most reputable investment firms don't accept credit cards as a funding method. Interest: Credit cards have high interest rates, making them a poor funding vehicle if you plan to carry a balance. The interest could easily wipe out any potential earnings on your purchases. Fees: Depending on the company, you might have to pay additional fees for using a credit to buy stocks with a credit card Credit card purchase It's uncommon, but you might find a company that allows you to buy stocks with a credit card. Even if you're sure it's not a scam, there are still other risks to consider, including high interest rates and the possibility of having to pay additional card fees. Credit card rewards Depending on your credit card, you might have available redemption options that could help you buy stocks. For example, some cash-back credit cards let you redeem your cash-back rewards toward bank deposits or mailed checks. That gives you actual cash that you can use to fund investment accounts. Cash advance Some credit card issuers let you take out a cash advance on your credit card to borrow cash against your credit limit. You can use that cash to fund a stock investment, but this is typically a bad idea because of high cash advance fees and interest rates that could lead to credit card debt. Alternatives to buying stocks with credit cards Buying stocks with a credit card doesn't make sense in most scenarios, but there are other ways you can start investing or, if you're a beginner, learn how to start investing. For example, you can use different investment credit cards to earn rewards that you can turn into investments: Fidelity® Rewards Visa Signature® Credit Card: You can earn unlimited 2% cash back when your rewards are deposited into an eligible Fidelity account. Robinhood Gold Credit Card: You can earn 3% cash back on all eligible purchases, and your cash-back rewards can be transferred to your Robinhood Financial Brokerage Account. SoFi Unlimited 2% Card: With this card, you can earn unlimited 2% cash back on all eligible purchases. You can redeem your rewards for statement credits or distribute them to other SoFi products, including multiple SoFi investment products. The Gemini Credit Card®: You can earn up to 1% to 4% back in cryptocurrency on eligible about buying stocks with a credit card Can I buy stocks on Robinhood with a credit card? No, the Robinhood investment app doesn't allow you to use a credit card to buy stocks. However, the Robinhood Gold Card allows you to earn points and then redeem them for cash back in a Robinhood Brokerage Cash Account. Do brokers accept credit cards? No, most brokers typically don't accept credit cards as an accepted funding method for participating in the stock market. If you want to invest in ETFs, mutual funds, or stock trading in general, most trading platforms accept debit card or bank account funding. What are the risks of buying stocks with a credit card? Buying stocks with a credit card can come with these risks: High interest rates Additional card fees Fraud potential and scams Damaging your credit score Does buying stocks with a credit card hurt your credit? Buying stocks with a credit card doesn't directly hurt your credit, but it could impact your credit if you miss any required payments. Your payment history is one of the most important factors affecting your credit score, so it's essential to pay off your credit card balances in full and on you buy stocks on Stockpile with a credit card? No, you cannot purchase stocks on Stockpile with a credit card. Stockpile lets you buy gift cards that can be redeemed for stocks of specific companies, but these can't be purchased with credit cards. Editorial Disclosure: The information in this article has not been reviewed or approved by any advertiser. All opinions belong solely to the Yahoo Finance and are not those of any other entity. The details on financial products, including card rates and fees, are accurate as of the publish date. All products or services are presented without warranty. Check the bank's website for the most current information. This site doesn't include all currently available offers. Credit score alone does not guarantee or imply approval for any financial product.
Yahoo
31-07-2025
- Business
- Yahoo
What is a cash advance?
Key takeaways Cash advances on credit cards come with high fees and interest rates, making them a costly option. Interest rates on cash advances are often much higher than regular credit card rates and start accruing immediately. It is best to explore alternatives, such as emergency funds or borrowing from friends or family, before taking out a cash advance. Getting access to cash in a pinch can be daunting, especially if you don't have enough in your checking account to cover an emergency. One way to quickly obtain some cash is by taking out a cash advance on your credit card. But beware: A cash advance is not free cash. Odds are, your cash advance will be a hefty expense. Luckily, there are alternatives available that can save you money. What is a cash advance? A cash advance is a short-term cash loan borrowed against a credit card's limit. Similar to how you repay purchases made with a credit card, you must also pay back the money borrowed with a cash advance. However, the interest rate for borrowing money from a cash advance is often significantly higher than the interest rate on regular credit card purchases. Additionally, most issuers impose a cash advance fee — often 3 to 5 percent of the transaction amount. Cash advance interest rates The interest rate on a cash advance will likely be significantly higher than your regular purchase APR (often close to 30 percent variable). There is also no grace period for cash advance interest rates, so you'll start accruing this inflated interest immediately. To figure out your card's cash advance interest rate, look at its terms and conditions within the Schumer Box, an easily scannable table that lists your card's important information. The info you find in the Schumer Box includes your card's regular APR, penalty fees, late fees and your cash advance interest rate. For example, let's say the ongoing variable APR for a credit card is 11.99 percent to 22.99 percent, making it a relatively low-interest credit card. However, if you review the rates and fees in the fine print, you might see the APR for a cash advance is 24.99 percent to 29.99 percent variable, which is significantly higher than what you could expect from the average credit card interest rate. Cash advance credit line Your cash advance credit line is the maximum amount of cash you can take out on your credit card and is a percentage of your card's total credit line, which depends on the credit card and issuer. Remember, you're using a portion of your credit card's normal credit line when you take out a cash advance, so those funds are not available to make purchases until you pay it back down. How to withdraw a cash advance The process of initiating a cash advance is relatively straightforward and can be done in a few ways. Here's how: If you have a credit card with a PIN, you can use the PIN to withdraw cash from an ATM (subject to ATM fees). If your credit card issuer has physical branch locations, you can request a cash advance from a teller inside. If you have access to checks via your card issuer, you can write out a check to yourself and cash or deposit it as needed. Money tip: In addition to higher interest rates on cash advances, your card issuer starts charging interest on the cash advance amount immediately. Pros and cons of cash advances Pros Cash advances can provide funds immediately when you're in a tight spot. No credit checks or underwriting are needed, Cons Cash advance APRs are often very high. Interest begins accruing immediately, so there's no grace period to rely on. Your available credit limit goes down and utilization goes up, which can impact your credit score. Cash advances can be a red flag to card issuers, which could affect your future approvals or credit limits. Should you do a cash advance? You should only consider taking out a cash advance in emergencies. Getting a cash advance is preferable to taking out a predatory payday loan, but it's still best to explore potentially more cost-effective alternatives. Here are a few alternatives to contemplate before getting a cash advance: Charge it to your credit card. If you can use your credit card for the expense, your APR will likely be lower, and you'll get the benefit of a grace period for a little wiggle room. You may pay a surcharge, but it's likely much cheaper than any interest you'll pay for a cash advance. Dip into an emergency fund. If you have a bit of extra cash saved up, it's better to dip into those emergency funds first, rather than use a cash advance. Borrow from a friend or family member. You could skip out on inflated interest costs altogether by borrowing from friends and family if they have the means. Look into local organizations. Local community centers, nonprofits or religious organizations may have the capacity to help in times of financial crisis. It may not be possible to avoid a cash advance altogether. If you have to get a cash advance, try to take out as little as possible and craft a plan to start paying it back immediately to minimize long-term costs. The bottom line In general, avoid taking out a cash advance. That said, this small loan can be a viable option in a financial emergency. Before you immediately jump to taking out a cash advance, try dipping into an emergency fund or borrowing money from a friend or family member. Exploring other lower-cost options, such as opening a 0 percent intro APR credit card if you need to pay off debt without interest, will most likely save you money over time, so be aware of your choices when considering a cash advance. Frequently asked questions about cash advance Will a cash advance hurt my credit score? A cash advance itself doesn't directly hurt your credit score, but it increases your credit utilization ratio, which can lower your score if not managed properly. High balances and late payments may also negatively impact your credit. How do I pay off a cash advance on my credit card? Pay off the cash advance as soon as possible to minimize interest, which accrues immediately. Prioritize this payment over regular purchases or consider transferring the balance to a lower-interest card if available. Is a cash advance the same as a payday loan? No, a cash advance is a short-term loan against your credit card limit, while a payday loan is a high-fee loan repaid from your next paycheck. Both are costly, but cash advances typically have lower fees. Payday loans can have interest rates in the triple digits.
Independent Singapore
23-07-2025
- Business
- Independent Singapore
Maid asks for later curfew and nearly S$2k cash advance to buy latest iPhone, employer unsure whether to say yes
SINGAPORE: An employer was surprised when her helper, nearing the end of her contract, asked for nearly S$2,000 in advance to purchase the latest iPhone. In a post shared on Tuesday (July 22) in the 'Direct Hire Transfer Singapore Maid / Domestic Helper' Facebook group, the employer explained that her helper, who has been with the family for a year and a half, was firm about wanting 'an iPhone' and unwilling to consider other brands. 'Her reasoning is she's worked her whole life for her family, and now she wants a gift for herself,' the employer shared. Along with the cash advance, the helper also requested a later curfew on her days off. While she is currently expected to return home by 7 p.m., she has asked to extend this to 8:30 p.m. so she can have dinner outside before heading back. The employer noted that the helper has been performing her duties 'satisfactorily,' and even mentioned that their toddler has grown attached to her. However, she expressed hesitation about approving the requests, especially the later curfew, as the helper shares a room with their child. 'We absolutely need her to be back early to avoid disturbing the child's sleep at 9 p.m.,' she wrote. Unsure of how to move forward, the employer asked fellow locals, 'What would you do if you were in our position? Would you agree to her requests?' 'She will need to save up if she really wants it.' In the comments section, one netizen said they wouldn't agree to giving a cash advance, especially since the iPhone is 'a want and not a need.' 'She can still buy the iPhone once she saves up enough money. There is also no guarantee that she won't run away after receiving the advance for the iPhone,' they added. Regarding the request for a later curfew, the same commenter suggested that the employer consider a few things before deciding. 'You have to ask yourself: 1. If you can handle the house till 8.30 p.m.; 2. Do you trust her on her off days? Was she wearing any revealing clothes or heavy makeup on her off days? Has she shown any signs of engaging in activities that you are not comfortable with?' Another netizen said, 'I think returning home at 8:30 p.m. on her off days is fine. Sometimes my helper comes home at 9 p.m., and I'm totally fine with that. But the S$2k advance for the iPhone is a bit much… personally, I wouldn't agree to that… she will need to save up if she really wants it.' A third shared, 'About her asking for a S$2k advance, if you trust her, give it to her. If you don't, don't give. With my previous employer, I always took in advance S$2k+, and we deducted it from my monthly salary. But my current employer doesn't like paying in advance, but I can understand her as well.' In other news, a local employer has decided to send her maid back to the Philippines after discovering she had borrowed money from loan sharks. In a post on r/askSingapore, a Reddit forum, the employer explained that she found out about this issue while preparing for an overseas trip scheduled for early December. Read more: 'They threatened my family' – Employer decides to send helper back home after finding out she borrowed money from loan sharks Featured image by Depositphotos (for illustration purposes only)
Zawya
02-07-2025
- Business
- Zawya
Egypt: FRA raises consumer cash advance limit to $1,013
Arab Finance: The Financial Regulatory Authority (FRA) has raised the maximum limit for cash advances granted for consumer purposes to EGP 50,000, instead of EGP 10,000, according to a statement. The Board of Directors of the Financial Regulatory Authority (FRA), chaired by Mohamed Farid, highlighted that the decision aims to provide more diverse financing options for consumers and enhance financial inclusion. Under the new decision, once a consumer is granted a credit limit by a consumer finance company based on their creditworthiness, the maximum allowable cash advance for that consumer will be set at EGP 50,000, regardless of different credit limits. The resolution stipulates that consumers cannot obtain additional advances until they submit documents proving the previous funds were used for their stated purpose and the prior financing has been fully repaid. In line with Law No.18 of 2019, all financing disbursements and installment collections shall be conducted via non-cash or e-payment methods. The law stipulates that the maximum amount for cash disbursements is EGP 2,000, while the maximum amount for paying cash installments is EGP 500. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Yahoo
24-06-2025
- Business
- Yahoo
Bad Credit Cash Advance US: A Look at Options for 2025
A 2025 Guide to Bad Credit Cash Advances Available Through Honest Loans Dallas, June 24, 2025 (GLOBE NEWSWIRE) -- Are you struggling to make ends meet and in need of fast cash? If you have bad credit, it can be challenging to find a lender willing to work with you. But don't worry; we have some excellent news for you! Our team has scoured the US market to find the top lenders offering bad credit cash advance options. These cash advances can provide the financial relief you need to cover unexpected expenses or bridge the gap between paychecks. Bad Credit Cash Advance Lenders in the US – Low-interest cash advances. With just a tap, you can effortlessly select the company that best fits your requirements and secure the bad credit cash advance you need to manage unexpected expenses or bridge the gap until your next paycheck. Honest Loans: Low-interest cash advances If you are facing a cash crisis due to bad credit and a cash advance is your only way out, Honest Loans is the ideal fix for your situation. Honest Loans is best known for its accommodative lending rates and flexible borrowing limits between $100 and $50,000. With this range, you can rest assured that your immediate financial distress will be solved. Getting a bad credit cash advance from Honest Loans is a good option, as you will get to relish the following benefits: Fast decisions. Variety of lending options. Prioritized safety and privacy. Fast approvals. Convenient applications. Low-interest rates. Fast deposits. Honest Loans is a reliable broker whom you can count on to extend a cash advance in times of financial turmoil, regardless of your credit history. What Is a Cash Advance? A cash advance is a short-term loan extended to individuals in small amounts. Credit card companies usually provide these loans, allowing borrowers to borrow against their borrowing capacity. Cash advances are also given out by other lenders and can be used to meet short-term expenses and emergencies if any arise. They are a quick solution to filling in unexpected financial gaps in terms of liquidity or availability of funds. Types of Cash Advances There are multiple categories of cash advances available. They are: Payday loan cash advances – Payday loan cash advances are short-term loans that you take to repay on your next payday. It is often used to cover unexpected expenses or bills and is usually based on your income and credit score. Creditcard cash advances – Credit card cash advances allows you to withdraw cash from an ATM or bank using a credit card. The amount advanced is usually capped to a certain percentage of the credit card's credit limit. Merchant cash advances – In merchant cash advances, a business sells a portion of its future credit and debit card sales to a lender in exchange for a lump sum of cash. The lender takes a percentage of each sale until the loan is repaid. Merchant cash advances are a good option for businesses that have consistent credit and debit card sales but may not qualify for traditional loans. How to Apply for A Bad Credit Cash Advance Unlike other loans, cash advances are relatively easy to apply, and in this case, thorough credit checks are not necessary. With the wide internet connection available, applying for a cash advance has been made way much easier as you do not have to do any paperwork or make long queues. The following are the steps to applying for a cash advance: Pick a lender from the suggested list of cash advance providers. Provide the necessary information by filling out the application form. Wait for the system to verify and assess your application. Receive notification of your application approval from the lender. Obtain the approved cash advance amount directly to your bank account. Whether you are an experienced borrower or this is your first time applying for a cash advance, you can be sure that you will not get stuck while making an application. The process is easy to follow, and the interfaces are streamlined to ensure an effortless user experience. Qualifications for Cash Advances When applying for a cash advance, specific eligibility criteria must be met before you qualify. Those qualifications are: US citizenship or permanent residency. A minimum age of 18. A verifiable income source. An active bank account. Functional contact details such as phone or email. Meeting the above criteria is crucial for you to be viable for a cash advance. However, many applicants satisfy the above requirements, and for that reason, cash advances have a high approval rate. Cash Advances vs Other Loan Types The following are some of the features of cash advances that make them stand out from the other loan types: Short-term – Cash advances are short-term loans with flexible repayment periods that can be discussed between the lender and borrower. Other loans, such as personal loans, car loans, and mortgages, have longer repayment periods. Normally, the repayment periods cannot be renegotiated. High interest rates – Cash advances often have higher interest rates compared to other types of loans. This is attributed to the fact that they are unsecured, meaning they are not backed by any collateral and, as a result, carry a higher risk. Smaller loan amounts – Cash advances typically offer smaller loan amounts compared to other types of loans. This is owed to the fact they are designed to provide immediate cash for emergencies or unexpected expenses. Other loan types, on the other hand, are mostly used to make large purchases or make costly investments. Different eligibility requirements – Cash advances have different eligibility requirements compared to other loans on account of being based on income and employment history rather than credit score and collateral. Quick approval and disbursement – Cash advances are designed to provide you with quick access to funds and, therefore, a quicker approval and disbursement process thanks to little to no checks and the absence of tedious paperwork. In contrast, other loan types may take longer to approve and disburse, considering that extensive checks are a necessity. Pros and Cons Pros Fast access to cash – Cash advances provide quick access to funds when you need them without having to wait for lengthy approval processes. Credit is not a significant factor for approval – Cash advances can be granted to you even if you have bad credit as FICO scores are rarely used as a factor. No paperwork is required – Cash advances are convenient to apply as all the processes are done online. No collateral is needed: Cash advances are unsecured and as such, they are less risky if you don't want to put up your assets as collateral. They do not affect your credit report – Cash advances are not reported on your credit file so they do not have an impact on your credit score. They are an easy and quick solution for emergencies – Cash advances provide a quick solution to financial emergencies and unforeseen expenses without the hassle of a long approval process or paperwork. Cons Relatively high interest rates – Cash advances have relatively higher interest rates compared to their alternatives, making them a more expensive form of borrowing. Looming debt cycle – If you are unable to pay off your cash advance quickly, you may find yourself in a cycle of debt, with high-interest charges piling up and making it difficult to repay. Conclusion In conclusion, cash advances provide you with much-needed financial relief when things like bad credit impede getting financial aid in times of crisis. Still, they should be used responsibly and as a last resort. By doing so, you can avoid the pitfalls of cash advances and use them as a tool to manage unexpected expenses effectively rather than as a means to finance a lifestyle. When making cash advance applications, it is vital that you read the terms and conditions carefully and understand the fees, interest rates, and policies in place. This will help you formulate a plan to pay back the loan promptly. Frequently Asked QuestionsYou can apply for a cash advance through various methods depending on the type of cash advance you want. For a payday loan cash advance, you can apply online or in-store. For a credit card cash advance, you can withdraw money at an ATM or request a cash advance through your credit card issuer's website or customer care service hotline. You can apply for a merchant cash advance through a merchant cash advance you can still get a cash advance even if you have bad credit. Your credit score is not the primary factor determining your approval for a cash advances come with several fees, such as interest charges, transaction fees, and ATM fees for credit card cash advances. However, it is important to read the terms and conditions in the agreement carefully to understand all the fees associated with your particular cash cash advances can be used for any purpose, they are intended for short-term use only. Using them to cover everyday expenses can quickly lead to a cycle of debt and financial repayment terms for cash advances vary depending on the type of advance and the lender's policies. Generally, payday loans are due on your next payday, while credit card cash advances have a payment due date that coincides with your credit card billing cycle. Merchant cash advances, on the other hand, have a set percentage of your daily credit card sales that are used to repay the advance until the balance is paid in full. Company: Honest Loans Phone: 888-718-9134 Email: support@ Legal Disclaimer & Affiliate Disclosure The information provided in this article is for general informational and educational purposes only and is not intended as financial advice, legal advice, or a substitute for professional consultation. Neither the author nor the publisher makes any guarantees regarding the accuracy, reliability, timeliness, or completeness of the content. While efforts are made to keep the information current and accurate, no representations or warranties are made as to the validity of any statements, claims, or financial offers described herein. Loan terms, rates, approval criteria, and qualifications may vary by provider, and applicants are strongly advised to consult directly with the individual lending companies mentioned to verify all conditions, disclosures, and legal obligations before proceeding. The availability and suitability of financial products may differ based on jurisdiction and are subject to change without notice. This article may contain links that lead to third-party websites or services. These may include affiliate links, meaning that the publisher may earn a commission if a purchase or application is made through such links, at no additional cost to the reader. The inclusion of such links does not imply any endorsement, guarantee, or responsibility for the content or offerings of third-party sites. Readers are encouraged to perform their own due diligence before engaging with any external entities. All company names, logos, trademarks, or registered trademarks mentioned are the property of their respective owners and are used strictly for identification purposes. No direct relationship or partnership should be inferred between any mentioned companies and the publisher of this content. This content is provided 'as is' without warranty of any kind. To the fullest extent permissible under applicable law, the publisher and all syndication partners, contributors, and distributors disclaim all liability for any errors, omissions, or inaccuracies that may be contained in this article, whether arising from negligence or any other cause, and shall not be held liable for any losses, damages, or consequences resulting from reliance on any information presented herein. Use of this article and any reliance on the content is strictly at the reader's own risk. CONTACT: Company: Honest Loans Phone: 888-718-9134 Email: support@ in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
