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Cash Advance: Is it another name for payday loan?

Here I will not answer the question as stated in the title of this post, but I will try to write what cash advance is and what payday loan is, so those of you who are often confused with the two terms or any other similar term such as fast cash advance, faxless cash advance, etc, will understand. We will start this discussion from the meaning of loan. Let’s get started!

Loan is a type of debt. Basically, any type of loan, whether it is cash loan, auto loan, home loan, or anything else, including credit card, is a financial instrument involving money in the loan repayment. Now, when you need cash money (here you also should repay the loan with money), you can use the cash loan programs or your credit cards.

When you use your credit cards to borrow money, you can use the service which most credit cards provide. The service is called Cash Advance. In the meanwhile, the term of Cash Advance is also used to refer to Payday Loan. So, when you talk about cash advance, you should know from which you borrow the cash, credit card or cash loan. If someone says cash advance is payday loan or vise versa, you may agree with him or her, provided the cash is not from credit card service.

Payday Loan is a cash loan that allows those who are employed to borrow cash money until the next payday and it is also called paycheck advance and then many people say it as cash advance.

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