Credit Cash Today Savings!
Scenario: Borrowing $1,000 Cash
•Personal Loan Center: oWeekly Interest on $1,000 = $37.90 oMonthly Interest on $1,000 = $151.60 •Credit Card Cash advance (This scenario assumes that your minimum payment is calculated based on the interest owed plus 1% of the balance. This scenario will show your payments assuming your interest rate has doubled from 15% to 30%) oMonthly Interest Average: $23.67 o1st year Interest $284.04 oTotal Interest if minimum is paid until debt is repaid $1,760.92 •Our Credit Conversion! (This scenario assumes that your minimum payment is calculated based on the interest owed plus 1% of the balance. This scenario will show your payments assuming your interest rate does not increase from 15% oMonthly Interest Average: $11.84 o1st year interest $142.02 oTotal Interest if minimum is paid until debt is repaid $729.14 – Savings vs above cash advance $1,031.78!
The above shows a Credit Conversion vs cash advance savings of $142.02 if your debt is outstanding for one year! Credit Conversion vs Personal Loan Company? In the first month alone you would pay $139.76 more with a personal loan company! These figures are also very conservative as a financial institution will often raise the interest rate on the cash advance well above 30%. We can also convert up to $4,000 per transaction where as a cash advance will typically only allow you to borrow a very low percentage of your available credit such as $300-$600. ***Use a cash back Credit Card for even more savings!
The figures above are estimates, averages and examples of possible fees and savings using various methods of borrowing. The above does not guarantee this is your situation as every credit card holder has a different agreement. The figures above were calculated using information from various personal loan company websites and Credit Card Calculators. For more detailed estimates of your situation you can use the following resource. http://www.bankrate.com/calculators/managing-debt/minimum-payment-calculator.aspx Credit Cash Today uses a special technique called credit conversion to convert your available credit to cash. We do our best to use a discreet description of the transaction to try and avoid your financial institution raising your interest rate or attempting to charge any cash equivalent transaction fees. The above savings assumes your financial institution does not raise your interest rate or charge a cash equivalent transaction fee. The above also assumes that the financial institution issuing a cash advance also charges a 1 time 10% transaction fee/counter fee and 3.5% processing fee.