facebookAny thoughts about Cash Advance with Installment Plans? - Seedly

Advertisement

Anonymous

23 Sep 2019

โˆ™

Property

Any thoughts about Cash Advance with Installment Plans?

I am running low on cash, and a bank suggested me a cash advance offer with instalment plans and '0 interest'. Should I go for it?

Discussion (1)

What are your thoughts?

Learn how to style your text

Loh Tat Tian

23 Sep 2019

Founder at PolicyWoke (We Buy Insurance Policies)

Even if you wish to get cash advance, please take note of the following:

(1) Interest Rate, and Effective Interest Rate.

I can give you a 0% interest, but for every $12,000 you borrow, I charge you $600 for fees.

Is this really 0% interest then? OR is it $12,600 instead?

Also, If I have to repay the loan at $1,050.00 per month, is it really only 5% fees? Or more than that?

Think about it.

Write your thoughts

Advertisement