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Although credit cards are now widely accepted throughout the world, there are many times when you may find yourself in need of physical cash. Many businesses have chosen to remain cash only in order to avoid the high costs charged by credit card companies, and personal debts must still be paid with paper, as few private citizens carry a card reader around with them.

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If you find yourself in one of these situations, you may be tempted to take out a payday loan in order to purchase an item or pay a friend the money you owe them. Before doing so, there are many things one should consider. Although it may seem attractive, a payday loan may not always be the best option, as the cost may end up outweighing the benefits.

The biggest reason why one should avoid withdrawing a cash advance on a credit card is the cost of doing so. The Annual Percentage Rate for cash is much higher than it is for purchases, usually at around 20% or higher. Thus, an advance for $100 could end up costing you $20 or more if you fail to pay it off over the course of a year. People often take out advances on their cards and online payday loans with the expectation that they will be paid off immediately.

While these intentions are good, they do not always work out so, as credit cards are often swept under the rug, particularly if any unexpected financial hardships should arise. This is because people are tempted to pay only the monthly minimum payment, which, although one cannot be blamed for doing so in tough times, does ensure that you will pay the full 20% or more on your cash withdrawal.