What is Cash Advance Transaction?
Cash advance is a service that banks offer to their customers who are working with them or want to work with them. This service is given with a certain interest rate as cash advance for a period of one month, but with an installment cash advance with a maturity between 3 and 12 months. In order to benefit from this service, you must have a previously opened limited deposit account at the bank or have credit cards at the usable limit. If you do not have any of these options, you can go to the bank and open an account or request a credit card so that you can get these services.
Does Cash Advance Transaction Affect Credit Rating?
Transactions such as cash advance is a transaction that affects your credit rating. We would like to tell you that you should be very careful about your transactions like this. As long as you make your payments on a regular basis, your credit rating will be positively affected, but this will cause your credit rating to drop if you disrupt your payments.
Installment Cash Advance Calculation Process
Calculating cash advance in installments You can calculate your transactions either from the bank's customer service, from the bank branch or from your own home. The important issue here is to know clearly and accurately the interest rate to be applied by the bank. The interest rate applied by each bank, the amount of interest varies. It is generally known as 1,4%. A little cash advance calculation by installments Let's do the operation.
In the amount of 750 Turkish Liras, we want to make a cash advance transaction with a 3-month installment, but the amount we need to provide monthly is 258,45 Turkish Liras, and the total amount we will give at the end of 3 months is 775,34 Turkish Liras.
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