{"id":26225,"date":"2023-03-02T13:13:21","date_gmt":"2023-03-02T21:13:21","guid":{"rendered":"https:\/\/www.nerdwallet.com\/ca\/?page_id=26225"},"modified":"2024-05-06T14:19:20","modified_gmt":"2024-05-06T21:19:20","slug":"cash-advance-vs-personal-loan","status":"publish","type":"page","link":"https:\/\/www.nerdwallet.com\/ca\/loans\/cash-advance-vs-personal-loan","title":{"rendered":"Cash Advance vs Personal Loan: How to Choose"},"content":{"rendered":"\n<p class=\"\">A cash advance and a personal loan are both ways to borrow money. While a cash advance is a short-term high interest loan, often used to cover emergency expenses, a personal loan usually has lower rates in comparison, and is paid back over a longer period of time.<\/p>\n\n\n\n<p class=\"\">Deciding whether a cash advance or personal loan is best for you will depend on how quickly you need the money, how much you need to borrow, and your personal credit profile.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Cash advance and personal loan overview<\/h2>\n\n\n\n<p class=\"\">When you need money to cover an unforeseen expense, two common options to access funds are a cash advance or a personal loan.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Cash advance definition<\/h3>\n\n\n\n<p class=\"\">A cash advance is a small, short-term loan that often comes with a high interest rate and\/or fees. It\u2019s generally intended to be paid back quickly, often within a matter of days or weeks.&nbsp;<\/p>\n\n\n\n<p class=\"\">In Canada, common types of cash advances include:<\/p>\n\n\n\n<ul class=\"\">\n<li class=\"\"><a href=\"https:\/\/www.nerdwallet.com\/ca\/loans\/what-is-a-payday-loan\">Payday loan<\/a>.<\/li>\n\n\n\n<li class=\"\">Credit card cash advance.<\/li>\n\n\n\n<li class=\"\"><a href=\"https:\/\/www.nerdwallet.com\/ca\/loans\/what-is-a-merchant-cash-advance\">Merchant cash advance<\/a> (for business owners only).&nbsp;<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">How a cash advance works&nbsp;<\/h4>\n\n\n\n<p class=\"\">A cash advance is designed to provide quick access to funds. Cash advances are most often used by those who don\u2019t have the time to go through the application process for typical <a href=\"https:\/\/www.nerdwallet.com\/ca\/banking\/types-of-loans\">loan<\/a> or line of credit.<\/p>\n\n\n\n<p class=\"\">To take a cash advance from a credit card, you\u2019ll withdraw money from an <a href=\"https:\/\/www.nerdwallet.com\/ca\/banking\/what-is-an-atm\">ATM<\/a> using your card. Or, if your credit card is with a provider like a bank with a brick-and-mortar location, you can go in person to withdraw money.&nbsp;<\/p>\n\n\n\n<p class=\"\">Unlike when you charge a purchase to your card, the interest on a <a href=\"https:\/\/www.nerdwallet.com\/ca\/credit-cards\/what-is-a-cash-advance-credit-card\">credit card cash advance<\/a> starts accruing immediately, which is why important to approach this option with caution. Cash advances are typically charged a higher interest rate than purchases charged to your card and additional fees may also be imposed.<\/p>\n\n\n\n<p class=\"\">Cash advances are also available from alternative lenders, like payday loan companies. You can apply online or in person and get a sum of money (generally not more than $1,500). These cash advances are generally expected to be paid back by your next payday \u2014 hence the name. <a href=\"https:\/\/www.nerdwallet.com\/ca\/banking\/what-is-interest-rate\">Interest rates<\/a> (sometimes simply referred to as fees) are incredibly high on these types of cash advances and can lead to financial trouble if you aren\u2019t able to pay back the entire amount in the time allotted.&nbsp;<\/p>\n\n\n\n<p class=\"has-lightest-green-background-color has-background has-normal-font-size\" style=\"margin-top:var(--wp--preset--spacing--30);margin-right:var(--wp--preset--spacing--30);margin-bottom:var(--wp--preset--spacing--30);margin-left:var(--wp--preset--spacing--30);padding-top:var(--wp--preset--spacing--60);padding-right:var(--wp--preset--spacing--60);padding-bottom:var(--wp--preset--spacing--60);padding-left:var(--wp--preset--spacing--60)\"><em>The 2023 federal budget proposes an amendment to the Criminal Code that lowers the&nbsp;maximum interest&nbsp;rate cap&nbsp;from 47% to 35% annually. The budget also aims to eliminate current legislative loopholes that allow payday lenders to charge prohibitively high interest rates on their loans. If put into effect, payday lenders will be permitted to charge no more than $14 per $100 borrowed.<\/em><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Personal loan definition<\/h3>\n\n\n\n<p class=\"\">A <a href=\"https:\/\/www.nerdwallet.com\/ca\/loans\/what-is-a-personal-loan\">personal loan<\/a> is a lump sum of money offered by a lender, like a bank, credit union or alternative financial institution. Personal loan funds can be used for whatever you like, but you are required to pay back the amount with interest on a set schedule over a predetermined loan term.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">How a personal loan works&nbsp;<\/h4>\n\n\n\n<p class=\"\">Personal loans are paid back according to the timeline outlined in your loan agreement. Interest rates may be fixed or variable, and repayment terms generally range from one to seven years, depending on your lender.<\/p>\n\n\n<div class=\"c-block-in-house-promotion is-advert-style__image-small is-style-horizontal wp-block-nerdwallet-blocks-in-house-ad\">\n\n\t\t\t<div class=\"c-promotion-banner__partner-spotlight\">\n\t\t\t<img\n\t\t\t\tsrc=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/plugins\/nerdwallet-blocks\/assets\/images\/nerdwallet-bug.svg\"\n\t\t\t\talt=\"Nerdwallet Logo\"\n\t\t\t\/>\n\t\t\t<span class=\"c-promotion-banner__partner-spotlight--title\">\n\t\t\t\tPartner Spotlight\t\t\t<\/span>\n\t\t<\/div>\n\t\n\t<div\n\t\tclass=\"c-block-in-house-promotion__inner\"\n\t\tstyle=\"background-image: none;\"\n\t>\n\n\t\t\t\t\t<div class='c-block-in-house-promotion__image-wrapper'>\n\t\t\t\t<div class='c-block-in-house-promotion__image'>\n\t\t\t\t\t<img decoding=\"async\" class=\"c-block-in-house-promotion__icon-img\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2024\/04\/LoanConnect-Logo-Transparent-Background.png\" alt=\"Ad Icon\" \/>\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\n\t\t<div class=\"c-block-in-house-promotion__content-wrapper c-block-in-house-promotion__no-image\">\n\t\t\t\n\t\t\t<h3 class=\"c-block-in-house-promotion__title\">Get Multiple Loan Offers in Under 60 Seconds!<\/h3>\n\t\t\t\t\t\t\t<p class=\"c-block-in-house-promotion__content\">\n\t\t\t\t\tA Leader in Personal Loan Solutions for Canadians!<strong> Pre-Approvals up to $50,000. Choose the rates &amp; terms that work for you<\/strong>. A Safe and Secure System that allows you to search a network of Canadian lenders.\t\t\t\t<\/p>\n\t\t\t\t\t<\/div>\n\n\t\t<div class=\"c-block-in-house-promotion__cta wp-block-button\"><a href=\"https:\/\/loanconnect.ca\/apply_now?pd=nerdwallet\" target=\"_blank\" rel=\"nofollow noopener noreferrer\" class=\"nw-cta track-click-mon wp-block-button__link wp-element-button\" data-placement=\"Promotional banner\">APPLY NOW<\/a><\/div>\t<\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Cash advance vs personal loan<\/h2>\n\n\n\n<div class=\"wp-block-nerdwallet-blocks-tablepress\"><div class=\"c-tablepress-table-wrapper\" style=\"overflow-x: auto;\">\n<table id=\"tablepress-193\" class=\"tablepress tablepress-id-193\">\n<thead>\n<tr class=\"row-1 odd\">\n\t<th class=\"column-1\"><\/th><th class=\"column-2\">Cash advance<\/th><th class=\"column-3\">Personal Loan<\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-hover\">\n<tr class=\"row-2 even\">\n\t<td class=\"column-1\"><strong>Common types<\/strong><\/td><td class=\"column-2\">Credit card cash advance, payday loan, merchant cash advance (for businesses).<\/td><td class=\"column-3\">Secured and unsecured loans. <br \/>\nDebt consolidation loans. <br \/>\nHome improvement loans. <br \/>\nRetirement savings loans.<\/td>\n<\/tr>\n<tr class=\"row-3 odd\">\n\t<td class=\"column-1\"><strong>Uses<\/strong><\/td><td class=\"column-2\">Emergency expenses or purchases that can't wait for a loan approval.<\/td><td class=\"column-3\">Consolidating debt, buying a car, paying for school expenses, making home repairs or improvements, covering emergency\/unforeseen expenses.<\/td>\n<\/tr>\n<tr class=\"row-4 even\">\n\t<td class=\"column-1\"><strong>Where to get<\/strong><\/td><td class=\"column-2\">From an ATM using your credit card, in person at a bank or via a payday loan provider.<\/td><td class=\"column-3\">Banks.<br \/>\nCredit unions.<br \/>\nSome alternative lenders.<\/td>\n<\/tr>\n<tr class=\"row-5 odd\">\n\t<td class=\"column-1\"><strong>Typical loan limits<\/strong><\/td><td class=\"column-2\">Credit card providers may limit cash advances to 30% or 40% of your credit limit. Payday loans can offer $120 to $1,500, though amounts will vary by lender.<\/td><td class=\"column-3\">Up to $50,000, depending on lender.<\/td>\n<\/tr>\n<tr class=\"row-6 even\">\n\t<td class=\"column-1\"><strong>Typical interest rates<\/strong><\/td><td class=\"column-2\">Credit card cash advances often have APRs around 22% but can be higher; interest rates for a payday loan average 540% APR but can be as high as 780%.<\/td><td class=\"column-3\">Around 10% on average, depending on credit profile.<\/td>\n<\/tr>\n<tr class=\"row-7 odd\">\n\t<td class=\"column-1\"><strong>Typical qualification requirements<\/strong><\/td><td class=\"column-2\">For credit card cash advances, there are no additional qualifications once you have the credit card. For payday cash advances, you may have to be the age of majority in your province or territory, show proof of income and have a chequing account<\/td><td class=\"column-3\">Credit history and score, age of majority, permanent address, proof of employment and income.<\/td>\n<\/tr>\n<tr class=\"row-8 even\">\n\t<td class=\"column-1\"><strong>Typical payback terms<\/strong><\/td><td class=\"column-2\">For payday loans, you're usually required to pay back the money on your next payday.<\/td><td class=\"column-3\">From one to seven years, depending on provider.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">Cash advance vs personal loan: Which is right for you?<\/h3>\n\n\n\n<p class=\"\">Here are some points to consider when choosing between a cash advance or a personal loan.&nbsp;<\/p>\n\n\n\n<p class=\"\"><strong>Urgency. <\/strong>The approval process for a personal loan is usually longer than getting a cash advance, which can be as simple as finding the nearest ATM, if you use your credit card.<\/p>\n\n\n\n<p class=\"\"><strong>Your credit score.<\/strong> While it\u2019s possible to get a personal loan even if you have a low <a href=\"https:\/\/www.nerdwallet.com\/ca\/personal-finance\/what-is-a-good-credit-score\">credit score<\/a>, it may be easier to get approved for a cash advance at a payday loan provider. Or skip the approval process entirely by using your credit card to get a cash advance.<\/p>\n\n\n\n<p class=\"\"><strong>How quickly you can pay back the debt.<\/strong> Because the interest rates for a cash advances are so high, it can quickly spiral into a much larger debt. Before you use one, make sure to have a plan for repaying it, along with interest and fees.<\/p>\n\n\n\n<div class=\"nwb-authors nwb-authors__footer wp-block-nerdwallet-blocks-authors-card\">\n\t<div class=\"nwb-authors__wrapper\">\n\t\t<h4 class=\"nwb-authors__title\">\n\t\t\tAbout the Author\t\t<\/h4>\n\n\t\t\t\t\t<div class=\"nwb-authors__content\">\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/sandra-macgregor\">\n\t\t\t\t\t\t<img\n\t\t\t\t\t\t\tclass=\"nwb-authors__image\"\n\t\t\t\t\t\t\tsrc=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/07\/Sandra-MacGregor-e1626212852416-100x100.jpg\"\n\t\t\t\t\t\t\twidth=\"120\" height=\"120\"\n\t\t\t\t\t\t\talt=\"Sandra MacGregor photo\"\n\t\t\t\t\t\t\/>\n\t\t\t\t\t<\/a>\n\t\t\t\t\n\t\t\t\t<div>\n\t\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/sandra-macgregor\">\n\t\t\t\t\t\t<strong>Sandra MacGregor<\/strong>\n\t\t\t\t\t<\/a>\n\n\t\t\t\t\t<div class=\"nwb-authors__bio\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<p>Sandra MacGregor is a freelance writer who has been covering personal finance, investing and credit cards for over a decade. Her work has appeared in a variety of publications like&hellip;<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/sandra-macgregor\" title=\"Read more about Sandra MacGregor\">\n\t\t\t\t\t\t\t<span>Read more about Sandra MacGregor and explore their articles<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t<\/div>\n<\/div>\n\n\n\n\t<section class=\"c-block-card-grid container\"\n\t\t\t>\n\t\t\t\t\t<h4 class=\"c-block-card-grid__title\">\n\t\t\t\tDIVE EVEN DEEPER\t\t\t<\/h4>\n\t\t\n\t\t<div class=\"c-block-card-grid-scroll column-four\">\n\t\t\t<div class=\"c-block-card-grid-scroll__column\">\n<div id=\"post-23057\" class=\"c-block-card post-23057 page type-page status-publish has-post-thumbnail hentry content-classification-loans topic-personal-loans cluster-personal-loans\">\n\t<div class=\"c-block-card__inner c-block-card__inner--large\">\n\t\t\t<a class=\"c-block-card__image-wrapper\" href=\"https:\/\/www.nerdwallet.com\/ca\/loans\/how-do-i-get-a-personal-loan\" rel=\"bookmark\">\n\t\t<img loading=\"lazy\" width=\"435\" height=\"290\" decoding=\"async\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2023\/02\/GettyImages-1028679822-435x290.jpg\" class=\"c-block-card__image wp-post-image\" alt=\"How Do I Get a Personal Loan? Cost, Eligibility and Credit Score\" \/>\t<\/a><!-- .c-entry__thumbnail -->\n\t\t\t<div class=\"c-block-card__content-wrapper\">\n\t\t\t\n<h4 class=\"c-block-card__title\">\n\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/loans\/how-do-i-get-a-personal-loan\" rel=\"bookmark\" class=\"c-block-card__title-link\">\n\t\tHow Do I Get a Personal Loan? Cost, Eligibility and Credit Score\t<\/a>\n<\/h4>\n\n\t<div class=\"c-block-card__content\">\n\t\t<p>To get a personal loan in Canada, you&#8217;ll have to meet common requirements around age, residency, income, and credit score.<\/p>\n\t<\/div>\n\n\t<div class=\"c-block-card__authors\">\n\t\t\t\t<div class=\"nw-written-by-layout-inline\">\n\t\t\t\n\t\t\t<div class=\"nw-written-by-layout-inline--wrapper\">\n\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/hannah-logan\" class=\"author url fn\" rel=\"author\"><img loading=\"lazy\" decoding=\"async\" width=\"32\" height=\"32\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/07\/Hannah-Logan-e1626212867388-40x40.jpg\" class=\"avatar avatar-32 photo wp-post-image\" alt=\"\" \/>Hannah Logan<\/a>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div><!-- .c-card__content-wrapper -->\n\t<\/div>\n<\/div><!-- #post-23057 -->\n<\/div><div class=\"c-block-card-grid-scroll__column\">\n<div id=\"post-1253\" class=\"c-block-card post-1253 page type-page status-publish has-post-thumbnail hentry content-classification-personal-finance topic-personal-finance cluster-personal-finance\">\n\t<div class=\"c-block-card__inner c-block-card__inner--large\">\n\t\t\t<a class=\"c-block-card__image-wrapper\" href=\"https:\/\/www.nerdwallet.com\/ca\/personal-finance\/what-is-an-emergency-fund\" rel=\"bookmark\">\n\t\t<img loading=\"lazy\" width=\"460\" height=\"191\" decoding=\"async\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/07\/What-is-an-emergency-fund--e1626886445371-460x191.jpg\" class=\"c-block-card__image wp-post-image\" alt=\"Why Are Emergency Funds Important?\" \/>\t<\/a><!-- .c-entry__thumbnail -->\n\t\t\t<div class=\"c-block-card__content-wrapper\">\n\t\t\t\n<h4 class=\"c-block-card__title\">\n\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/personal-finance\/what-is-an-emergency-fund\" rel=\"bookmark\" class=\"c-block-card__title-link\">\n\t\tWhy Are Emergency Funds Important?\t<\/a>\n<\/h4>\n\n\t<div class=\"c-block-card__content\">\n\t\t<p>An emergency fund is best kept in an accessible savings account so you can easily get your money when unexpected expenses arise. <\/p>\n\t<\/div>\n\n\t<div class=\"c-block-card__authors\">\n\t\t\t\t<div class=\"nw-written-by-layout-inline\">\n\t\t\t\n\t\t\t<div class=\"nw-written-by-layout-inline--wrapper\">\n\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/aaron-broverman\" class=\"author url fn\" rel=\"author\"><img loading=\"lazy\" decoding=\"async\" width=\"32\" height=\"32\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/07\/Aaron-Broverman-e1626212778927-40x40.jpg\" class=\"avatar avatar-32 photo wp-post-image\" alt=\"\" \/>Aaron Broverman<\/a>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div><!-- .c-card__content-wrapper -->\n\t<\/div>\n<\/div><!-- #post-1253 -->\n<\/div><div class=\"c-block-card-grid-scroll__column\">\n<div id=\"post-15712\" class=\"c-block-card post-15712 page type-page status-publish has-post-thumbnail hentry content-classification-loans topic-personal-loans cluster-personal-loans\">\n\t<div class=\"c-block-card__inner c-block-card__inner--large\">\n\t\t\t<a class=\"c-block-card__image-wrapper\" href=\"https:\/\/www.nerdwallet.com\/ca\/loans\/personal-loan-vs-line-of-credit\" rel=\"bookmark\">\n\t\t<img loading=\"lazy\" width=\"460\" height=\"192\" decoding=\"async\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2022\/11\/Personal-Loan-vs-Line-of-Credit-feature-image-e1668461522356-460x192.jpg\" class=\"c-block-card__image wp-post-image\" alt=\"Personal Loan vs. Line of Credit: How to Choose\" \/>\t<\/a><!-- .c-entry__thumbnail -->\n\t\t\t<div class=\"c-block-card__content-wrapper\">\n\t\t\t\n<h4 class=\"c-block-card__title\">\n\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/loans\/personal-loan-vs-line-of-credit\" rel=\"bookmark\" class=\"c-block-card__title-link\">\n\t\tPersonal Loan vs. Line of Credit: How to Choose\t<\/a>\n<\/h4>\n\n\t<div class=\"c-block-card__content\">\n\t\t<p>The difference between a line of credit and a loan is that a loan is borrowed as a lump sum, while a line of credit can be used and repaid on an ongoing basis.<\/p>\n\t<\/div>\n\n\t<div class=\"c-block-card__authors\">\n\t\t\t\t<div class=\"nw-written-by-layout-inline\">\n\t\t\t\n\t\t\t<div class=\"nw-written-by-layout-inline--wrapper\">\n\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/sandra-macgregor\" class=\"author url fn\" rel=\"author\"><img loading=\"lazy\" decoding=\"async\" width=\"32\" height=\"32\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/07\/Sandra-MacGregor-e1626212852416-40x40.jpg\" class=\"avatar avatar-32 photo wp-post-image\" alt=\"\" \/>Sandra MacGregor<\/a><a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/clay-jarvis\" class=\"author url fn\" rel=\"author\"><img loading=\"lazy\" decoding=\"async\" width=\"32\" height=\"32\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2022\/03\/IMG_20220329_114424-150x150.jpg\" class=\"avatar avatar-32 photo wp-post-image\" alt=\"\" \/>Clay Jarvis<\/a>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div><!-- .c-card__content-wrapper -->\n\t<\/div>\n<\/div><!-- #post-15712 -->\n<\/div><div class=\"c-block-card-grid-scroll__column\">\n<div id=\"post-30344\" class=\"c-block-card post-30344 page type-page status-publish has-post-thumbnail hentry content-classification-loans topic-personal-loans cluster-personal-loans\">\n\t<div class=\"c-block-card__inner c-block-card__inner--large\">\n\t\t\t<a class=\"c-block-card__image-wrapper\" href=\"https:\/\/www.nerdwallet.com\/ca\/loans\/what-is-a-pawn-loan\" rel=\"bookmark\">\n\t\t<img loading=\"lazy\" width=\"435\" height=\"290\" decoding=\"async\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2023\/04\/GettyImages-1214791327-435x290.jpg\" class=\"c-block-card__image wp-post-image\" alt=\"What Is a Pawn Loan?\" \/>\t<\/a><!-- .c-entry__thumbnail -->\n\t\t\t<div class=\"c-block-card__content-wrapper\">\n\t\t\t\n<h4 class=\"c-block-card__title\">\n\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/loans\/what-is-a-pawn-loan\" rel=\"bookmark\" class=\"c-block-card__title-link\">\n\t\tWhat Is a Pawn Loan?\t<\/a>\n<\/h4>\n\n\t<div class=\"c-block-card__content\">\n\t\t<p>A pawn loan is a type of short-term, secured personal loan that allows you to borrow against the value of an item you own.<\/p>\n\t<\/div>\n\n\t<div class=\"c-block-card__authors\">\n\t\t\t\t<div class=\"nw-written-by-layout-inline\">\n\t\t\t\n\t\t\t<div class=\"nw-written-by-layout-inline--wrapper\">\n\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/helen-burnett-nichols\" class=\"author url fn\" rel=\"author\"><img loading=\"lazy\" decoding=\"async\" width=\"32\" height=\"32\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2022\/01\/Helen-headshot-1-e1641509856123-40x40.jpg\" class=\"avatar avatar-32 photo wp-post-image\" alt=\"\" \/>Helen Burnett-Nichols<\/a>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div><!-- .c-card__content-wrapper -->\n\t<\/div>\n<\/div><!-- #post-30344 -->\n<\/div>\t\t<\/div>\n\t<\/section>\n\n","protected":false},"excerpt":{"rendered":"<p>A cash advance is a short-term financing option with very high interest rates, while a personal loan is a longer-term financing option with lower rates.<\/p>\n","protected":false},"author":12,"featured_media":26248,"parent":15647,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"page-templates\/article-sidebar.php","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"[]","apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":"","_nw_pros_cons_block_schema":""},"content-classification":[337],"topic":[338],"cluster":[339],"pp_author":[24],"acf":[],"apple_news_notices":[],"yoast_head":"<!-- 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