@Anonymous wrote:Next time you want to take a personal loan with a 36% interest rate come to me first. I'll loan it to you for 29% and Bone Cruncher will make sure you are on time with your payments.
J/K. Glad to see you have a nice way with Discover to repay the cash advance and pay no interest.
hahahaha, thank you for the offer!!!!
I would have gone for it if you were offering 27-28% and minus the bone cruncher 
@Jon85 wrote:Hi all,
So last year I had taken out a personal loan from Avant for $3,000 because I was in a bind. I've been paying $94 monthly since then, but it's 35.99% APR so maybe only $25-30 of that goes to principle because you pay all the finances upfront. So it was a 24-month loan. I didn't want to pay extra on it every month because I was hoping that I could come up with one lump sum to pay them off all at once. Apparently if you pay extra every month, it still gets split between interest and principle so I knew it would still cost me money.
So for the first time ever I took a cash advance from my Capital One card of $2,400, because after 8 months of payments, I still had a $2,400 balance on the loan. So with the cash advance APR of 24%, I thought I would save some money by doing this. And now my plan is to pay the Cap1 advance $800 a month and finish it off in 3 months (plus pay the remaining interest and cash advance fee, so I know it wont be an even $2,400 balance at the end of the third month). The reason why I didn't want to make large sum payments to Avant was because the interest is calculated daily, so the principle I feel wouldn't have decreased as quickly as it will when I pay $800 a month toward the cap1 cash advance.
My question is--does this hurt future CLIs with cap1 because I took a cash advance? I know it's there for emergencys if you're ever in a situation where your credit card isn't being accepted, but I also heard that it could look bad to credit card companies if you take out advances, which is why I didn't do it through my Discover Card or Amex or Chase. I would rather look bad to Cap1 than the others LOL.
Not at all. Capital One doesn't mind your taking cash advances.
You're fine; you did the right thing to get rid of those vultures.
You don't look bad to Capital One; you look like a good customer to them.
@Jon85 wrote:OMG You guys I just saw that with my Discover BT I have the 0% APR for the 12 months.
I already took the cash advance from Cap1 an hour ago and told Avant to take out the balance tomorrow.
UGHHH I'm soooo dumb, I should have explored my options more before giving in to panic
Don't worry about it. You'll pay the Capital One thing down in 3 months and you'll be golden.
@UncleB wrote:
@Jon85 wrote:OMG You guys I just saw that with my Discover BT I have the 0% APR for the 12 months.
I already took the cash advance from Cap1 an hour ago and told Avant to take out the balance tomorrow.
UGHHH I'm soooo dumb, I should have explored my options more before giving in to panicYou're not dumb at all... you're on here checking out your options, which is a pretty smart thing to do, in my opinion.
A couple of things... don't sweat what you've already done... it was a learning experience, and you'll have the knowledge now going forward.
Now about your advance... don't try to stop anything (I doubt you could, anyway) since it would likely just get hosed up somewhere. Just a bit of info, Capital One (and most issuers) will also calculate the interest for a cash advance daily, meaning even after you pay it in full, you'll get a 'final' bill for the interest that accrued up to the day they got your payment. This is normal.
Now what you might consider is using that Discover BT to pay off your new Capital One balance. The thing is, if you have the offer with the 3% fee you might be better off to simply leave the balance with Capital One if you plan to pay it off quickly. However, if you intend on carrying the balance for several months you might be better off paying the 3% fee and then having no interest... it really depends on your intentions.
In any case, just remember that you have options.
Now we see why they call you Uncle. Very sound, avuncular, advice.
@SouthJamaica wrote:
@UncleB wrote:
@Jon85 wrote:OMG You guys I just saw that with my Discover BT I have the 0% APR for the 12 months.
I already took the cash advance from Cap1 an hour ago and told Avant to take out the balance tomorrow.
UGHHH I'm soooo dumb, I should have explored my options more before giving in to panicYou're not dumb at all... you're on here checking out your options, which is a pretty smart thing to do, in my opinion.
A couple of things... don't sweat what you've already done... it was a learning experience, and you'll have the knowledge now going forward.
Now about your advance... don't try to stop anything (I doubt you could, anyway) since it would likely just get hosed up somewhere. Just a bit of info, Capital One (and most issuers) will also calculate the interest for a cash advance daily, meaning even after you pay it in full, you'll get a 'final' bill for the interest that accrued up to the day they got your payment. This is normal.
Now what you might consider is using that Discover BT to pay off your new Capital One balance. The thing is, if you have the offer with the 3% fee you might be better off to simply leave the balance with Capital One if you plan to pay it off quickly. However, if you intend on carrying the balance for several months you might be better off paying the 3% fee and then having no interest... it really depends on your intentions.
In any case, just remember that you have options.
Now we see why they call you Uncle. Very sound, avuncular, advice.
Thanks for the kind words, SJ!
Thanks to my siblings, I have quite a few folks calling me 'uncle' these days! 
(and I love every minute of it)
