cash-advance

Vocabulary Word

Definition

A 'cash advance' is an immediate loan you can take from your credit card or a specialized service. It's like a loan that you must repay, often with a high-interest fee.

Examples in Different Contexts

For payroll management, a 'cash advance' refers to an employer providing an employee with a portion of their earnings before their usual payday. A payroll manager might advise, 'Cash advances can help employees in emergency situations but require careful management to avoid financial disruptions.'

Practice Scenarios

Marketing

Scenario:

We're launching a campaign to promote our financial services. Let's brainstorm engaging ways to highlight our cash offer.

Response:

Highlighting the convenience and speed of our cash advance service could attract potential clients.

Banking

Scenario:

Given the recent increase in credit card usage, should we consider adjusting our cash advance fees to remain competitive?

Response:

Before modifying our cash advance interest rate, we should examine its impact on our customers and overall revenue.