If you need money right now and have no other way of getting it, then a cash advance might be the perfect option for you. As long as you treat a cash advance carefully, it can make your life a whole lot easier.
What is a cash advance?
A cash advance is a very specific type of loan that has a high interest rate and low qualification requirements. The interest rates on cash advances tend to be so high in order to ensure that the loan is paid back as fast as possible. If the loan is not paid back within a couple of days, then the interest might become prohibitively expensive.
Low qualification requirements also allow just about anyone to get a cash advance, which can be pretty important if you have poor credit rating. If you do have poor credit rating, then many other lending institutions won't want to give you the money you need. At this point, a cash advance might be your only means of getting money quickly.
How can you get a cash advance?
If you want, you can get a cash advance at either a physical location (like The Money Place) or online. Regardless of which you choose, you will need to have some forms on hand, including legal identification, proof of residency, and banking information. Make sure to read the terms of the cash advance several times before signing up for anything. You need to know exactly what the interest rate is and the terms of your repayment. If you misread or gloss over something important, then you could end up costing yourself a big chunk of change.
How can you use a cash advance responsibly?
The most important thing to remember is that a cash advance is not a tool to be used lightly. You should only get a cash advance if you have an immediate and dire need for money, such as emergency medical procedures. Even if you use a cash advance responsibly and pay it back on time, you will still end up paying a significant amount of money.
Before you actually commit to a cash advance, you need to create a rigid plan for repaying that plan. While some cash advances may allow for installment repayment plans, that's not always the best idea. A lump sum repayment after your payday is generally the best option, since this will minimize the amount of interest that you pay.
How many times have you put off making repairs around your home because you didn't have the money to make them immediately? Have those decisions caused even more repair bills because you waited to make the repairs? I have done this several times in the past, and, oftentimes, not making those repairs have cost me far more to complete because the damage spread. The whole reason I created my blog was to help others find the financing they need to make home repairs without worrying about choosing the wrong type of financing option. Hopefully, my hard-learned lessons will help you avoid the same struggles that I have undergone.