Is There Any Benefit in Getting a Direct Deposit Cash Advance?
A direct deposit cash advance is a handy way to get some money back into your bank account for a number of reasons
. Obviously, unless you have a desperate need for some funds, you should wait until your next payday comes around, however sometimes you just can't wait. As such, a direct deposit cash advance can give you some quick cash in your account for those times when you are experiencing financial difficulties or perhaps a financial emergency.There are many different views circulating in relation to whether cash advances and payday loans are a good idea to obtain, or not. At the end of the day, it is a decision that you will need to make based on your own individual circumstances, your capacity to repay the loan within the time frame, and the reason you need to get your hands on some cash in the first place.
A direct deposit cash advance would not be recommended if you were simply out shopping and feel like going on a spending spree. Fortunately, the amount you can borrow on a direct deposit cash advance is limited, so often, $1500 is the maximum amount you can borrow, regardless of the lender you choose. Some will only offer $500 when you apply for a direct deposit cash advance, so you will need to read the terms and conditions carefully if you wish to go ahead with the loan.
There are also a number of benefits to obtaining a direct deposit cash advance when you are in need. If your account is about to be overdrawn for instance, often the banks will charge $30, or $40 in overdrawn fees, and this amount can increase considerably if you are overdrawn for a number of days while you wait for your pay to come into your account. When you obtain a direct deposit cash advance, you will on average, need to pay between $15-$25 for every hundred you borrow. So, in this situation, you can see that it would be cheaper to get a direct deposit cash advance to keep your account out of the red, and pay less in fees as a result.
Another benefit of a direct deposit cash advance is when you are overdue on a credit card payment, or your utilities are about to be cut off. Utilities will cost quite considerably when you add on disconnection and reconnection charges. Credit card companies often switch to their default interest rate when you are overdue, and this can also be a lot higher payment than what you would need to repay on a direct deposit cash advance.
As you can see, although there are certainly negative aspects to continually obtaining loans such as a direct deposit cash advance, for those who are sensible with their budget but who want to avoid astronomical fees and charges from banks, credit car and utility companies, this type of immediate short term loan can actually offer a small amount of financial relief and peace of mind. After all, if your utilities are about to be cut off anyway, or you know your bank account is about to go under, at least you have the opportunity to quickly apply for a direct deposit cash advance, and save yourself some money. It all depends on how much you will have to pay in fees, and who you would prefer to be paying those fees to!
Is There Any Benefit in Getting a Direct Deposit Cash Advance?
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