subject: The Issue With People Depending Heavily On Cash Advances [print this page] It's is very unfortunate that a lot of people rely heavily on cash advances, they will apply to take out an advance each time they are short on money, instead of waiting for their next pay check.
They go to a cash advance location and apply for a certain amount of money to last them until their next pay date, when what they should be doing is budgeting more carefully in order to save money from fees in the long run.
Borrowing cash doesn't have to be a terrible thing if you can actually pay the advance back with your next check and if you borrow just a small amount and not the maximum amount allowed. Borrowing just a small amount of money can ease the amount debt.
If you can't get back on your feet you may find yourself in another tight spot because of the interest that is charged on the loans.
The interest rates on these advances are extremely higher than those of credit cards. The reason being is that these companies only check to make sure you make enough money to repay the loan in order to approve you for the loan. The company never does credit checks so they are more at risk.
If you find that you need help getting out of debt, than you should consider advancing. But if you don't have a plan in order to budget your money it wouldn't be such a good idea. You must be sure that you can pay this money which you advanced back.
If you are successful in budgeting correctly then you should be able to pay back the advance and get yourself out of the financial situation you are in.
Remember that a cash advance should only be taken out when absolutely necessary and you should include the advance in with your budget.
by: Chris Blakemore.
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