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Some people make regular use of cash advances. Every time they don’t have enough cash to get by, they go apply for another loan. This is their way to avoid waiting until payday.
Instead of biting the bullet and scraping by until the next payday, these people apply for another loan each time finances get tight. They would be far better off budgeting carefully to avoid money shortages in the first place and then they wouldn’t need a cash advance. But they don’t.
If you take out only small loans that you know you can repay the next time you get paid, that isn’t so bad. It’s important not to take out too much, or more than you can pay back quickly.
You can end up in a real financial mess if you take out more loan than you can easily pay back, because these loans charge interest.
Worse, the interest rate on these loans is astonishingly high. In some cases, it is higher than most credit cards. This is because cash advance companies don’t take into account your credit rating when they approve you – they just look at your income. Because of this, there is higher risk to the loans and a larger proportion of borrowers who default.
If you are using cash advances as one tool to get yourself out of debt, it is a worthwhile technique. You have to have a budget in place though. Start one if you don’t already have one, to make sure you can pay back the loan.
Plus, if you have a budget, you’re more likely to get out of financial trouble with or without a cash advance than if you are just winging it and hoping to survive until payday.