Although a quick cash advance loan can really be a saviour for times where you need money urgently to cover sudden and unexpected financial woes in your life, it can also get you into trouble if you don't use it prudently. To prevent you from the pitfalls of using cash advance loans we have outlined some important tips below to help you make the most out of it.
Do you really need a quick cash advance loan?
A quick cash loan is also known as a payday loan. Ask yourself have I looked at other borrowing or loan facilities for my financial needs because a quick cash advance loan should never be your first option, but always your last resort. There are a number of reasons why we make this statement, but firstly you should access your financial situation to see if you can come up with the money elsewhere before you turn to a payday lender. The interest rates on a quick cash advance loan can be quite high, which means it is what I call "expensive money", as it cost you a lot more to borrow this money.
Some ideas might be to go through your mail to see if the cheques for the receivables you have been expecting has arrived or see if you can auction or sell something you no longer use on eBay or gumtree. Post your items online and slash the price, someone would love to pick snatch up a bargain right away or have a garage sale, in other words do everything you can to raise the cash. Another thing you can look at is, do you have a line of credit secured against your house? If you do draw down on the equity in your line of credit as this loan because it is secured against your property attracts a lower interest rate. Do everything possible to come up with the money before opting for a quick cash advance or payday loan.
OK so you have decided to use the option of last resort and have decided that you need a quick cash advance loan. Do proceed but do so with caution, by first reading the fine print and make sure you understand as much as you can about the lender's terms and conditions before you sign up. Be careful of those nasty surprises or catches if you are borrowing money from those shady companies. Some could charge a really hefty interest rate, many times what you borrow if you fail to pay on time. Beware of these shark lenders that take advantage of unsuspecting customers, so read the contract and make sure you fully comprehend the terms and conditions.
Pay the cash advance loan right away. Please remember that a payday or cash advance loan was never designed as a long term loan and should not be treated like one. As mentioned previously these loans charge higher interest rates, so you would be wise to pay off the whole balance when the bill falls due. Otherwise, you might find that you have to pay a substantial amount in late fees and surcharges. In a worse case scenario, you might even need to take out another cash advance loan just to pay off your first loan.
Finally, learn to manage your financial affairs and don't rely on quick cash advances each month to get you by or you could fall into a debt spiral. Live within your means by lowering your expenses and try to save more money each month. A good little rule would be to pay yourself first as soon as you receive your paycheck, put aside approximately 10 - 15% and leave it in your bank account for quick and easy access. Make saving money like this a habit, and you may never need another quick cash advance loan again. Your savings can become your emergency fund when unexpected bills arises.
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