A cash advance is ultimately an amount given before it is earned, also referred to as a payday advance or loan. A lender will provide a person with a short term and unsecured loan. The terms and conditions are different for all cash advances but most will expect you to have a previous record of employment.
Many people are quite wary of using this type of process due to the high interests rates and risk involved. Also with many States having different regulations with a number of States prohibiting it altogether, where do you even begin? Click here for more information on payday loan lenders.
If you’re looking at getting a cash advance, the key thing to remember is to read the small print. Firstly you need to understand fully the requirements of a cash advance. Be sure that you will be able to pay the amount borrowed back plus the lenders fee. It is always tempting to borrow more money than you can afford, but this is not a sustainable way to live. Always consider what expenses you will have for the following month and deduct these, plus the amount you have borrowed and the lending fee. Once you have established if you have the ability to borrow money, then make a list and prioritise your most important payments.
A cash advance can be useful if you are hit with an unexpected payment during the month. This may include a number of things from a large medical bill, home emergency, car repair etc.
Overall, the key to all cash advances is to only borrow the amount you can pay back and you do your research into the loan terms and conditions. A cash advance can be a fast and easy way to borrow money.