A Cash Advance can be a lifesaver, but like most emergency equipment should be used only when absolutely necessary. Remember, a loan can keep a check from bouncing, but in the long run won't solve what created the financial difficulty in the first place.
In fact, a high-interest-rate loan that has to be repaid the next payday can make a tight financial situation even worse. Granted, coping with short-term financial problems without taking on more debt can be difficult, but with some creativity and determination it can be done.
Some alternatives to consider before resorting to a payday loan:
Start a $500 "Rainy Day Fund."
Yes, times are tough and saving isn't always easy -- which is exactly why you SHOULD start saving money. Building an emergency nest egg doesn't take as much as you might think; even $10 per paycheck adds up nicely after just six months. Better yet, if you have direct deposit, have your payroll manager deposit the money into a separate savings account -- you'll be surprised how much you won't miss the cash. (For both inspiration and information, visit www.AmericaSaves.org)
http://www.mycashcentral.com
Posted by: pong | February 10, 2008 at 02:23 PM
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Posted by: scruffy | February 13, 2008 at 11:32 AM
Nice tips. Cash advances are really helpful. We all have little emergencies that crop up when we least expect it. They usually only require a minimal amount of cash to solve, but they generally require immediate attention. You may not have the cash readily available, but you will have it when you get your next paycheck. You obviously can’t go to a bank to borrow money because the process would take too long. So what do you do? You get a payday loan.
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Posted by: Lis - AceCashExpress | August 13, 2009 at 05:38 PM