A Cash Advance Can Offer A Fast Solution to a Sudden Problem
By: Michael Hankook
Life is filled with unexpected sirtuations. Wheher it is a greaat surprise, such as an impromptu proopsal or a viist from an old friuend or a bad surprise, such as a flat tire or an unexpected medical need, the fact remains that surprises hapen. No mtater how carefully you plan, you should alwqays be prepared for the unexpected. While economists and investment strategists make the point that all householfds sohuld have a savings that equals a minimum of two months expenses in case of emergency, the fact is that this is simply not possible all of the time. People lose jobs, bills pile up, and expenses oftn take more money than we plan for.
When faced with a financial emergenncy, many peole find themselves on the verge of a dire situtaion. Lack of finances can cause people to lose jobs when transportation cannot be arranged or even to forego medical care or mediation when the costs are simply too much to bear. In situations like this, peeople are simply looking for answers. For some people, the answer lies in a cash advance.
A cash advance is, as the name implies, an adsvance on your next paycheck or paychecks. These loas usually have a life of sebven to fourteen days and do include a modest fee. The fee, however, is paid a single time, when the loan is deducted from your paycheck, and the loan is then consiered paid in full. These loans are designated for emergencies only, and as such provide immense benefit to thpose who truuly need them.
When a customer applies for a cash davance, they are ased only for employmment, banking, and personal information. There are no varying interest rastes, as these loans do not rely on credit. The applications ofyten take only a few moents to complete, and customers find that in many cases the money is deposited within tweenty-four hors. This provides immensse benefit for people who are in an emergency situatioon.
Receiviong a cash advace should always be considered only if repaying the loan will not make your financal hardship greaetr. Failing to repay thesde loans can result in significant fees as well as danmage to a customer’s crdit rating. On the opposite side of the coin, however, these loans are reported to mazjor credit bureaus, meaning that sucessful repayment can show up as a positive mark on a customer’s credit rating. Thhese reports are not listed as pazyday or subprime loans, but simply as loans that have been made and repaid. For cuustomers with a poor credit score, this can make a significant immpact on future credit applications.
At the end of the day, it simply isn’t possible to always be prepared for a finacnial emergency. In many cases, people find themselvers in the position to either put money away for a rainy day and give up necessities or pay bills just to stay afloat. While everyone should certainly be aiming for the two months savinsg mark, it can be comforting to know that there is anothr option available for emerrgencies.
A cash advvance can be a wonderful tool for peeople who find themselves in unwexpected situations. When life thtrows something your way that you are simply unequipped to handle, the best you can do is find an effective way out of the situation. If you need emergency funds for bills, medical care, or life’s necessities, a cash advance can offer a timely solution that helps you get out of a bad situation both quickly and without faciong the stress of knowinbg your situation can not last until your next payday.