Emergencies Only
We’ve noticed an increase in the number of tv ads for things like car title loans and payday cash advances. A sure sign that many people are desperate and willing to do just about anything to make ends meet.
Certainly a payday cash advance will help you if you have a short term emergency like a car repair a few days before pay day. But money borrowed long term from these is rarely a deal.
As always, knowing the rules, rates, and restrictions of your particular loan or advance is essential in preventing further problems. You should do your research before you go and ask plenty of questions during the process.
My general thought is that a payday cash advance is only worth it if you can’t acquire the money any other way and you know you will be able to repay it before the first installment is actually due.
If for some reason you can’t pay it back immediately you should be prepared to pay back two to three times the original amount across the life of your loan. Just think of all the things you could with that money instead.
