Cash Advance Has Its Rewards
It’s really a joyous feeling when you hear that you have helped someone else do something they didn’t think they could do. It feels like the most rewarding thing when a complete stranger tells you they ran out of answers or lost hope, and it’s because of you that they were able to be rejuvenated and accomplish whatever their intention or goal was. It’s a harsh reality to know that we can’t do much without money. There comes a time in everyone’s life when they need money at a certain time and they just don’t have it. I think its great to know that despite the bad name that the cash advance or a payday loan industry has received in the past years, some still can see the rewards it brings them. Just yesterday I read two blogs over the internet written by people who I never had the pleasure of meeting. One was a single mother of two kids; the other was a younger gentleman more than likely 18-20 years old. Each of them explained their unique situation where they were pressing for money. Each had their own reason for the need of fast cash, but they had the same conclusion. They both got a cash advance from Spotya!
What’s the Risk of Taking a Cash Advance that is More Than I Need?
Know What You Are Getting Into
What’s the Risk of Taking a Cash Advance that is More Than I Need? If you are asking that question then you may be in over your head already. An advance on your future paycheck should never be taken lightly. A large cash advance will put you in a bad spot when you take out more than you need. Remember, when you get an advance in pay you will be missing that amount of money when the loan becomes due. When you’re already having financial difficulties this can make it much worse.
Using a Cash Advance to Pay Rent or Other Monthly Bills
The most common reasons for millions of people a year to apply for a cash advance is to pay rent or other monthly bills. It has become an increasing popular way to obtain money from a future paycheck that you need now. With the cost of living rising faster than cash advance companies you can see where there is a need for this industry. One of the problems with obtaining an advance in your paycheck is the absence of that money later on. Which in turn forces people to apply for another cash advance. This cycle must be avoided whenever possible it can cause heartache for many people living beyond their means.
Top 5 Most Embarrassing Ways to Get a Cash Advance
Have you ever been in the situation where you are trying to scrounge up enough change to get a tank of gas? Are you are just trying to find a way to get a couple extra dollars in your pocket until you get paid again? For your convenience below is a list of the top 5 most embarrassing ways to get a cash advance.
Cash Advance Care — Responsible Use of a Cash Advance
Many responsibilities come with obtaining a cash advance. Some people may think, “Wow! I was just given money overnight with a few simple steps.” But that is not responsible thinking. A cash advance is to be taken very seriously because of the ease in receiving one. A borrower needs to think about why the cash advance is really needed and that it’s an affordable solution for me. The overall effect of getting in too deep with a cash advance can be detrimental. But if you are smart about your financial decisions in regards to an advance, it can work to your advantage.
Cash Advance vs. Pink Slip Loan?
You’ve just gotten the call, and now you’re in a panic. Chicken Little was right, the sky *is falling, your mom’s coming into town to pay you an unexpected week-long visit! To further complicate matters, she’s bringing other family members with her, and you’ve got more to worry about than finding enough pillows, blankets and areas for them all to sleep in your one bedroom apartment! It’s not that you don’t love your mother, and related family, but as you open up the food cupboards and see the dust bunnies on the shelf, and spy the single half-loaf of bread and crust of cheese in your fridge, you realize you’ve got to at least feed them all week as well not to mention visit the usual local tourist attractions in your area that your mother *never tires of!
Normally not a problem, but you were paid just last week, next payday is a week away and you’ve got zilch left cash-wise! You’re trying to stay calm, thinking about getting a Cash Advance to spot yourself enough funds to survive this familial onslaught, but just then your phone rings again. It’s your pal Janet, fresh and breathless from a shopping spree, which is a bit suspicious as you know her finances are no better than yours. You explain your woes and your intention to go online and get a Cash Advance, when she interrupts with the fact that the reason *she was able to afford shopping was because she qualified for a “Pink Slip Loan”, which netted her more cash than a Cash Advance, and she advised you do the same as well.
Before you follow Jan’s lead, my friend, it’s important that you stop, take a step back and learn more about the differences between the 2 types of loans. This is a decision directly affecting your finances and although Janet’s choice of loan may have been the right one for her, it may not be the right choice for you!
Both types of loans are easily qualified for, and require that you be over the age of 18 and employed. In addition, both loan types are quickly approved and you most likely will have your needed funds within 24 hours, if not the very same day. There are some lenders who offer both types of loans out of the same facility or website, and both types of loans are regulated by Federal Truth in Lending laws as well as other regulatory laws that vary state by state. Your credit history is not a factor with either of these loan types.
A Cash Advance loan is just that, a Cash Advance. You’re borrowing against your next paycheck. The amount you can borrow is based upon your income, and ranges from $200 - $1000, sometimes higher. Again, this amount is determined by your income, a reputable lender does not want you to borrow more than you can pay back next payday. There will be a finance fee, regulated by your state, per $100 borrowed or based upon the lump sum. There is no collateral involved and you do not give up any personal property.
“Pink Slip Loans”, sometimes also called a “Title Loan”, uses your car title as collateral for the loan. You may be able to borrow more via this type of loan, as you can receive up to 50% of your cars “blue book” value. Many lenders offer 2 options, a lower interest rate with the first several payments on the interest only, with the last payment a “balloon payment” or balance of the loan. Or, your loan can be processed at a higher interest rate, with regular payments towards interest and the principal. Pink Slip loans are not due on your next payday and are written for 90 days or so. You may or may not be able to keep your car during the length of this loan, this policy varies by provider, also, a Pink Slip lender will take steps to ensure they can collect on the loan, or repossess your car, in the event payment is not made. In addition to the title, they may request another set of key’s etc.
Which type of loan you opt for is a personal decision. You have to determine literally, what its worth. Is having cash worth giving up your personal property? If your car is paid off already, how will it feel having to pay on it again? If you’re looking for cash to tide you through a smaller emergency and you can afford to pay it back next payday, then it’s probably best to go with the Cash Advance. If you require a very large amount of cash immediately and have no other options, then a Pink Slip Loan is probably the right choice for you. In the case of your family invasion, depending on how much you are spending in preparation, probably best to go with your first idea and apply online for your Cash Advance and leave Janet to her shopping. Move quickly now, that way you have time to buy groceries *and clean before your guests arrive!
Using a Cash Advance to Purchase a Used Vehicle
Does it sound crazy to use a cash advance to purchase a used vehicle? Unless you are making a ton of money in which case you wouldn’t need a cash advance, it is crazy! Of course there is always the possibility that you can find a two hundred dollar hunk of junk, but dependability will be an issue. The purpose of a cash advance is to borrow a small amount form your next paycheck to pull you through an “unforeseen circumstance” not to really buy a used vehicle.
Online Cash Advances: Convenient or Predatory?
Online Cash Advances: Convenient or Predatory?
Have you seen the number of cash advance companies that are popping up on the internet? The big question is, are these companies making a cash advance loan convenient or predatory? The answer lies within each companies practices and it is up to the customer to determine if the company is trustworthy or not. Your cash advance loan is to help you through an emergency situation — it should not put you in a worse financial circumstance. The basic definition of a predatory lender is, “one who intentionally suckers someone into a loan they can’t afford.”
Long Term Loans vs. Short Term Cash Advances
This issue will be debated as long as the cash advance industry exists. Advocates for short term lending argue that it is a necessity for people that do not have other means of financing. On the opposite spectrum, advocates for long term loans argue that cash advance companies are loan sharks. Who do you believe? I believe it’s personal choice. Have you ever been in the position of needing cash quickly? It can be stressful. A cash advance relieves that stress for many people.
Short Term Cash Advance:
Pros-
No credit checks
One time payment
Minimal paperwork
Easy qualifying with stable employment
Money available the next day
Bad Credit, High Prices, and the Cash Advance Solution
The only thing that is worse than having bad credit is having no credit.
Establishing a credit history is difficult, and establishing positive credit can be 10 times more difficult than establishing bad credit.
It is easy to be manipulated into a contract that you think you can handle, for example with a two year cell phone contract. However, at any point in your contract the rates can increase dramatically… and you are trapped. The only way out of a cell phone contract is to pay an outrageous penalty fee. While your credit will be affected simply by needing to back out of a contract, it will be affected even worse if you are unable to pay the fee. A huge bill will be racked up in your name, and it’s not your fault. You’re a victim.
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