In this day and age, you have so many options available to you when it comes to money. Sure you have your usual techniques such as getting a loan from a bank, but if you need the money now and you don't have stellar credit, chances are getting a loan from a bank is not going to be the option for you. Getting a loan from a bank usually means you have to wait a certain amount of time and you need to be with that bank, have outstanding credit and never have any financial woes within that institution.
Another option is a payday loan. This is an option that has been available for the past few years and people just like you are getting financial help every single day. If you aren’t familiar with payday loans, you might be curious about things like benefits and disadvantages as well as who uses these and why.
Instant Cash Advances Benefits and Disadvantages
As with anything else in life, nothing is 100% good or 100% bad. Instant cash advances are the same way. Some of the benefits include:
Convenience: Instant cash advances can be done right online. There is "paperwork" you will have to fill out but it can all be done electronically without you ever stepping foot outside of your home. As long as you have access to a laptop or computer you have the ability to get Instant Cash Advances.
Quickness of instant cash advances: Usually, and this is depending on the business you use, you can get instant cash advances within 24-48 hours.
Disadvantages Some people will tell you that there are no disadvantages of instant cash advance while others would disagree. But, honestly it probably just depends on you and if you consider something a pro or a con.
Late Fees: Unlike with a bank, you can accrue late fees IF you are late on paying your instant cash advances back. But, that can be remedied by simply making sure that you pay them back on time.
Unsecured vs Secured: A secured fast loan will still have interest rates, but they will be significantly lower than an unsecured instant cash advance. When possible, try to get a secure one rather than unsecured.
How Much Money Can You Borrow In most instances when it comes to an Instant Cash Advance, it’s a lower amount of money because it’s a temporary fix? Usually, you can borrow $100 on up to $5000, but again that depends on who you use for the Instant Cash Advances.
Who Uses Instant Cash Advance Ultimately, these are for anyone and everyone. But, people who tend to use instant cash advances are people who have either got sick temporarily and cannot pay bills, people who need extra money to fix their car or for people that have medical emergencies and need money ASAP. They are short term loans, so these are not really good for people that have just lost their job and will have no money coming in to repay the loan back. For the most part, the Instant cash advances are not only for short term situations but they are short term loans that need to be paid back usually within 2 weeks’ time.
Alternate Financial Fixes Many people these days don’t get paid enough while others just seem to have a black cloud always over their head and always seem to be running into some sort of a financial fret that they need help with. If the Instant cash advance option doesn’t sound like something that would suit you but you still need some help, consider these alternatives:
Emergency Cash Fund Living on a budget is difficult but if you want to save yourself from financial woes in the future, set aside some money from each paycheck into a fund that you never touch unless you have an emergency situation.
Credit Cards Most people will tell you to stay away from credit cards. But, if you can control yourself, try to get one and only one credit card that is only used for financial desires. This one card should only be used for issues like- fixing your car, getting your teeth fixed, having a medical emergency etc.
Part Time Job A Part-time job probably won’t help on its own but if you have an FT job and just need some extra cash, consider being a barista PT or stocking shelves at night PT, a little extra cash can go a long way.