It’s summertime again and the creditors and direct cash advance lenders are ready and waiting. Summer brings fun travels during vacation days and it turns into a very busy time for third party money companies. Is using credit and short-term loans a good financial decision when it comes to funding the fun or worse yet, covering everyday living costs because the money was spent elsewhere?
Income will only stretch so far and it is very important with a working budget to make that money fit all cost of living demands. Instead of cutting back or saving ahead of time, many folks take full advantage of the ease of summer money.
Many creditors have already sent out the rounds of new credit card invitations. These envelopes proudly promote pre-approved status with 0% interest. It’s exciting! It’s inviting! It’s not promised. When the form is filled out and sent in, it gives the creditor permission to check credit history for the real evaluation of whether or not an applicant will be approved. If approval goes through, there is no promise that the 0% interest will accompany the new line of credit. In the fine print of the pre-approval there is a statement which says that interest is subject to approval. If your credit is less than perfect, you probably will not be seeing the 0% interest or the competitive non-promotional rate.
Cash advance lenders online do not send out pre-approval status without the borrower taking the first step in applying for a short-term loan. Without any prompting, there are many new and return customers looking for help to get their financial status out of trouble. Some people have their time planned out and these loans are a cost effective way to bridge together the gap between extra expenses and the next paycheck. These short-term loans should never be used for frivolous spending, but we all know what happens when we get involved with summer fun!
One major rule to remember is that with any type of third party money usage, it will only really help long-term finances if it is paid off quickly. The direct cash advance lender will expect payment in full in about two week’s time, whereas a creditor will accept a minimum payment every month for as long as you want to keep paying. Your personal finances will be the healthiest with a quick payoff for either one.
Use cash advance lenders for emergency situations.
A fun filled summer’s day is probably not a good enough emergency to justify applying for a short-term loan. The car breaking down on your way to camp, on the other hand, is worthy of an online cash advance. Use the loan to refuel your bank account so that all the other monthly bills will not be negatively affected.
With any type of fun filled spending, you have to remember the regular monthly costs and make sure they are covered first. Start saving in the fall for the next summer’s adventures so your budget will not have to worry about maxed out credit cards or cash advance online lender’s fees.
