Short term solutions are good avenues to take for quick money solutions. We all know what it’s like to be in a situation where you need extra cash in a hurry and know that you can pay it back in a short amount of time. Often times it’s just a matter of getting through until your next payday. Some of us can go to a friend or family member or even draw from a savings account. But for many of us, that may not be an option.
Advantages of a Cash Advance
One of the advantages to taking the online cash advance road is that this type of loan is not not connected to your debt to income ratio. What does that mean? Cash advance lenders don’t compare how much you make with how much you owe. They will want to know what your income is, but won’t look at your debt. While banks and other traditional lenders take into consideration how much you owe on other debts and how much you pay out each month on those debts, short-term lenders don’t worry about that. 
Another advantage of online cash advance is that lenders don’t consider your credit score. These types of loans are so short term, they are not reported to the credit bureau. In fact, the lender won’t even bother to run your credit score. This is an easy road to take when you need some fast cash to help correct a wrong turn in your budget’s direction.
Also, cash advance loans work with your pay cycle. Your payoff is based on your next paycheck. This is where your bank statement and automatic withdrawal come in. The lender will ask when your paycheck goes in the bank and then call and remind you that your payment is going to be automatically with drawn. These short-term options might cost a bit more to use, but any little bit to get the payment down and closer to being paid off is better than long term solutions. In a long-term credit situation, such as a credit card, creditors continue to collect little bits each month until you have unknowingly paid in a whole lot of bits. For instance, with a credit card, you are asked to make the “minimum payment” which is basically interest. At that rate it will take years to pay off the amount originally borrowed. With a short-term cash advance you will have your loan paid off quickly.
Using solutions that work for you will benefit your budget now and your finances for future use. Keep your credit score safe for those times when you will need to show you have been making your payments on time such as car loans or house mortgages. You will be thankful for a high credit score when you do need to head to the bank for money. With a short-term loan that doesn’t consider scores or offer open-ended payment solutions, you and your credit score may be better off in the long run. Your road to financial recovery will be fast and simple leaving you to move forward on your financial path.
