Are you a lover or hater of an online cash advance? Which side do you root for when new regulations bills are voted upon? I may not personally use the short-term loan myself, but would still vote to keep the loans available. Where do you stand?
My take on a cash advance
I like the idea that this type loan is available, just in case. I slave over my budget. I crunch numbers over and over in order to make it work for me at times. I must admit, there were a few months in the past year when I thought I’d have to look one up, so I understand the need.
I would love to tell you that my credit is a mirrored reflection of the time and effort I put into my budget. But like many other people out there, there have been some extenuating circumstances in the past decade which has put me well below prime. It isn’t easy to climb back up, trust me, I know. Just because it isn’t easy, it doesn’t make me quit. Once upon a time I had great credit and I aim to get there again.
The idea of having to pay high interest towards a short-term loan, would fire-up my efforts to pay it off on time. What would I do once I received the money? My first effort would be to take care of whatever emergency drove me to apply for a low fee cash advance loan in the first place.
My next step would be to see what went wrong. I don’t want to continue making the same mistakes and then have trouble come next payday. I have certain bills which fall under certain paychecks. My budget is split in two, each half containing a certain amount of responsibilities. These I prioritize. There are some months which one side gets too overloaded. I have certain bills which only come a few months out of the year. Those months are always tough and I have to plan accordingly. Once again, I remind myself that a cash advance is an option if I can’t make it work. The upcoming relief with fewer bills for the following month will support the cash advance payoff. I know my situation is not as bad as other peoples and that is why I would never vote to make short-term loans less available.
http://www.youtube.com/watch?v=j9F5I5andMk
Cash advance problems I would support
- Anything against a predatory lender. Taking advantage of people in need is wrong. This ruling cannot blanket all lenders as they are not all practicing bad lending habits.
- I think more states need to regulate the interest rate and the maximum loan amount.
- Strict punishments for lenders who attack bank account necessarily. Just because the lender can debit accounts doesn’t mean it has to abuse the privilege.
I will continue to battle my monthly budget in the hopes of become a prime credit candidate once more. I would hate to have to succumb to using a short-term cash advance loan, but I love that it is there to catch me if I am falling.
