Top Dos and Don’t s for Your Cash Advance

A lot of people come across emergency situations that put them in a tight money crunch. It happens every day to normal, hard working men and women. Sometimes—and I know from experience—we’re forced to make the difficult decision between heat or eat, and worse. There are even times when we don’t have enough to choose one over the other. And, for some of us, there are few options. Over the last few years, cash advance places have become more and more of a popular choice. It seems you can find a cash advance store on almost every street corner. The poorer and area you’re in, the more likely you’ll find someplace to get a cash advance. This, of course, is because a majority of these cash advance companies are in business because they prey on people when they are weakest. Here, we’ll go over some basic dos and don’ts that’ll help you steer clear of the traps some of the unscrupulous companies lay down for you to unwittingly walk into.

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Do Budget Accordingly: We should all try to do this. Some are better at it than others. When you take out your cash advance, budgeting becomes even more important. First things first. You’ll need to know how much you actually need from the cash advance. Know how you’re going to spend every dollar from that cash advance; and, if you don’t need to spend it, save it. You’ll also want to be sure to budget for when payment becomes due on that cash advance. Make sure that making that payment isn’t going to put you into more danger than you’re already in.

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Do Read the Small Print: Legally, every company you get a cash advance from has to give you all the facts about your cash advance. Due dates, interest rates, other fees—these all have to be specifically described in the cash advance documentation. The less savory cash advance companies will try to hide fees, and other changes they can do, to make your time paying off the debt more difficult so they can make the money. So, before you sign anything, make sure you read it all and understand it.

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Do Pay on Time: Make sure you have the money in your account when the time comes to pay back that cash advance, especially if it’s an online cash advance option. Local stores might be able to help you find away to lengthen due dates, but most online cash advance companies have no ability to do this. If the money isn’t there when it’s due, you’ll wind up with big fees from both the cash advance company and the bank.

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Don’t Go with Your First Find: There are literally hundreds of cash advance companies out there. Don’t go with the first one you find. Check around, and get yourself the best deal.

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Don’t Lie: Cash advance companies check on the facts you provide them. If you lie on your cash advance application, and they find it (which they usually will), you will not be able to get your cash advance and be black marked in the company system. This may able stop you from getting a cash advance from any cash advance companies the first is affiliated with.

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Don’t Take Out Too Much: You may need $200 to make it through, but are given the option of up to $500 for your cash advance. Don’t take the $500 cash advance. Take out just what you need. The bigger cash advance comes with bigger fees, and you never know what’s going to happen in two weeks or so when the cash advance is due.