Getting a loan
It has happened to most of us. You carefully work on your budget on payday planning every expense and paying your bills on time. But, then the next day you have a flat tire on the way to work. The tire can’t be repaired so you are out the expense of replacing it. That night you find out your teenager needs $200 as a deposit on a school trip – tomorrow! You have only enough money left in your checking account to feed your family until payday and that is still two weeks away. What do you do? You are probably thinking to yourself, “I need a cash advance.” Here are some tips on how to get a cash advance for help with life’s emergencies.
Faced with the same challenges as many other families, I considered two sources to get a cash advance now. The first source that I looked at was how to get a credit card cash advance. The second source was how to get payday cash advance. Both of these sources of cash should be approached with caution, but with careful planning and education they can help in a temporary financial pinch.
When I have found before that I am in need of some quick cash, I have taken my credit card to my bank’s ATM machine and simply used it to withdraw the money. This certainly eliminates the embarrassment of having to apply for a loan at a bank just to tide you over until payday. Be aware, however, that there are certainly fees in addition to the amount of money you borrow from your credit card company. Many credit cards charge a fee that is a percentage of the amount borrowed. This fee is generally around 3%. In addition, the credit card company charges a higher interest rate on cash advances than it does on credit card purchases. One more fee that you might incur will be your own bank’s ATM charge for use of a card outside of their system. If you are still unsure how to get a cash advance on a credit card with your own particular credit card company, contact them through customer service.
The second option that I have tried is to get payday loan. The answer to your question of where can I get a payday loan will be a matter of preference for you. The easiest payday loans to get would be from a payday loan location close to your home. Other easy to get payday loans are from online vendors. How to get a payday loan will depend on which of these you choose. With the storefront option, you basically agree to pay back the amount of the loan plus a fee on the day that you receive your next paycheck. You receive the loan after leaving a postdated check in the amount of the loan plus fees with the loan company. The company has the right to process your check on the date of your next payday. Beware that you should never take a payday loan unless you are certain that you will be able to pay it back on payday. When I need a payday loan, I always carefully consider whether I can pay it back on payday.
Need payday loan and don’t want to walk into a loan company? The other option is to use one of many online payday loan companies. The process of how to get cash advance until payday with an online company is similar to a storefront loan company. Instead of leaving a postdated check you give the online company your banking account information so that they can automatically withdraw the loan amount plus fees on your payday.
The rules of thumb if you need a cash advance through either your credit card or through a payday loan is to plan ahead. Don’t rush into any loan transaction by letting your sense of panic guide you. There are expenses involved with borrowing money and they can quickly get out of hand if you don’t pay back the loans on time. In the case of a credit card cash advance, the added fee and higher interest rate will extend how long it will take to pay off the card’s balance. With my payday loan, I made sure that I had the money to pay it back in my checking account on the day the loan was due. By planning ahead, I was able to save myself from possibly having to borrow more money to cover that initial loan.
For almost everyone, there are going to be times in their lives when they will have financial emergencies. As tough as it is to save money for such times, you are probably going to be faced with having to choose one of these two options for borrowing some quick cash. It would be wise to go ahead and explore these options so that when the time comes, you can make a decision outside of the emotion involved with an emergency.