Advantages to Cash Advances?

       With an economy that is still recovering from a recession, a person can find themselves in a tight spot for money. Oftentimes people live from paycheck to paycheck, barely making ends meet. What a lot of people do not realize is that there are small ways to get a boost between paydays. One way to have a little extra money between paydays is a cash advance. Cash advances allow consumers to take a small loan against their paycheck giving them the cushion needed to make it to the next payday. Cash advances are not like a normal loan, because they are generally paid back with the following paycheck. They are just to be used on a short-term basis, unlike a regular loan which can be paid over a longer amount of time.

        The qualifications for someone looking into an advance on their paycheck are simple. Most companies that issue cash advances, also termed payday advances, only require consumers to have a steady income and minimum monthly income with no credit check. If a consumer wishes to receive a loan the next day, then a loan with an amount of $500 or lower would be the amount to go with. It may take longer than a single day for more than $500 to be approved. Once the loan is approved, the cash is deposited into the consumer's checking or bank account under the agreement that the loan will be paid off in full or in increments after their next check is deposited into their account. Most companies will just withdraw the funds directly from the checking account as the form of payment.

        Pay day loans are a nice fall-back option if consumers find themselves in a tight financial situation between paychecks. Emergencies such as the car breaking down or a medical related emergency are frequent reasons that consumer's find themselves filling out an application to be approved for such a loan. It should be cautioned, however, that these loans are not a means to an end. They should be only used in an emergency basis or just to get consumers to the next paycheck.

        If consumers are questioning whether or not to use a cash advance as a way to pay the bills, they should think about how much they need and what they are expecting to receive the next payday. As long as consumers feel comfortable being able to pay the amount that is requested with the next paycheck, along with having funds to live off of until the following payday, then this type of loan advance will work for them.