Don't Use Credit Card Advancements to Cover Bounced Checks
If you ever find yourself in a desperate financial situation, you are probably sitting there racking your brain on how you are going to come up with the money that you need quickly. When you have no other options, you may very well think about taking out a cash advance on your credit cards, which is never really a good idea. Yes, this is a way you can get some money and it may make sense now but you have to remember the very high interest rates and fees that go along with receiving that cash advance. One simple option now could turn into a long-term headache that could follow you around for a long time to come.
Studies were conducted towards the end of 2013 and median ranges for interest rates on credit card cash advances averaged around 24%, which is about 6 points higher than that on a regular credit card purchase. This is very high and other than an emergency situation, cash advances on credit cards should be avoided at all costs. People typically find themselves in more of a financial bind trying to help themselves get out of debt; it really is a vicious cycle when it comes to credit card use and not a lot of income to pay more than the minimum requirements. Only paying the minimum not only can harm your credit, but it can also make it to where that short term cash advance can cost you hundreds, if not thousands of dollars when you finally get it paid off.
One option that may not have been considered is a payday cash loan. Not only are these easy to be approved for, the interest rates are capped at a certain percentage because the life of the loan is so incredibly short. If you can prove that you have a valid bank account accompanied by a social security number and some decent monthly income, you are more than half way to being approved for a payday loan. There are many locations located across the nation that offer quick cash loans and all it really takes is about five minutes of your time and some identification.
You may be pleasantly surprised at how quickly you can receive cash, usually within an hour from your time of application. If that will not help you in an emergency situation, there may not be many options other than asking friends and family. Assume it is the middle of a workweek and you went out for some groceries, your car broke down and you need money for a tow. With a payday cash loan, you can have that money within an hour without being charged exorbitant amounts of money on credit card interest! Would you rather be struggling to pay minimum payments on your credit card and remaining in debt or would you prefer to receive cash in hand to cover your expenses and put some in your bank account to avoid overdraft and bounced check fees?
Do not ever feel so desperate that you make wrong financial decisions that will be more detrimental than anything else. Explore all options and certainly check out payday cash loans!
