If you are a week or two away from payday and need cash urgently, then a payday cash advance might be the answer. Payday cash advances are short-term cash advances that give you the cash you need until you get, at which time you have to pay the cash back. Payday cash advances are also known as cash advance cash advances or cheque cash advances. If you are in need of cash before payday, then this guide can help you to decide if payday cash advances are right for you.
How much can I borrow?
The amount of cash that you can borrow is usually quite low, because the cash advance is for the short term and you can get it quickly. Somewhere between £50 and £400 is the usual amount. The way you get a cash advance is that you write a personal cheque for a certain amount of cash plus the fees, and then the lender will give you that cash in cash. The lender will hold the check until your next payday, and then if your situation is better the lender will cash it in. If you still cannot pay, you can pay more fees to keep the cheque held for a few more weeks.
What are the advantages and disadvantages?
The advantages of payday cash advances is that you can get hold of urgently needed cash very quickly, which can get you out of a tight financial situation. The cash advances are also useful for individuals who have poor credit and so find it hard to get other types of cash advances or credit cards. The cash advances are good if you know you can pay back the amount in a few weeks when you get paid.
The biggest disadvantage of payday cash advances is that the fees are very high. Normally you will have to pay around 10% or more of the cost of what you borrow. So borrowing £100 is going to cost you £110, or even more if you keep extending the borrowing time. You can also end up in a vicious cycle where each month you run out of cash too early because of having to pay the original cash advance back. Payday cash advances should be used as a last option, or if you know that this month is an exceptional month and you will be back on track afterwards.
What are the alternatives?
There are a number of alternatives to payday cash advances, especially if you have good credit. You could use a credit card to pay for the things you need and then pay this amount off at the next payday. Although credit cards have fairly high interest rates, if you know you need more than a few weeks to pay back the amount then this interest is cheaper than a payday cash advance. If you need more long-term help with debts or lack of cash, then a personal cash advance might be a better option, as long as you can afford the repayments. If you have poor credit, then a payday cash advance is often the best option because there is no credit check. The only data that needs to be verified is your current employer.
If you are struggling for cash before you reach the end of the month, then you should look at payday cash advances as an option to help ease your short-term financial pressures. However, you should make sure that you only borrow as much as you can afford to pay back next month whilst still having enough to make it to the next payday.