Cash Advance 101 | A First-Time Borrower's Guide

You never know when life is going to leave you financially stranded, days before payday, with no money in the bank. This is why cash advance services are so convenient. You can walk into one of these establishments or contact one online and have your money in hand right away. If you have never borrowed money from a cash advance service and find yourself in a tight spot, it is likely that you have a few questions. Here are a few of the most common questions first-time borrowers have about obtaining a cash advance. 

Do you have to be employed in order to get a cash advance?

You do not necessarily have to be employed to get a cash advance, but you do have to show proof that you have some form of income. This could be from self-employment, which can be proved with tax records, or even monthly disability or unemployment checks. 

How long will you have to repay the loan once you accept an advance?

All cash advance companies have different requirements when it comes to the duration of the loans they are allowed to give. Some companies will hold an advance for as long as a month, which works well for people who receive monthly benefit checks. Most will hold a check for around two weeks between pay dates, but there are some short-term lenders that will only give loans that must be paid back within a week or ten days.  

Is it true that cash advances are easy to get stuck with?

It is true that some people get stuck in an endless cycle of cash advance loans, but this is usually because they did not borrow responsibly in the first place. It is always best to make sure you borrow only enough that you need and as much as you will be able to pay back in full on your next pay date. Otherwise, when it is time to repay the loan you could be finding yourself owing a large chunk of your paycheck, which will leave you needing to re-advance.

When you know you have somewhere to turn to get money when you need it in a hurry, it does make things a little easier to deal with. If you would like more information about obtaining your first cash advance, talk to a loan service such as USA Cash Services. They can give you further details.

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Keeping Your Financial Wits About You

A few months ago, I realized that maintaining a healthy financial situation was about more than simply making a budget and sticking to it. It was also about being able to stay calm and think rationally when you came across something you really wanted to buy, also known as impulse buys, if you will. I started focusing on identifying and avoiding impulse buys, and it made a huge difference in my personal and financial life. I was able to think more rationally about what I wanted and why, and I was really pleased with how much easier it made my finances. This blog is all about keeping your financial wits about you.