Cash Advance Alternatives
Cash advance loans are a quick, easy way to meet short-term cash needs. They are a simple, hassle-free option, especially if the borrower can pay the loan back in full at the designated time, only uses this option in a true cash-flow emergency, and doesn’t mind the fee involved in the transaction.
However, consumers who are continually in need of a little extra cash to get by until the next paycheck may want to evaluate their total financial situation to find a better option for the long term. These consumers may need education about their financial options and about how they can get in control of their unique situation. Or, they may only need to sit down with an objective, trained person who can evaluate the situation and give them suggestions.
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Credit counseling firms are available in most areas. Many of these organizations are non-profit or are sponsored by churches or state agencies. These firms can help the consumer create a plan to get out of debt. They can also take on a larger role by contacting creditors to lower fees or by offering a debt consolidation loan, thus reducing the total amount due each month. These businesses charge a small fee for their services.
Another long-term solution for the cash-strapped is to apply for a credit card. These cards may have high interest on any balances that are carried over from one month to the next, but the rates are lower that those of cash advances and can be paid off over longer periods of time. Wise use of a credit card establishes a positive credit history for the individual.
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The bank or credit union where a person has an account is often a source of either a secured or unsecured loan. These loans will have a lower interest rate because the lender will perform a background or credit check. However, these lenders also know a great deal about the finances of their account holders and often will write a loan for individuals with a stable history who need periodic help. These lenders may also be good sources of financial information.
Consumers who are able to take advantage of the more traditional sources of financial help may find just the boost they need to get in control of their finances. While the occasional cash flow emergency may still occur, these consumers will be in a better position to pay cash advances back fully and on time. The cash advance or payday loan will become one of many tools they use to maintain their financial health.
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* Cash-Advance-USA.org provides information and research on cash advances/payday loans. We are not a payday lender or broker, nor are we necessarily affiliated with the companies profiled on this site. Not all products and services are available in each state.
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