Everyone gets into a dire financial situation at some point in his or her life and a cash advance loan may seem like the only option to get out of it. However, it’s important to know the consequences of taking a cash advance as they can be very expensive to pay back and can leave the customer further into debt than before. It’s all about the long term versus the short term. If you feel you need immediate cash to pay back another loan, bill, rent, or deal with an emergency, a cash advance loan may seem enticing.
What exactly is a cash advance loan though? These are types of personal loans that give you access to immediate cash, usually in the range of $100 to $500. These loans will require you to pay back within the month or four weeks of the loan. The process works by giving the lender a personal check or electronic access to your bank account. This is because if you do not pay the loan back, they will cash the check or withdraw money from your account.
The problem with cash advances is that they will have extraordinarily high-interest rates or fees to get the money. For example, some places may charge between $10 to $30 per hundred dollars that need to be paid back within two to four weeks. After calculating the costs, this is basically (on average) an APR of 300% to 400%. When compared to a credit card, this is extraordinary as a credit card may only have an APR of 15% to 20%.
Most people going to cash advance lenders in the first place already have financial troubles, so it is almost certain they will be unable to pay off the loan + interest. This is how cash advance lenders make most of their money.
These loans still fall under federal law and regulation. This means that cash advance loans must submit every detail and payment in writing, stating the fees, interest rates, finance charges, and how much you owe back. It’s important to read through these contracts, even from reputable lenders, to make sure there are no hidden fees and extra charges you may not be aware of. It also helps as you can compare different lenders to see which one best fits your needs.
Even when it comes to cash advance loans, it is best to avoid them all together and find other methods of getting money:
Keeping track of your finances and carefully planning out your budget is the best strategy to avoid the need for a cash advance. If you must take out a cash advance, then consider all the consequences as stated above and be careful. A cash advance should be considered a last resort as the fees and interest rates can really build up really fast.
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