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Cash Advance Basics

It's rare that a young adult goes on their own into the world with a complete set of financial skills and an understanding of all the financial terms you have to know in order to survive. Debt is quite common, and with low wages for many jobs, many find themselves struggling to manage their money. Even older adults struggle with this, too, given the economic drought of not long ago.

If you find yourself short of money, regardless of your age or credit history, you can borrow money for a short period of time using a cash advance.

A cash advance, sometimes known as a payday loan, is a relatively little amount of money ($100 to $500, sometimes up to $1,000 or $1,500) lent to you for a relatively short period of time (fourteen to sixty days).

The benefits of a cash advance are fairly obvious. Since most people don't need a huge sum of money to tide them over for such a short period of time, they will help out most low-income people. A cash advance provides a convenient, quick alternative to loans from other sources, and even those with bad credit have specific types of loans (often called faxless cash advances or no telecheck cash advances) for them.

There are some drawbacks to this option, like any other. There is often a high interest rate charged, because it's so easy to get the cash advance, and the lenders need to get their money back to cover the amounts they lose from those who don't repay it. Also, if you are late to pay back the loan, you will probably be charged a sizable fee. There are sometimes other associated fees, too.

You can reduce the downsides of this option by carefully examining the terms of the contract or agreement provided to you before you sign it. Often, fees will be in smaller print and hidden away. Make a note of any fees, along with the repayment date so you don't accidentally forget to repay it and incur more fees.

It's easy to get this type of loan as long as you are over eighteen and have a steady job. Those who haven't held a job for long may have to do more work to find an agreeable lender, but it's still possible. Check online to compare rates and conditions before committing to any one lender.

Like any other financial tool, a cash advance can be tremendously helpful as long as you follow these tips to reduce the risks associated and take advantage of the benefit of getting “free money” for a short period of time!

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