» » » » » How to Use a Cash Advance to More Keep Money in Your Wallet

Did you know that a cash advance can actually help you keep more money in your wallet? Before you skip this simple money solution, discover how it can become an asset to your long term financial plan. Everyone knows that a loan must be paid back, so how can borrowing money that must be repaid help an individual or family save more cash? It all comes down to how you use your cash advance. If you understand how to borrow responsibly then you can begin reducing your debt and catch up on lingering overdue bills. Timely payments come with many benefits.

Help You Keep Vehicle Payments Current

How to Use a Cash Advance to More Keep Money in Your Wallet
A car or truck payment can help you boost your credit score, but only if you make your payments on time every month. Most lenders tack on an additional fee when you make a payment after the due date. If you can’t pay by the date listed on the statement, a cash advance may be your best option. The loan is extremely easy to obtain and doesn’t require any involved interviews or long approval waiting periods. You will find out if you are approved quickly and receive funds promptly. Quick payout means you can avoid late fees. You can even catch up on any missed months and begin raising your credit score by staying in good standing with your vehicle loan lender. The best part is that you can rest easy knowing you will never have to deal with repossession, which can make it nearly impossible to get to work and continue earning a paycheck.

Make Your Mortgage or Rent Payments on Time

Almost every family has to deal with a mortgage or rent payment each month. This is an extremely important debt that must be paid or you may risk losing your home. For many, the rent or mortgage payment is also one of the highest recurring bills they have to pay. Some landlords and lenders allow a grace period, but will charge an additional fee for missing the actual due date. If you fall short one month, don’t skip your home payment. Instead get a hassle-free cash advance and pay on time. You will pay less in the long run because late fees will not pile up and you will never have to deal with an angry landlord or unhappy lender.

Overcoming Unexpected Financial Hardships

Unfortunately we all go through unexpected hardships. These incidents can come in any form, from a job loss to a health issue or sudden accident. What do you do when you find yourself in this type of situation with no money to cover the resulting expenses? You could take money out of your savings or borrow against a 401k, but you may encounter fees and lose interest you would have otherwise earned. A faxless payday loan can be used to cover unexpected financial hardships without cutting into your long term investments.

What happens if you have no fallback money? What if there is no savings account or 401k to borrow from? A cash advance may be your best solution. You could try to borrow cash from a friend or relative, but these situations can be uncomfortable and you may not know anyone who has the extra funds to help. Obtaining a cash advance takes very little time from the moment you apply to the moment you have your borrowed money in hand. Rather than skip payments, which will take more fees and late penalties out of your pocket, you can take care of all your regular recurring payments as well as unexpected expenses.

You Can Save a Lot of Money with a High Credit Score

You may not realize it, but your credit score can help you save a lot of money. Many individuals do not think about their credit score until they attempt to obtain financing. Each time you make a late payment, you are providing another opportunity for a company or lender to hurt your credit score. A low credit score can cause you to encounter extra fees when you apply for a loan or utility service.

Many mobile phone and utility service providers charge a steep fee and additional deposit to customers with poor credit scores. Lenders will not extend the best interest rates and may package loans with more fees because you are viewed as a higher risk. This all adds up to a lot of money that you can avoid paying by staying current on all payments with a financial backup plan. Keep your credit report pristine and save as much money as you can by paying everything on time with a cash advance.

Follow those tips and keep money from escaping your wallet.

About Denny Jones

Hi there! I am Denny, a personal finance blogger and I love to share tips related to managing finance for a better living. Follow my blog for lots of fresh and exciting tactics to control your finances.
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2 comments:

  1. Having debt can be overwhelming, but learning how to use Cash Advance to your advantage could help eliminate that debt.

    ReplyDelete
  2. I'm not sure I agree with this. The cost of a cash advance/payday loan can far exceed the late payments. What you will save is your credit rating rather than any significant amount of money. You'll have cash in your pocket but at what cost?

    ReplyDelete