• Payday loans - cash advance to bring financial security?

  • The question is can a cash advance bring financial security? The answer really depends on what you mean by financial security. If you’re talking about short term financial security, then yes. However, if you’re referring to long term financial security, definitely not. You must always remember that a cash advance is a loan against your paycheck. You cannot count on a cash advance on a future paycheck to bring you closer to that financial paradise since you will automatically be short the amount of the loan on your next pay date. A payday loan must be used for urgent circumstances only and not as another form of income.You’ve probably seen many payday loan companies advertise "cash advance up to $1,500 with no credit check!" If this sounds too good to be true, it is! If someone is earning three hundred dollars a week, how can they possibly afford a $1,500 paycheck advance? It doesn't take a mathematician to figure out that someone bringing home $1,200 a month will be in over their head. No reputable payday loan companies will loan someone more than they earn in a month. Any cash advance company that offers you a loan for more loan than you can afford to pay back in two weeks a without putting yourself in a worse position can be considered a predatory lender. The only exception to this would be if the company offers you the ability to repay your loan in payments, which is called an installment loan. A traditional payday loan for someone under these circumstances would undoubtedly lead to loan extensions or even the unwise decision to take out another payday loan to pay off the current one. The process of stock piling cash advances or excessively rolling over loans can end up costing hundreds of dollars and result in a mountain of debt.Payday loans are a viable short term solution for urgent financial issues. It is unwise to think of them as any form of real financial security. When thinking about a cash advance, the first step is to remember is that you will need to budget your finances in order to repay the loan comfortably. The second step is to determine how much money you actually need and determine if you can pay that amount back plus the loan fee on your next pay date without creating more financial stress. If you only borrow a small amount of your next pay check it will be easier to create a cushion for daily expenses. The final important step would be to find a trustworthy lender offering payday loans at the lowest rate possible.Financial security is the ability to meet your future needs while keeping up with your day to day obligations. If you think an advance in your pay will bring you financial security, think again. There are real methods for finding the long term financial security you are looking for. Start with your budget and try to catch up as soon as possible without creating a more troublesome financial situation. If you find the need to obtain a cash advance, learn how to use it responsibly. Financial security involves planning, saving, and debt control. For many people, this will involve acquiring the knowledge of new skills and the motivation to build financial security. Financial security is within you reach if you’re committed to behavioral change, financial self sufficiency, and stability.
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  • ABOUT THE AUTHOR

    Michael Tagnani is an SEO expert, Internet marketing enthusiast, and an integral part of the Spotya team.  Spotya is challenging the negative image payday loans have received in recent years by empowering their customers with valuable information, useful resources, and the lowest fees on the planet!  Find out why we're different than other online payday loan companies -> http://www.spotya.com
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