How would your finances prevail with best cash advance loans mixed in? What kind of battle would you have in order to pay back the short-term loan plus fees when your next paycheck arrives? If your loan plus fees is more than your paycheck, how would you handle the payoff?
Let’s say that you bring home $250 each week and you find a lender who will loan you $200. If you don’t find a responsible lender, you may just find one that will approve such a loan. Fees average $35 per $100 borrowed which make the bill $270 that you need to repay the following week. This means that your paycheck comes in and you still don’t have enough to pay the loan back. What happens to the other $20. What about the rest of your bills?
Granted you will be receiving a paycheck in another week, but what happens in the meantime when you are now short $20? There are some people who will be blaming the cash advance loan lender for approving a predatory loan. Others would say that you had no business signing a contract that is obviously unaffordable. Well, you are there, so now what are you going to do to get out of this financial pickle?
If you take out another loan to cover the payoff or to make up for your now empty bank account then you still have the same problem generating for next week. Over and over you could struggle with taking out a new loan to pay for the old and still not bring any real relief into your bank account. It’s otherwise known as the cycle of debt that could build more debt if you always borrow just a little bit more each week to pay off what was once a $20 shortage.
In order to slow down your cycle of debt, there will need to be some give to your finances. If you are rolling over a loan, then you will need to find extra money to pay down the principle to find relief. If your loan is renewed each time, you will have to start taking out less money each time and cover the difference with another money source…preferably not a third party money source.
Pay down a cash advance to help clear up your debt.
Would you be able to come up with enough money to at least pay down your direct cash advance loan? How does one even go about squeezing more cash out of their paycheck? Unless you can work some overtime or cash in on a few vacation days, finding extra money will take some finesse. It could be done through cutting back on expenses. Since so many people who are at the point of needing a short-term loan have already made some of these cutbacks, where does one turn?
A quick way to get extra cash is to hold a garage sale. Sell off items from your home which are either not worn or used. It’s a great way to clean out the closets and/or garage. Cell phones can be put on hold for a few months or take a hard look at your food costs. Many people will find the most room within their food costs. Whichever place your personal finances can squeeze out some extra cash, even if it is not the full amount owed, anything is so much better than nothing. Take this money and pay down your online cash advance loan principle in order lower your debt.