Did you go looking for a fast cash advance to support extra costs? Were you able to find a lender? Did you use the loan to pay for the full purchase or was it supplementing money from elsewhere?
How bad did you need the fast cash advance?
How desperate were you to receive the funds? One way to answer that question would be to examine how and why the purchase was made. Using a fast cash advance loan to purchase a want is never a good reason to obtain a high interest loan. Like any other situation, how it is handled may make a want an acceptable use for a short-term loan.
- Was the purchase an impulsive decision? This type of shopping gets people’s budgets in trouble without any type of cash advance loan. Overspending on items without purpose could keep money away from paying down other debt or out of a savings account.
- Was the rest of the purchase placed on a credit card? Credit cards are most typically used for larger purchases despite recommendations to save for wants. With a maxed out card and a short-term loan payment due, will there be enough money to pay both?
- Did you use other means in order to minimize your fast cash loan amount? Since there is a fee for every $100 borrowed, small loan amounts are more cost effective in the long-run.
- Was the item on sale? Will there still be savings once the loans and credit are paid off? Just because an item is on sale, it doesn’t mean that a person can afford it. When the money saved from the sale is spent on paying back the money, was there nothing gained? Most often, the money does not get paid back right away and the initial price of the item soars from added interest over the long-run. If you are going to save money and the item is something you have been wanting for a while, do it, but only when it is cost effective.
- If you wait a a week or so, would the item still be as important to you? Would you have been able to come up with the money in a different manner?
There are distinct differences between credit cards and fast cash money loans online. The fees, interest and length of terms are major differences.
The fees – Credit cards carry monthly interest charges which change according to your credit history. Cash advance fast loans carry a fee which is added to the payoff. If the loans is extended in any way, the high interest can make the loan that much more difficult to pay.
Interest charges – A short-term loan has fixed high interest. A credit card will vary as determined by the creditor. A cash advance from a credit card begins to accrue interest as soon as the transaction takes place.
Loan terms – A debtor is expected to pay a minimum amount towards credit card bills each month. Most of this money is to pay for interest. In order to make a difference on the balance extra must be paid. Those who are using fast cash advance loans online will need to have both the loan amount and fees paid off in two weeks. If not, every two weeks thereafter, there will be required interest payments each and every two weeks until the loan is paid off in full.
If you are seeking to make a purchase, evaluate your finances before you spend. Take note of how your budget can support any additional costs due to paying interest on third party money. If you can save up for the purchase your finances will be better for it. But if you are looking to use alternative ways to pay, take note of how maxed credit cards and/or fast cash advance online loans will affect your income in the long-term.