Avoid the High Costs of Cash Advances
December 2, 2010 by admin
Filed under Cash Advances
Dont fall for the advertising for cash advances or payday loans, with their promises of easy money fast – if anyone is going to get easy money out of the deal, rest assured it is them. Most of these kinds of loans have ridiculous fees and outrageous interest rates that when figured as APRs, can often top 300 to 400% great deal for someone, right? Why borrow money this way when many other much better options exist for virtually everybody?
The fact is that cash advances rarely (if ever) offer any substantial benefit over other loan possibilities. Lets take a look at some of the other options out there for when life hands you a nasty little surprise and you need money yesterday.
To begin with, it really depends on a number of factors as far as determining where to look first. If the amount of money you need isnt incredibly large, you might want to consider asking family or friends for a loan, as this option allows you stay out of the whole interest rate game altogether. Understandably, this may not be an option for various reasons, but it is something that should be considered in some cases.
Another possibility might be checking with your HR Department at work to see if your company offers any sort of hardship relief loan; many do as a courtesy to their employees as they realize that things happen, and sometimes folks need a little help to get over the hump. Often, this will be money that youve actually already earned, particularly when it is an amount that you would be paying back in a pay period anyway. An additional work related possibility would be to see if you qualify for a hardship loan from your 401K. The reasons for such a loan are typically more restrictive, but they do exist. Though it is thought that you should avoid this if possible because you are taking that money out of your funds that are working toward your retirement, the interest is modest, and you are paying yourself back.
Perhaps the best option is to see what kind of personal loan you could get. The advantages here are many, which include less paperwork, quick access to funds, and typically interest rates that are much better than most credit cards. Also, there are no questions or restrictions concerning what you need the money for. Search the Internet and compare rates to be sure that you are getting the best deal out there. By choosing one of these options over cash advances, you should be able to not only save yourself a large amount of money, but also some heartache as well.
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