Sometimes your pay simply is not enough to pay all of your bills and you find you must decide which bills will and will not be paid
. There is a solution to your dilemma in the form of a cash advance. There has been a burst of businesses that offer to help when you need money now. They allow you to write a personal check and will hold it until your next payday.
Sometimes these are virtual life savers in the sense that they give you the money you need and wait for their payment. Other times they are a money trap that pulls you into their vortex and never lets you out. They actually benefit from the percentage they charge you for financing you need. Each time you borrow from them, they charge a percentage of your original loan. This makes the amount you owe them higher than you once needed.
When paying on a loan and receiving your personal check, you find that the balance is much more than your check was originally written for. Once you pay this amount, you immediately discover another loan is necessary to help you make it through until your next payday. This is the trap that virtually sucks you in and from which you cannot escape.
The answer to not getting stuck in this vortex is to only borrow enough money to finance your immediate need. So many people borrow more than they actually need meaning they are required to pay back a larger sum. The more money you borrow, the more interest you have to pay and the more the company makes off of you.
If you must borrow against your earnings, you should take care to only borrow what is needed. Pay off the entire balance and try not to borrow again. Sometimes you can find the companies that are offering your first loan free of charge. These are very helpful when you must borrow a larger amount.
Since you can only borrow from one of these businesses at a time, it is recommended you choose the lowest interest company available. This will ensure you are not paying large fees when repaying your loan.
It is not a crime to be in need of money between pay checks but it is recommended that you take every precaution to ensure you are not over extending yourself. Most of these businesses do not care how much you borrow as long as you pay it back. If you need money now, avoid the trap these businesses set for you by only using their services if you absolutely need them.