Turn Payday Advance Loans into Assets by Mastering the Magic of Common Sense
Author: Nezabudochka
Managing a
payday advance loan is no magic but pay attention: using a payday advance is not like pulling a rabbit out of your hat. Pay day loans can be very helpful in emergency situations, but to get the most out of it means you need to educate yourself on how this particular magic trick works. A loan can be a useful tool to help get your financial life on the right track if used correctly. Getting a Cash Advance Loan is No Magic If you've tried getting loans from banks, credit unions, and financial companies, you probably also experienced the frustration of struggling through mountains of paperwork. Searching through file cabinets for obscure paper to complete your application can be a time-consuming and frustrating process. With a cash advance loan, there is no complex paperwork. Everything you need to do can be easily done on the internet. You only need four things to qualify: First, you need an active email address. Second, you need a checking account to receive your cash advance loan into. You also need proof of employment with a direct deposit of a minimum of $1500 per month. Finally, you need a direct work phone number. With just these four easy steps, you have access to money when you need it, not when payday comes around. It's Not a Magic Wand
Responsible financial management is the key to a healthy financial life. However, emergencies happen, and you might be caught in a situation where payday is just out of reach when you need the cash the most. A payday advance can tie you over until your next paycheck, but keep in mind this type of loan is designed for the short-term, and must be paid back promptly otherwise you may incur extra fees which only puts you deeper in trouble. Only borrow what you need to handle your emergency. And remember, this is money that is coming out of your next paycheck and adjust your budget accordingly. Use the Magic of Common Sense and Responsibility
While a
pay day loan can look like the answer to your prayers, this is true only if you use it responsibly and are aware of the consequences if you borrow more than you can afford to pay back. If this happens, you may be sucked into a spiraling and destructive cycle of debt, which is difficult to handle. Consider your normal budget, and calculate the minimum amount you require in the current emergency in order to get it taken care of. An advance payday loan is not designed for a vacation or a new television. This is the type of loan to use when the car breaks down and you need it to get to work, or if you need medication and the bank account is empty. Be Smart and Save Your Money with Cash Advance While there is a small fee for taking out a cash advance, you'll want to weigh the overall cost of being late on your payments against the cost of the cash advance itself. Lets say you are short on your bills this month, but you are not getting paid until after your bills are due. If you miss your payment date, you are now paying a late fee, which can be as much as 5% of the bill. If late fees equal or exceed the small charge of the cash advance, you're saving money. Lets say you are going to be short on your credit card payment. Here again you will be hit with a late fee. But what is worse, your account will now have a default APR, which can be as high as 30%! That means that not only will this month's payment be higher, but every payment from now until your credit card is paid down will be significantly higher than it needs to be. Not only that, but after missing these payments by just a few days, your credit score can suffer. Now, every loan you have and are going to apply for in the future is going to come with a higher interest rate and a larger amount of money down. Especially in today's economy, making smart choices with money is critical. No one loves taking out a loan and paying interest. But if taking out a short-term loan can save you from paying late fees, hiked up interest rates, and lower credit scores, then a
cash advance payday loan is a smart fiscal decision. Use a Payday Advance to Your Best Advantage
The trick to managing a payday advance loan is to borrow the minimum, pay it back on time, and only use it when necessary. When you follow these three tricks, a loan of this type becomes an asset and not a liability, and can quite often make an emergency situation less stressful and easier to endure. When the utilities are about to be shut off, or when the baby is sick and you need to purchase medication or pay for a doctor's visit, online payday loan can bail you out of an untenable position. It will ease your mind enough to deal with the actual event without worry about how you're going to cover it until your next paycheck. It can be tricky to juggle the budget in the best of times, but in the current economy, it can seem like you need a magician to wave a wand to make it all better. A payday advance is not a magic wand, but it can bail you out of an emergency if needed. As long as you play your cards right.About the Author:
Nezabudka is a freelance writer with a background in finances and solid understanding of how
payday loans work. There is no magic in it, she states, and anyone can master the trick of managing
cash advances and turning pay day loans into assets.
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