Legit Reasons for Emergency Cash Advances
Before we get to your options for cash advances, we first need to look at reasons that justify you taking out this loan. Remember, the costs of cash advances, even if it’s only a small 1000 loan, are very high (extremely high really). As such, you really do need to avoid them if at all possible – they are truly only justified in cases of true emergencies when there are no other options and you only need the cash until your next paycheck.
Reasons where you may truly need emergency cash assistance include:
- Medical bills that must be paid in order to recieve additional, needed treatments
- Car problems that require immediate fixing (and only in cases where you absolutely have to have a car to survive and get to work)
- Paying off other ultra high-interest loans that have even higher interest rates and fees than the emergency cash advance does (however, be very careful with this strategy – it is very common and leads people into debt traps very easy. Remember, you should only take out an additional cash loan if you are certain you can pay it off with your next paycheck. Otherwise you are only delaying the inevitable and racking up more fees and costs)
- Other emergencies where you can’t get by for two weeks without the cash loan.
Reasons that do NOT justify taking out an emergency cash advance loan would basically be anything that you can possibly get by without for a few weeks. TV purchases, vacations, christmas presents are all examples. In addition, never use emergency cash advance loans to pay off credit card debt or to consolidate other debts, unless the interest rates are higher (which is not the case 99% of the time) (as a side note, it really bugs me when I see lenders advertising for people to take out a short term cash loan for this reason).
Options If You Need An Emergency Cash Advance
The options you have with cash advances will first be determined by your credit score. If you have a good credit score then you may be able to go to a traditional bank and take out either a secured or unsecured cash loan, and you may be able to get the money within one business day. This should be your first option, if possible.
However, for those people who have bad credit and need an emergency cash advance their situation is very different. If you need an emergency cash advance bad credit then you are going to be limited to either a payday loan or a title loan. You may be able to get a cash advance from your credit card – but that assumes that 1) you already have a credit card, and 2) you have enough availabilty on the card.
Since we have gone into fairly good details on how these types of immediate cash loans work in our series we titled “the guide to immediate cash loans“, we would encourage you to read that and then decide if these loans are good for your sitation. While you do, concentrate on 1) the reasons why emergency cash loans for people with bad credit are so expensive, 2) the issues that you need to be aware of so you don’t fall into a very common debt trap, and 3) how you can get the emergency loan that you need from a good cash advance network.