Utilizing a Cash Advance: When To

In a previous article, on when not to get a cash advance, we took a look at the times and circumstances where someone would not want to use a cash advance. This is not particularly surprising as there are many different kinds of loans, each tailored to specific situations. There’s a right time and place to utilize the different loan types. Now let’s look at some circumstances where you would want to use a cash advance. Below are some situations where a cash advance could be very helpful.

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Vehicle Repairs

Accidents on the road and the breakdown of parts on a vehicle can be very spontaneous occurrences. No one can know when they may be involved in a vehicle accident. With the frequency that auto collisions occur, it’s very likely you have been in an accident or at least know someone who has been in one.

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Likewise, it can be difficult to foretell the moment when you will discover the need to replace older car parts. Auto parts wear out as time goes on. Whether they break or simply degrade in soundness and/or efficiency, they will need replacing. There may be warning signs or sounds but, not always.

Repairs or parts replacements can be incredibly inconvenient. Sometimes they are just not in the budget. Many people rely heavily on the family vehicle to go to work or for buying groceries. Not having a functioning vehicle is simply not an option. This is where a cash advance could be just the thing. Often, you’d be able to shoulder the bill with the money from several paychecks. A cash advance would allow you to pay an auto repair bill and still have money from your regular salary to pay utilities and other bills. You could then spread the cost of the repairs over a few paychecks as you pay back the cash advance.

Covering a Bill

Stuff happens in life. There are times when money can be stretched a little too thin. Sometimes things can happen that leave a bank account slightly insufficient when an important bill comes due. Not paying a utility or mobile phone bill can incur extra charges or create a lapse in service. Similarly, not having sufficient funds in a bank account when payment is attempted can cause overdraft charges. In this cash the cash advance is the smart choice. Rather than risk termination of service or overdraft charges (which have the potential to quickly surpass interest rates on a cash loan) consider using a cash advance to make payment and pay off the advance over a short time.

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Visit to the Doctor or a Pharmacy Prescription

When your health is at risk, you need to see your physician. Prescriptions and doctor visits are not something we normally expect and they can become necessary without advance notice. It is important to follow your doctor’s instructions and to take any medicine they prescribe. Unless it involves a serious emergency, these things are often affordable but, not always all at once. A cash advance in this scenario would pay for a doctor’s assistance and any medication needed and could be paid off within a couple weeks without withholding payment from other expenses.

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Appliance or Home Repair Charge

Ever have an appliance stop working? Or need a plumber to stop a leak? The answer is probably yes. In these cases it’s reasonable to assume professional is needed to correct the issue. The service doesn’t always come cheap, especially if you need the work done on a weekend. Once again, a cash advance lets you spread the financial hit over several pay periods. That can be a relief when your furnace breaks down in winter and the repair person hands you a $500 bill.

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The Common Factor

The common factor in most of these situations is unforeseen expenditures. They can happen quite often throughout life. Knowing how to handle them can take a load of stress out of these events. Cash advances are great in these cases because they’re ideal in short-term, moderate cost scenarios. Next time you’re faced with one of these situations, consider if a cash advance or payday loan is right for you.