When you’re short of money, you might consider applying for an instant cash advance. It is a fast and easy way to improve your financial situation, at least temporarily. The amount of fees and interest you pay is associated with the length of your repayment, so cash advances happen to be a very short term solution.

Approximately 6% of Americans have used an instant cash advance. Before you become one of them, read the information below.

Who Instant Cash Advance Loans Good for?

In general, Instant Cash Advance loans aren’t always good for most people. Because direct lenders charge high fees and APR rates, it’ll be difficult for people to get back on track financially after getting one of these loans. If you already reach the point where you experience financial trouble between paychecks, opting for a cash loan might make things easier for you.

Many people decide to go with direct lenders even if their credit score is far from perfect. But they’ll pay for that convenience in the form of high interest rates. So it’s generally best to consider other options first.

Getting a cash advance isn’t difficult, but it takes some thought before approval. Similar to any type of loan, a cash advance can improve your financial situation or make it even worse. So, you should do the following things before submitting an application:

  • Be able to repay the loan in full by the due date
  • Read through the terms and conditions offered by the lender beforehand
  • Put some money aside to pay your bills and cover other expenses after repaying the loan with your next paycheck
  • Check your credit score to estimate the potential interest rates and services fees that will be imposed by the lender

Generally, you should apply for a cash advance only in rare situations. This must be your last resort, not a quick solution to every financial problem in your life. Don’t forget that borrowing money from lenders you might put yourself in a debt circle. And this is always a risky affair.

Alternatives to Instant Cash Advance Loans

If instant cash advance loans don’t seem to be suitable, you may consider alternative options. There are many of them. Let’s mention a couple of options down there:

  • Search for personal loans. It’s possible to find personal loans with direct lenders. They come with different terms and conditions, including various interest rates, charges, repayment plans, and so on.
  • Temporarily reduce other expenses. Consider reducing your budget temporarily. Decreasing your auto insurance or cutting everyday expenses can improve your financial situation.
  • Borrow from a family member or friend. It’s risky to jeopardize your family relationships over money, but if done right, this can be a reasonable option. Make sure you discuss the details to minimize potential misunderstandings.
  • Sell your old stuff. If you have some valuable belongings, such as extra electronic equipment or jewelry, you can try selling them for cash. As a result, you will get rid of unnecessary stuff and improve your financial situation at the same time.

Should You Pick a Cash Advance?

For urgent needs, an instant cash advance is a perfect way to access funds. But it has a couple of tricks. Thus, every borrower should have a sufficient cash advance credit line on his/her credit card and keep track of the fees and service charges imposed by the selected lender.

In many cases, there are less expensive alternatives to cash advances. Feel free to consider other options to personally guarantee repayment. If you are fine with the terms and conditions for cash advance loans, proceed with an application.