Cash Advance - is it a good idea?

- 18-March-2016

Is a Cash Advance a Good Idea?

The answer to whether a cash advance is a good idea or not is dependent on your situation. There are a number of circumstances where the answer is YES, and other times where the answers is NO.

At Cash Relief, we pride ourselves on being responsible lenders of cash advances! That means that we are not going to provide you with a cash advance if it is not right for you. Some of the reasons we may not lend are listed below in the next 2 sections.

Inability to Meet Loan Repayments

If we believe that you are not going to be able to repay the loan within the specified time period we will not lend you money and let you get yourself into further debt.

Non Emergencies

Most times we do not suggest cash advances for non urgent needs, such as holidays or purchasing a new TV.

These are reasons when a cash advance is not a good idea.

So when is a cash advance a good idea?

Emergencies

When an emergency arises, and you cannot afford you pay to fix the situation on your own, a cash advance may be the solution. Dental emergencies or broken down cars that are a necessity are examples of where a cash advance can help. As you are charged interest on cash advances, any minor emergency that can wait until your next pay day is better left until you can pay for it yourself.

Will a Cash Advance Save You Money?

A dishonour fee or the cost of an overdraft may be more than the cost of a cash advance. But most times a cash advance will be more expensive than going into overdraft. Using our online loan calculator where every cost of the loan is detailed for you to see (with no hidden costs hiding down the road once you sign up) you can see exactly how much the loan is going to cost. This way you can see if it will save you money. If a cash advance is cost effective then a cash advance is a good idea.

When You Need Only a Small Loan

As cash advances are much simpler and quicker to get, if you only need a small loan for a short period of time then a cash advance may be a better solution than a personal loan from a bank or other lending institution.

Borrowing Within Your Means

It is important that you only borrow as much as you are able to repay. We do our best to ensure that you are going to be able to meet the repayments, but the only person who really knows the ins and outs of your financials is you.