While many people are under the impression that there is nothing more expensive than a payday advance there are others who are not quite so sure. Deciding where on the spectrum you fall can often be extremely hard and complicated but knowing what you are able to afford often means you need to look at your particular budget as well as your specific needs and make an honest decision. Often people avoid the task of looking at their budget honestly, because they are afraid of what they may discover. The sad fact is that if you are not willing to take some time to review your budget you may discover that the cash advance does nothing for your financial situation in the long term. A good cash advance however can be quite helpful to your budget and will leave you in a much better position financially. To really decide if you can afford a cash advance you need to compare all of the costs, for example how much will the cash advance cost you, compared to how much your likely to be charged if you do not obtain the advance.
Many consumers seek out cash advances to help them cover their bills and ensure that they are not bouncing any checks at the bank. These bounced check fees are extremely costly, sometimes as much as $35 for each check. This in addition to the hassle that is involved in cleaning up a bounced check can quickly make a cash advance the cheaper option. Additionally, with many of the late fees that are tacked on to services such as utilities and even credit cards borrowing a bit of money for the cash advance is a good idea at times.
If you are looking at the potential costs of not obtaining the cash advance and it is an extremely pricy charge then you almost cannot justify not obtaining the loan. While the fees associated with a cash advance certainly are not cheap, they can be substantially cheaper than many fees when consolidated together. There are other times when it may not be in your best interest to obtain the cash advance loan though, for example if there is a great sale going on at the mall and the savings that you would get is less than the amount that the loan would cost you, it is best to avoid the cash advance loan since it is not going to provide you the savings that you need to justify the costs.
What may fit into your budget and level of affordability and what fits into someone else’s needs are often quite diverse. It is extremely important that you choose for yourself exactly what you can afford and what is out of your reach. Maintaining control over your finances means you need to have the ability to quickly and easily justify the expenses of the loan. This means making a few choices that can be quite difficult to make, but ultimately if you are willing to make these choices your budget will show the improvement that you need and you will come to need the assistance of a cash advance less and less.
An issue all payday advance customers should be concerned with is the possibility of getting caught up in a Cash Advance Debt Trap which is easy to do if your not a responsible borrower.