Helping you cover essential expenses, a cash advance is an incredibly useful financial tool. Invaluable when an unexpected bill drops through your door, these versatile loans help you to get cash fast when you need it most. However, there are times when other loans and financial arrangements can be more appropriate. Take a look at our quick guide to help you decide if a cash advance is right for you.
When to use a cash advance
Repairing a car
It’s no secret that a car repair can get expensive. Even relatively minor works can quickly add up, leaving you with a hefty bill and putting significant strain on your finances. If you rely on your car to get to work, to the supermarket or to take the kids to school, you’ll need it repaired as quickly as possible. A cash advance can help you to cover the cost of repairs until your next paycheck comes in, helping you to get back on the road and back in business.
Covering an urgent bill
Leaving household bills unpaid for an extended period isn’t just bad for your credit rating, it can lead to your home being cut off from gas, water, electricity or the internet. A cash advance can help to ensure you never miss a bill payment again and can be especially useful if you’ve received a final demand for payment from a utility provider.
Paying for medication
Though we’d all love to be healthy all of the time, unfortunately, most of us will fall ill at one point or another. As it’s impossible to predict when we’ll be struck down by an infection or virus, most of us are unable to save up in preparation. A cash advance will help you to pay for the medicines you need when you need them, helping you get back on your feet as quickly as possible.
When not to use a cash advance
Whether it’s brand new, second hand or on its last legs, a car is a significant investment. As most people plan the purchase of a car, it should be possible to save up gradually to pay for the vehicle. If not, a long term long loan or financing arrangement will probably be cheaper than an instant cash advance when buying a car.
Like buying a car, remodelling a home is rarely a spur of the moment decision. Instead of financing your renovation with a cash advance, try saving up or arranging a home improvement loan instead.
Unless there’s something you simply can’t live without until your next payday, you should avoid using a cash advance to pay for personal shopping. If you need to indulge in retail therapy, you’ll probably find better deals by signing up for store cards and customer credit.
To find out more about how to get a cash advance, or to apply for one yourself, have a look around our site today.