Your Options

It is inevitable that we sometimes find ourselves short of cash. Payday’s a fortnight away and the bills are waiting to be paid. In some cases, emergencies take us by surprise. In times like these, a popular solution for many is to take out cash advances. A cash advance lets you “borrow” or “take out” money from some source of fund, whether your own or someone else’s. If it’s yours, the amount you borrowed is deducted from the cash you’re supposed to get at a particular time in the future. If the source of fund is someone else’s, it’s essentially a loan.

Here are some ways you can have access to a cash advance when you need them:

Cash advance at work. Most companies allow employees to take out cash advances against their monthly salary, sometimes by as much as three months’ worth, and the amount is deducted from their monthly/fortnightly pay. This means a decrease in your usual take-home pay, but if you’re in urgent need of money, this is a good option without the stress of interest rates.

Credit card cash advance. Credit card companies also offer cash advances charged to your account. There’s a service fee though so it’s smart to check first the rate with your bank and compare with your other options for a cash advance. The amount you borrowed must also be paid in your next due date, and interest rates also apply.

Advance cash loans. If the first two options are not possible, another common solution is to take out advance cash loans, also known as advance payday loans. These are short-term loans that you can repay in a couple of weeks’ time, usually two to four weeks. The loanable amount depends on the lender, but most offer cash advances for as low as $200 to as much as $2000.

A big disadvantage of these payday loans, however, is the exorbitant interest rates, which can go as high as 20 percent. On the other hand, it’s a convenient option especially for those with a low credit rating. It is also extremely convenient and easy to apply for these advance cash loans as many lenders offer same-day processing and release of funds.

There’s no need to worry the next time you’re short of cash. The three options are only a few of the choices available to you if you need instant, fast cash. Of course, your choice should always depend on your lifestyle and financial capacity to pay.