5 of the Most Popular Ways to Use a Cash Advance
A cash advance is one of the quickest and easiest ways to get money when your bank account is empty. It’s a really popular way to get cash for a variety of expenses. Each person who borrows this way does so for his or her individual reasons, but we see some common trends. Here are some of the most popular ways in which people use the cash from a cash advance:
1. A cash advance helps provide cash before payday
The most popular way that borrowers use a cash advance is to cover ordinary, everyday expenses when there is a period of time between spending one paycheck and waiting for the next. Most of us have been here before, running out of cash ahead of payday, especially for those of us living paycheck to paycheck. A cash advance is a great way to make sure you can still pay the bills until payday.
2. Avoid overdraft fees and bounced checks with a cash advance
Another common way to spend a cash advance is to use it to pay bills that would otherwise incur some serious fees. When you know that if you pay the rent your bank account will be overdrawn, or you know that check you wrote to a friend is going to bounce, a cash advance can help you avoid the embarrassment and the fees.
3. Emergency expenses can be covered with a cash advance
While most people use a cash advance for ordinary expenses, the next most popular way to use one is to pay for things that were unplanned. For example, if your roof starts leaking and you need to fix it so your family doesn’t get soaked, or your car breaks down and you need to pay a repair bill.
4. Cash advances pay medical expenses
Also very popular is using cash advances to pay medical bills. Medical expenses are higher than ever before, so more people are turning to alternatives for funding. A cash advance is a quick and easy way to get money to pay bills that you otherwise couldn’t cover.
5. Pay more expensive debt off, or consolidate it with a cash advance
If you have multiple sources of debt, you may be facing some high interest payments and even late fees if you get confused and miss due dates. One reason some people turn to cash advances is to repay some of that more expensive debt, like credit card debt, and to consolidate those loans into one payment that is easier to deal with.
Getting a cash advance is a popular thing to do if you work hard, but struggle with cash from time to time. You are not alone and if you are like most people, a cash advance will help you cover some of these expenses.
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