What If You Can’t Repay Cash Advances on Time?Taking out cash advances every once in a while can be a smart way to get extra money when times are tough. These quick loans provide small amounts of cash for weeks when the paycheck doesn’t stretch to cover everything or when there are emergencies and extra costs that weren’t expected. Most people have great experiences with these loans, but it can be a little stressful too, especially if you are worried about repayment. There are some good reasons you can rest easy and not worry about being able to repay your next cash advance.
Cash Advances Are Small Loans
The first reason is that these just aren’t very big loans. When you take out cash advances you’re not getting big bank loans for thousands of dollars. Most cash advance amounts are closer to a few hundred dollars, affordable amounts for most working adults. So, with a small loan it’s much more likely that repayment won’t be a problem and that you’ll have enough on hand when the amount is due back.
Repayment for Cash Advances Waits until Payday
Another good reason to stop stressing over repayment is that the lenders offering cash advances are trying to ensure your success. They want you to repay, and they want you to do it on time. To make it easier for you the amounts are almost always due on your next payday. This means you’ll have cash in the bank to repay it. Just be sure that when you apply for the loan that you provide the information for the bank account to which your paycheck gets deposited.
Plan Ahead to Ensure Repayment of Cash Advances
The loans themselves are designed to make borrowing stress-free and repayment more assured. But there are also things you can do as a responsible borrower to make sure you’ll be able to pay your cash advances back on time. Be prepared and plan ahead if possible. Even if you only have a few hours to work it all out, consider what you need the money for and decide exactly how much you need. This helps you avoid over-borrowing, which increases the risk that you will struggle to repay on time.
Cash Advances Can Be Rolled Over
If all of these factors fail to work in your advantage, and you do find that when the time comes you don’t have enough cash to repay the loan, you do have another option. Your lender will work with you to roll over the loan so that you can repay it by your next payday. If you have to do this, use that extra time to cut back on spending and save up a little extra from your pay to make sure you won’t have to roll it over again. While this is an option, it isn’t an idea one because it means staying in debt longer, and that means paying more in interest. You save money when you can repay cash advances on time.