Paycheck Advance Loans
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Paycheck Advance Loans May Not Be Necessary
If you are short of cash to pay unexpected bills that are due immediately, the quickest solution is see if you qualify for as many paycheck advance loans as you can find – but selecting only one. Thousands of people who are in the same predicament do exactly that every week, but it may not be necessary.
Alternatives
If you find yourself on the light side, your stress levels rise and that often makes it difficult to find a solution to the short-term problem. You are not the first to go through this situation and whenever there is a problem, there is a simple solution. The alternatives to tying up your next paycheck may be slightly more complicated or costly, but they also solve the problem. For example, here are a few solutions that many people consider before going to an online service to get an advance loans on their payday.
Savings Account
Believe it or not, this is generally not the first choice most people choose. But it is an easy and quick solution. After all the money is in a savings account for them to do with as they please. Paying off an emergency bill is certainly a useful option for those who actually have a savings account. People with a certificate of deposit (CD) or a property mortgage with equity built in have their money tied up for a period of time, perhaps six months or a year, will be penalized for taking the money out before the due date. That may be too costly. But a simple solution is to borrow against that CD and pay a small interest for the short term. No CD? Then move on to the next item.
Overdraft Protection
If you have a checking account, which you will need for a paycheck advance loan anyway, and you have good credit with a decent FICO score, then applying for overdraft protection at your bank is always a smart alternative. The interest is high, but it’s better than the NSF fees that the bank charges when the check bounces. Once the overdraft protection is in place, you’re good to go and not have to worry about advances on your paycheck for emergency uses. Poor credit? Let’s see what’s next.
Credit Cards
This may not the best choice. Credit card companies do everything they can to get you to use your card to the max, then just wait for you to go over or be a day or so late. Once you reach your limit, the fees pile up. They are merciless, but unfortunately have carved their way into every corner of society. Using an advance check that many of these companies offer their customers is a way to get an expensive loan quickly. Just write the credit card check out to yourself and deposit in your checking account to pay the bills. If you don’t have an account that offers this check writing feature, then it’s sweat time. Here’s why.
Employer Advance
Of course you can check with your employer to see if he or she will give you an advance on next week’s paycheck. Loans are easy for them, but not always available. Many companies have strict policies against paycheck advance loans. If your company is one, then it’s time to move on to the “others”.
Friends and Family
This is not the ideal thing to do. In fact, it will probably hurt you in the long run. Anytime you borrow money, particularly from your family, it’s like having an anvil held over your head ready to drop at the first missed step – such as not paying it back in time. And of course, there is the invariable, “I told you so”, which no one wants to hear. Friends are no different, unless you no longer want them to be considered friends. Since this is never a good idea, let us move on.
Pawn Shop
Now this may seem sleazy, and it is, but it does get you through the short-term cash flow problem. Pawnshops make money by loaning money for your used merchandise, particularly jewelry, watches of value and other items at a deep discount. If you fail to redeem your merchandise within the given time period, your hocked item goes up for sale at a really favorable markup for the security shop owner. So be careful and know the value of what you are pawning and do make sure you can retrieve it within a very short time.
If none of these works, then you may be forced to check out one of the online companies that offer paycheck advance loans that can get you cash by tomorrow – literally. Each state has their own regulations, and all companies do not operate in every state.
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