Cash Advances Can Help Those Without Emergency Funds

Consider this scenario.  You have zero savings and do not have an emergency fund.  All your credit cards have been declined and you are basically living from paycheck to paycheck.  Something unexpectedly happens in your life where you need immediate cash.  It could be that you received your electric / gas / oil bills unexpectedly exceeded what you can afford or your car breaks down in the middle of the road.  What would you do in this situation?  You have no emergency fund to tap to and you need the cash to deal with your emergency situation.  This is where online loans can really come in handy.

Cash advance is a short-term loan that does not require a credit check and the money is quickly delivered to your bank account.  Because there is no credit check and the money is available almost immediately, the interest rates are usually very high.  However, if properly used you can greatly benefit from quick cash advance loans.  The important thing to note regarding cash advance loans is the short-term aspect.   If you end up borrowing money from quick cash loan lenders, you must pay off your loan as soon as possible i.e. using your next paycheck or the interest alone could be unbearable depending on the loan amount.

Benefits of Quick Cash Advance Loan

  • It’s easy to apply.  Your application can be completed less than 5 minutes
  • Your quick loan request will be answered in few minutes
  • There is no documents to fax
  • No credit check is required and therefore people with bad credits can borrow money
  • You do not need to put up any collateral unlike other personal loans
  • Once approved, you have access to the money within couple of hours
  • You can use cash advance loan to either repair your bad credit or start building a credit for your future

I am very confident that I will never be using the cash advance service such as pay day loan in my lifetime mainly because I have other options to deal with any emergency situations that come my way.  However, quick cash loans can assist those who are not quite as prepared for emergency situations by allowing them to borrow money without any credit checks.

  • My University Money January 5, 2012 at 11:21 am

    Wow, this is definitely a “worst case scenario” deal though eh? I mean a HELOC would be a much better long-term solution for getting out of debt right?

    • UltimateSmartMoney January 5, 2012 at 6:02 pm

      You’re right. This scenario would not apply to those who are financially stable or have an emergency fund. Unfortunately, there are a lot of people who are not financially stable and live paycheck to paycheck where online loans can be beneficial.

  • Miss T @ Prairie EcoThrifter January 5, 2012 at 9:16 pm

    I don’t know. I have seen these backfire for people time and time again. I am much more comfortable saving up front the old fashioned way.

    • UltimateSmartMoney January 5, 2012 at 9:21 pm

      You are a smart person and thinks about your future. There are so many people out there who do not save.

  • Charles January 6, 2012 at 9:54 am

    I don’t recommend payday loans or cash advance either, but it’s definitely an option to fall back on as a last resort. However, I do want to emphasize that for whatever loans you have, you need to be responsible or things can get out of control really fast!

  • Vance Cash July 8, 2012 at 9:05 pm

    Cash advance loans can help you get back on track again especially if you are looking for financial assistance in time you them most.

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