How a Cash Advance Loan Can Help with Holiday Spending

Cash advance loans are becoming more and more prevalent because they provide the money you need in a hurry. One of the most popular time of year that many people tend to get cash advances is around the holidays. Here are a few things to consider about cash advances around the holidays.

Why Cash Advances?

Around the holidays it seems like everyone could use a little extra money. Most people buy presents and attending a few holiday parties. Buying present and attending parties requires you to buy presents. You might even host a party which will cost you even more money. If you are running short of cash before the holidays, a cash advance can fill in the gap that we need to finance our holiday.

How They Work

The process is simple. The first thing that you need to do is locate a cash advance store. In most areas, you will have several options to choose from as they are turning up everywhere these days. Just walk into your local cash advance store and tell them what you need. They will offer you an application. 

The application process is very easy and typically only takes about 20 minutes. They will ask for the normal information including: your name, your address, contact phone number, email address, social security number, and contact information for your nearest relative. They will verify everything and make sure that you have some way to pay them back. 

Once they receive your application, it is usually a very short period of time before they let you know if you are approved. They will not check your credit; they are looking for your job history. As long as that can be verified, you will most likely be approved. 

Once your approval is completed, they will directly deposit the money into your account. Most of the time, the money will be transferred within 24 hours of getting approved. This allows you to get the money that you need quickly and easily. 

Drawbacks of Cash Advances

While cash advances can be beneficial around the holidays, they are not without their drawbacks. When you take out a cash advance, you are going to be charged quite handsomely for it. While the interest might seem small to you at the time, if you work it out, you will find that you are often charged over 200% APR for the money. This is a very high interest loan and you will never come out ahead by using this to fund things regularly.

If you do not have the cash that you need now, after you get paid you may not have enough to get by either. Many people that start using cash advances get in the habit of doing so. They find that they are still short when they get their next paycheck. Therefore, they come take out another cash advance or ask for an extension on their current one. Getting an extension will result in paying even more for the money that you need. Just be careful getting involved with cash advances before you get in too far. 


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