A cash advance can get you the cash you need fast without any credit checks or long underwriting periods. While a cash advance is the answer for many individuals who are struggling financially, the fact that the funds can be used for anything can land some borrowers in hot water. When applying for a no credit check cash advance, the last thing that you want to do is use the funds for luxuries rather than justifiable emergencies.
The truth is, most people who take out a cash advance are responsible individuals who need the money for a good reason. Most of us would never dream of using a cash advance to pay for things listed here. That said, here are four things you shouldn’t even consider buying with a cash advance:
#1: To Pay For a Getaway
It is only natural to want to escape from your mundane life, but you should only take that weekend getaway you have been picturing in your mind if you have the savings or credit to pay for it. A weekend excursion may be fun, but that fun can dig you in a deep hole of debt if you are not careful. Cash advance loans, while they are valuable financial tools in the right circumstances, carry high interest rates if they are not paid off quickly.
If you are not careful and you use your entire loan towards a short trip, you may be paying for those two days of fun for months or years.
#2: Spending Money at the Mall
Are you planning to go on a shopping spree with your friends? If your closest friends are fashionistas who only buy brand name goods, you might be tempted to apply for a cash advance to keep up with your friends and buy those cute shoes you have been dying to get your hands on. The only way to avoid the temptation of buying expensive shoes or clothing that you do not need is not having the cash on hand. Never apply for a cash advance just to go on a shopping trip. While it does sound tempting to get extra cash to flaunt at the department stores and retail malls, wait to schedule your trip until payday. This will save you money in finance charges so that you are not left paying for your purchase months later.
#3: To Make a Large Electronics Purchase
You might consider a laptop a necessity, but in almost every case it is actually a luxury. If a new laptop, a new gaming console or a new generation high-def television is about to launch, do not take out a cash advance just so that you can get your paws on the latest model of electronics. The only time to use a cash advance to finance an electronics purchase is when the purchase is detrimental to making money. If you need your laptop to conduct business and make a living, it may be justifiable to purchase a reasonably priced model with the funds you receive from a loan.
#4: To Buy a Recreational Vehicle
You should never make a large purchase that will lead to reoccurring bills you cannot afford with funds you receive from a cash advance. Your neighbor may be selling a new motorcycle for half the sticker price at the dealership, but this does not mean you should run to a cash advance lender to apply for a short-term loan. Not only will you have to pay back the finance charges and fees, you will also have to pay for gas, insurance, taxes, registration and vehicle maintenance. This is a purchase you should wait to make until you can build your credit and obtain an auto loan.
Cash advances are really helpful for individuals who are truly in a financial bind. If you need to pay for a prescription, an urgent care visit, a repair bill, or you are short on your rent, these circumstances are considered urgent. Remember, you must pay back a cash advance. Always borrow responsibly and only borrow as much as you can afford to repay.