Cash advances are often portrayed in a negative light, but it’s not an entirely deserved reputation. In almost all cases where negative press has been linked to cash advances it’s due to irresponsible use on the part of the borrower. When used responsibly a cash advance can be an invaluable tool for people in need of immediate funds. A cash advance shouldn’t be used frequently or for non-essential purposes, but there are several situations where a cash advance makes perfect sense.
First and foremost you should have a steady income if you’re considering a cash advance. Proof of employment is usually a requirement by most lending agencies anyway and with steady income you can quickly repay the loan without incurring extra fees. Even with a steady income there are times where unexpected expenses pop up. You’re left with the choice of neglecting one financial responsibility in order to pay another and you can quickly end up in a cycle of debt and conflict. In these instances a cash advance makes perfect sense.
There are few things more nerve wracking or terrifying than having a family member in the hospital for illness or injury. Just as nerve wracking can be the huge bills associated with emergency medical treatment. Unless you have exceptional health insurance you’ll likely be stuck with a hefty bill and hospitals can be ruthless about collecting their money. Rather than risk getting sent to collections or having wages garnished, a cash advance allows you to quickly settle your bill with the medical provider. Not only does this take stress of yourself, but it’s a great burden removed from your injured family member.
Unexpected legal matters
Unfortunate as it may be, good people get caught in the wrong situation or make mistakes. Whether it’s a speeding ticket or an arrest, the one thing they have in common is they all cost money, sometimes a lot of it. Unpaid legal fees and fines can have serious repercussions including jail time and even heavier fines. If you have a family member or friend who’s been arrested there’s nothing more important than retaining a lawyer for them and getting them out of custody as quickly as possible. Both of these actions require a lump sum of cash, usually more than anyone has on hand. In this instance a cash advance makes perfect sense. It gets the legal wheels moving forward quickly and assures you or your family member a fair chance.
A cash advance shouldn’t be used for everyday purposes or irresponsibly, but in many situations it’s the best option. If you have the means to repay a short term loan it can be an excellent means to avert a family crisis or fund an emergency. When used responsibly a cash advance is one of the best available options for those with limited funds facing a crisis situation.