How to Use Short Term Cash Services

David Sung | March 26, 2012

Short term loan services have a bruised reputation in the financial industry, but a lot of that is because of an inadequate knowledge of the services. The goal of short term loans is to bridge the gap during financial shortfalls or emergencies. However, just like any loan from a financial institution, there are conditions that have to be followed to keep the borrower in good faith with a lender.

We understand more than anyone that a financial crisis comes unexpectedly, and even with a savings plan, it’s sometimes impossible to be prepared. Options like cash advances and installment loans can be life savers when bills are piling up and your next check is weeks away. It’s important to assess your needs first before committing to a short term lending service.

Use it For the Right Reasons

Relying too heavily on a cash advance can create an unhealthy cycle of financial instability. You should use them to relieve unexpected expenses, not as a constant way to pay your bills or have extra cash on hand. Making a cash advance part of your “income” can lead to trouble, and for some it happens unintentionally. Monitor your spending habits and use loans as a way to support your budget – not sustain it. Understand that it is a loan, and you are expected to pay it back.

Know Your Limits

There are plenty of companies that offer emergency financial relief, but there is often a catch in the fine print. Know exactly what you’re committing to before you sign. The amount you can borrow varies by state and the type of loan. Finance rates, fees and miscellaneous charges increase your borrowed amount. If you’re not careful, you could end up having to pay back more than you earn. To avoid that, don’t borrow more than you will receive in the future.

For instance, if your next check will be $1,800 borrow less than that amount – say $1,200. Then you can pay back the loan and the interest and have some cash left over so you don’t need to borrow more to cover additional expenses.

Talk About Your Options

Cash advances, title loans and installment loans offer similar benefits to smooth out a money crunch. When you are considering these plans, speak with a representative about which cash loan option will best suit your current situation. Certain requirements need to be met before you’re approved. Cash advances and installment loans typically need:

  • Proof of income or recent paycheck stub
  • Checking account statement
  • Personal check connected to your checking account
  • Driver’s license or State ID

Title loans require:

  • A vehicle you own
  • The title of that vehicle
  • Driver’s license

If you research other lenders in your area, you may find that their requirements differ, but you should expect to provide those items at a minimum. For more information, contact a Cash Store employee at a location near you. We are happy to help you get the loan that's perfect for you.

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*Loan Amount is subject to loan approval. Loan terms and availability may vary by location.  Approval rate based on complete applications received across all Cash Store locations. Customers can typically expect to receive loan proceeds in less than 20 minutes; however, processing times may vary.

Loans / Advances are provided based on approved credit. Cottonwood Financial uses a proprietary model to evaluate the creditworthiness of each applicant for credit. Vehicle is subject to evaluation for title/auto equity loans. Please see the Licenses and Rates page for additional product details.

Cottonwood Financial offers consumer credit products that are generally short-term in nature and not intended for long-term borrowing needs. In Texas, Cash Store is a Credit Services Organization and Credit Access Business. Loans are provided by a non-affiliated third-party lender. 

Customer Portal residency restrictions apply. Availability of funds may vary by financial institution.