Why Do People Use Cash Advances? | Cash Store Blog

8/27/2012

Why Do People Use Cash Advances?

by David Sung

Cash advances, whether they’re payday or installment loans, are fast, and they provide a level ground for people to borrow what they need when they need it. There are various reasons why people need to use cash advances, and they’re not always about poor money management. Here are a few ways a cash advance loan can fit into your finances.

The Big Bank Theory

Large banks are often mysterious in their lending requirements. Even with a solid credit score and collateral, there is no assurance that you will be approved. Many people just don’t trust banks to act in their best interest, which is a valid concern when your house is on the line.

The Missing Rich Uncle

Even if you are employed, tough times come and you can’t always rely on family and friends – who may be experiencing a similar situation. While we can all wish we had a wealthy family member or friend from whom we could borrow money, they just don’t appear out of thin air. Even if you have supportive family members, there’s no telling what their financial situation might be when you need help the most.

Employer Goofs

When you’re employed, you have the expectation that you’re going to get paid on a certain day. In most instances, it works out. However, even employers can have trouble paying their bills on time – and that includes employee salaries. Not being paid on time is a valid excuse when you can’t meet your obligations, but that doesn’t mean the bills will stop coming and your creditors will shrug it off. You might need the extra cash to hold you over until the delay from your employer is corrected.

A Thief in the Night

It’s impossible to prepare for theft, even with all the tools, apps and safety measures you can possibly take. If someone takes your debit or credit cards or worse – your identity – it could mean serious financial woes for you. So, while the system is working to restore your financial credibility, a short term loan can help you get over the hump and stay on track.

Misplaced Information

Let’s face it: people lose things. And, sometimes those things are very important. Using a cash advance when your wallet has walked away from you is a fast solution to your crisis. Canceling cards or bank accounts can take time – especially if you need to establish a new card or account. Life won’t wait, however, so why should you?

Unexpected or Emergency Expenses

In an emergency, people don’t have the time to gather massive amounts of paperwork, wait around for a two-week approval process with a large bank, and then wait a few more days for the funds to actually be available. Cash advances can put money in your hand as soon as you’re approved – or, at the most, a couple of days. The application process is simple, with very few requirements that won’t take all day to round up.  Medical and car repair emergencies don’t wait around for payday, so if you’re in a financial crunch, you have a temporary and quick solution to fall back on.

These are but a few of the reasons people come to Cash Store for help. Whether you need help with bills, emergencies, or just to get by, a short-term loan can be a responsible, temporary solution. Have a question about our services? Leave us a comment!

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