Even the best fast cash advances are often unfairly perceived as being an expensive, financially irresponsible way to borrow money, but there are times when a cash advance can make perfect financial sense. In these emergency situations, the interest rates accrued with a fast cash advance can actually cost you less in the long run than waiting until your next paycheck to take care of the problem. In comparison, traditional bank loans often take time to process, are usually not available for smaller amounts, and may be unavailable to those with less-than-perfect credit. Keep reading to learn about a few common scenarios in which cash advances can actually be a wise economic decision.
Unexpected Medical Emergencies
Common medical problems like dental emergencies can happen unexpectedly, and they’re often not covered by health insurance policies. For example, a survey done by CostHelper showed that a crown-less root canal for a molar cost patients without health insurance as much as $2,000.Those without sufficient health coverage who don’t have the cash-in-hand to take care of problems quickly often delay the necessary treatments, leading to bigger problems and costlier medical bills down the line. In situations like these, a low cost credit cash advance makes perfect financial sense. Often, the interest rates on a quick loan will be far more kind to your wallet-and your health.
Car repairs are often unexpected, and they can be extremely expensive. In fact, according to a CarMD Vehicle Index Study, the average cost of car repairs rose 10% in 2012. In the U.S., long work commutes and inefficient public transportation services often make a properly-running vehicle a major necessity. If you’re unable to immediately pay for the repairs needed to keep your car on the road, you could face the extra financial burdens of missed work days, expensive car rental fees or costly public transportation costs. If you need emergency car repair, a fast cash loan can be a lifesaver. If you’re unable to reach a physical loan office, you can even apply for a cash advance online from your computer or cell phone.
Overdue Utility Bills
The need for a fast cash advance online loan can happen to the best of us. In tough economic times, homeowners may be unable to keep up with costly utility bills, and they’re often faced with a looming shut-off notice. In many circumstances, people often allow their gas or electricity to be shut off for a day or two until they receive their next paycheck-but this can be a costly mistake. Utility companies often charge late fees, service charges and re-connect fees to return service to a residence where the power has been shut off. By the time it’s all said and done, the fees associated with an online cash advance would have cost far less.