by: Joel Walsh

Thinking about taking out a payday advance loan but worried about falling into a debt trap? Read this real-world scenario of how one person navigated the maze of payday advance loans to stay out of debt.

Ever wonder how some people manage to take out expensive payday advance loans and still come out on top financially? It’s not easy, but it is certainly possible. This is the story of Emily, one person who used a payday advance loan to dig herself out of a financial rut.

Emily’s charge card, car payment, cellular phone bill, and rent were all due in three days, $1,500 total. Emily had $500 in the bank. Her monthly pay check wouldn’t come for ten more days, and her boss said no to a payday advance. Loans were out of the question, she thought. She needed the money in three days, and a bank loan would take that long just to mail her the paperwork.

If Emily was late paying her $300 credit card bill, she would incur a $35 late fee which would make her balance exceed her credit limit, earning her a $50 over-the-limit fee. She couldn’t afford to be late on her car loan, cellular phone or rent, even though there were no late fees. Having paid each of those bills late a few times in the past, she’d be skating on thin ice if she did it again.

Cash Advance Payday Loans: Emily’s Salvation?

Emily decided to apply for a cash advance payday loan. She knew it would be foolish simply to trust a lender of these loans for information. Searching on the internet, she found a website that did not belong to a payday advance loan lender, but instead reviewed the payday loan lenders.

She visited the website of online payday advance loan lender that was rated particularly well. Emily knows there are a lot of cheats on the web, so she was careful. Here’s what she looked for:

• The loan company’s website had a link to the Better Business Bureau. Clicking on the link, Emily saw the company’s record: member in good standing with no unresolved complaints.

• The loan company’s application clearly stated what the fees were, and what the annual percentage rate (APR) was. It also stated what penalties Emily would have to pay if she did not pay back the loan on time.

• Looking at a few other websites, Emily saw that the original loan company’s loan terms, fees, and interest rates were competitive.

• She double-checked that her upcoming paycheck would be enough to cover all her outstanding bills.

• She then checked into all the bills she would have to pay in between her upcoming paycheck and the one after that. After all, with her next paycheck going to repay the payday advance loan, she would need to make sure there was enough money left over to pay her remaining bills. She didn’t want to have to take out another loan after that.

• Emily figured out that she would have $300 left over after she paid all the bills between now and the next month’s paycheck. Living for 40 days on only $300 would be a challenge. But she decided she could do it if she economized. She would bring her lunch to work rather than buy it in the cafeteria, and give up going out at night–including un-inviting herself from a co-worker’s upcoming birthday party at the neighborhood bar.

• She posted notes on her refrigerator, steering wheel, and wallet, reminding herself not to make too many car trips, waste food, or splurge. She made herself the goal of reading several books she’d always wanted to read, rather than going out. She got them free from the library.

Did Emily’s Payday Advance Loan Plan Succeed?

Fully prepared, Emily took a $1000 cash advance from the ABC Loan Company and repaid it on the 15th along with a $50 fee. She saved $85 in credit card penalty fees. She also stayed on the good side of her landlord, car loan lender, bank, and cellular phone provider.

The experience also brought home to Emily that she was living too close to the limits of her paycheck. She realized that she would be better off moving out of her studio apartment, into a room in an apartment of a few friends. She’d also save money on gas by moving closer to work.

Today, Emily is grateful to the payday lender for saving her from financial disaster. She’s also proud of herself for being able to stay out of the debt trap so many other payday cash advance borrowers get into. She recommends to all her friends that if they ever get a payday loan, they do their homework, just like she did.

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Everyone Approved Payday loans - All things involving money take time to learn, this just means that if you do not take care of how you spend money, then you will find yourself in a constant jam.  This is not to deter you from spending money, it is just to open your eyes to the reality of how money is becoming a serious issue because people are neglecting to take responsibility for their actions involving money.

The horrible thing about debt is that once it starts, it always seems to escalate and you can’t get out of the deep black hole; however, you find that no matter how hard you try, you always end up needing to spend more money.  A payday cash advance is the option that most people are using; this is due to the fact that people are finding out how easy it is to meet all the requirements to apply for a cash advance loan, which is in fact a short term loan.  Application is also made easier by the fact that people can now apply for these cash advances via the Internet instead of having to queue up in stores and wait.

There are many websites offering cash advances, so you have a huge selection from which to choose.  You have to find the cash advance website that best suits your needs.  Many cash advance websites also have a policy on how much money you can borrow.

With a payday cash advance you are able to pay back the money you have borrowed with your next pay check, so that means that you make an agreement with the agency to borrow money now, and then when your next payday arrives you will have to pay the money back.  Also, the interest that you pay back to the company would be lower because they are so short term; however, if you need an extension on your loan, then you can ask for it now.  Most companies, though, require you to pay a fee of $25 for the processing of the extension.

Whatever the case, make sure to evaluate your entire situation — don’t make any rash decisions just because you need money here and now.  Rather, wait and see if there isn’t any other way.  Don’t rule out help from friends and family as this can mean the difference between being in a financial dependence situation on cash advances, or being able to pay back on friendlier terms.

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There are just a few reasons why a cash advance may be a good idea.  One advantage of a cash advance is the quickness that the money will arrive to you — it will always take less than a week and some companies claim that it may only take under 24 hours for you to receive the money.  Cash advance companies are all about speed; they want you to receive your money quickly; and they want to receive their repayments quickly

You must be able to make the repayments required, and you must also do it on time.  Don’t apply for a cash advance if you can’t make repayments.  Interest rates for cash advance loans are generally excessive, which means that your repayments and penalties will also be excessive if you do not follow the company’s payment schedule.

The amount of money you will receive though a cash advance loan is usually small, but some companies will give you more depending on their policies. Most will offer around $100 for your first loan; and as you increase your credit with them, they will offer larger increments up to around $1000 or $1500 at a time.

Total privacy is another advantage of borrowing money from a cash advance company.  The transactions will be totally secure and safe; your financial information will remain secure throughout the entire application and repayment processes.  No employee or scam-artist will be able to steal your identity or financial information during this process.

Overall a cash advance is something you should consider if you are in a dire financial situation.  The reason why you need the cash advance is obvious and simple:  you need cash and you need it fast.   The transactions are extremely secure and also extremely fast.

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