While most people consider payday cash advances as a great relief during times of financial constraints, there are some negatives that come along with the entire deal. Well, it is pretty obvious that you might require some urgent cash and think of filling for a payday cash advance. However, this should not become a daily routine.
The problem is that the trend of getting payday cash advances keeps growing by the day. It seems that majority of the people out there are already used to the practice. For your information, a good number of people have already felt the negative impacts that come along with such kind of advances. Some on the other hand prefer going for credit card advances. It might interest you that both cases have their own downsides which can really affect your financial performance.
Here are the core reasons why you should avoid payday cash advances always:
It Is Addictive
The fact of the matter is that a lot of people are already addicts of payday cash advance. This means that they remain caught up in a repeat cycle. It is important to note that the whole deal is short-term. This means that you will be required to pay back the due amount in a very short time. In the end, you will not feel the impact giving money in effort to repay your cash advance. However, the aftermath of everything is addiction.
You will eventually find yourself applying for a cash advance loan even when you do not really need it. Some people even think of applying for the advance simply because they are broke. If you are broke and you think it is short lived, then it is of no use to consider a payday cash advance since you can conveniently cope with the situation.
Expensive In Disguise
You might think that payday loans are not expensive at all. However, this is not the case. The fact that you receive cash really fast comes with a price. You will realize that the rates attracted by payday cash advances are way too high. If you apply for a payday cash advance of $100, you might end up paying back the amount with an addition of $15 within a span of not more than 10 days. This you must agree is a completely inflated debt.
If you are the kind of person who is already a deep addict of payday cash advance, you stand the risk of losing a very huge amount of money in a short span. You will be amazed to know that your annual rates of payday cash advance can amount to 400% or even more. This means that payday cash advance is not good at all.
A Life of Debts
The worst experience the any human being can undergo is that of living in debts. This exactly what will become of you once you adopt the habit of taking payday cash advances often. Like earlier stated, there are high possibilities of becoming an addict in cash advance application. This means that in the end, you might find yourself deep in debts.
It might interest you to know that millions of people out there are already leading their lives in debts. The worst part is that they try all in their power to get out of the debts only for their efforts to reach blind halts. It is pretty embarrassing when every other person out there identifies you with debts. To evade the situation, you should give up the habit of taking cash advances completely.
No Time To Think
It is always advised that you first think deeply before you do something. The same case applies to cash advance situations. You must first consider the implications that come along with your application. You will also have to ascertain if your situation is that dire for fast cash demand.
The problem with payday cash advances is that you are never provided with the chance to deliberate and think before you apply for the cash. It is important to note that payday cash advances are processed within a remarkably short time. In fact, you can apply for the cash over your lunch break and get it in a flash. This means that you will have minimal time to figure out important aspects of the deal. In the end, you might make the wrong move only to regret in the long run. The worst part is that you cannot back out once you sign and accept to take a payday cash advance.
Endless Pressure Upon Default
For quite a long time now, payday cash advance companies have a bad reputation of demanding for debts in an unpleasant manner. In fact, some debtors get threats of criminal prosecution while others are harassed by their creditors. Some will tell you that they receive constant calls from the creditors all in the name of demanding for debts.
It is important to note that the creditor has every right to do so. After all, you owe them some amount which you promised to pay in due course. You might be lucky to deal with a good creditor. However, you might not be lucky all the time. The only good thing is to avoid payday cash advances at all costs. Doing so will most certainly work in your favor.
Your Credit Score Might Be Threatened
It is always very important to keep your credit score up there. However, this may not be the case if you are used to applying for payday cash advances. You will realize that payday cash advances subject you to a chain of debts. This means that you will eventually be very unstable financially. As a result, your credit score will be remarkably affected to the negative.
The truth is that you might not notice a drop in your credit score initially. However, the impact will be felt after a while when everything add up to huge drops. The only best way to save your credit for a good reputation is by avoiding payday cash advances. You can focus on other sources of cash aside from payday advance.