When Crises Derail Your Budget, Cash Advances Get You Back On Track

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In this live from paycheck to paycheck kind of world many people fall behind on bills from time to time. Or, emergencies crop up and waylay even the most carefully planned budgets. When money problems arise, one of the best ways to handle a minor situation is to seek out money advance services and borrow funds to make ends meet.

Cash advances are not like using credit, in fact, in many cases it can be better to get an advance rather than charge up a card. Of course, credit cards will work to bail people out of minor situations, but the use of these can add up and create more problems for their owners in the long run. When possible, money advances are desirable for the following reasons:

* They rely on money that will be coming in for the payment. By "borrowing" from the next paycheck or another future source of money, the "loan" gets paid off right away.

* Fees are generally lower than interest. Since most money advance services charge a flat fee rather than an interest charge over time, the loan is paid off on the next pay cycle and there's no worries about interest compounding and building up. This is where those who use credit can get themselves in trouble. A few hundred dollars in interest charges that's allowed to remain stagnant, for example, can turn into thousands of dollars of debt over time. A reasonable flat fee is taken care of right away.

* Simplicity. Most money advance services don't even require users to have credit or credit cards to take advantage of their programs. All that's generally required is a steady job, proof of paycheck amount, a checking account and some form of photo identification. This means even someone with bad credit or no credit can still have the money in hand to tackle a minor emergency or make a bill payment before it's late.

* Convenience. Cash advance companies are open in most major cities 24 hours a day, seven days a week. Some even offer their services online anytime, any where.

Using credit over a money advance service for bills or emergency expenses that can be covered with a paycheck in a week or two comes with the following disadvantages:

* Unless the card is paid off at the end of the month, interest can accrue. This means even a $100 charge can become a charge that's worth much more to the credit card company.

* Keeps credit free for major purchases and/or emergencies. Why charge up a few dollars when it's just not necessary? Debt management counselors will say credit should only be used for the "big things," when there's no other means for handling an emergency. Even then, it's not always a good idea to do so.

Sometimes only a credit card will do, but if the money will be available through a paycheck in a day or two, why incur interest? There's really no reason to when money advance services are convenient, affordable and always open. It's a simple fact of life that bad things can happen that waylay budgets and make it difficult for hard-working people to make ends meet.

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