If you have a credit card, chances are that you periodically receive blank checks from your credit card company.  You can use those checks in a pinch to pay a bill or get some quick cash.  It’s a good idea to save these checks so you have them available to use in a crunch.  They provide an alternative to payday loans or the pawnshop. 

However, you have to make sure to read the fine print so that you know what it is going to cost you.  Most credit card companies charge a processing fee equal to about 3% of the amount you borrow.  Some companies cap the fee but others have no limit so you should proceed with caution.  For example, if you were to take a cash advance of $4,000, your fee could be as much as $120.  You should be aware that you will likely incur a higher interest rate with cash advances than with regular purchases.  In addition, there is generally no grace period when you take out a cash advance.  This means that the interest will begin to accrue as soon as you get the cash. 

Another thing that you should realize before you grab that quick cash advance is that if you take out too much and exceed your cash advance limit, you will likely be charged additional fees as well as even higher interest rates.

It’s a good idea to contact your credit card issuer before you use a cash advance check to obtain quick cash.  You should negotiate and see if you can get a better interest rate.  It’s also possible to negotiate a lower transaction fee or to get the fee waived entirely. 

Remember that there is a difference between a balance transfer and a cash advance.  Cash advances tend to incur expensive transaction and processing fees and can have very high interest rates.  So, in the long run, you may be better off just charging the expense on your card rather than taking a cash advance to pay for it.

Here’s Hoping Some Quick Cash Comes Your Way!

Often, we have other means of getting quick cash.  For example, many times friends and family are willing to give us an interest free loan as long as we agree to pay it back by a certain date.  And, we can always sweeten the deal by offering to pay a modest interest rate.  Another obvious option is to take a cash advance on a credit card.  Of course, that has its own drawbacks. 

Still another possibility is to have an old-fashioned garage sale or list large items for sale on Craigslist.com or ebay.  But, sometimes these methods aren’t fast enough.    

Do not go out and get a payday loan if you don’t have a plan for paying it back!  Work this out ahead of time.  Otherwise, you’ll likely just create more stress and anxiety for yourself than you already have.

If you have determined that you must have cash quick and that the only way you can do it is with a payday loan then make sure you have all you need when you head out to the payday loan store.  You will need proof of employment, and a driver’s license or other photo ID.

Payday loans are a quick and easy method of getting money fast in an emergency situation.  However, if you have a chronic problem managing money and living beyond your means then grabbing a payday loan is likely to just compound your problems.  On the other hand, if you are generally responsible with money and you’re just in a pinch then this option may be a realistic choice for you.

I recommend that you check out Faxless Financial if you are looking for a PayDay Loan.

Here’s Hoping Some Quick Cash Comes Your Way!