Cash Loans: The Good, the Bad, and the Debt-Free

Happiness is what they're selling. Relief from the crushing weight of that gigantic rock we're all forced to carry called 'financial burden.' It's heavy and cumbersome, and the very thought of unloading it for a short time is so tempting, that some of us find it easy to throw caution to the wind and apply for the quick cash loans these small payday advance lenders offer.

Why not? The cops towed your car off, and you need eighty bucks to pay off the ticket. You can't work without your car. You don't have the money to get your car. You don't get paid until next week. A cash advance seems like the logical solution. They don't even look at your credit history. They just want to see a paycheck stub and a bank account. How easy is that? Then there's that thing you've been wanting to buy...it's only a few bucks more, so you may as well make it a hundred instead of eighty dollars. Oh, and your kid has been begging for that game. Another twenty won't make a difference.

The excuses for more will keep adding up, and here's this company ready and waiting to hand you a wad of cash. Cold hard cash. The kind that's easy to spend, because it's in your pocket (burning a hole) instead of in the bank (waiting for bills).

Why not? Because if you don't have the money you need saved in the bank, it shows you have a hard time controlling your spending habits, and you're probably going to have a hard time paying off cash loans. This means a new set of weekly fees that you hadn't planned. Before you're through, you'll end up spending much more than you borrowed just in interest and late fees. Stop the mad cycle of easy cash loans and payday advances. You might have no choice but to borrow, but following a few simple steps can help eliminate the painful after-math of a cash advance.

Only borrow as much cash as you need

This might be one of the hardest parts. When you're applying for a cash loan, and you know you'll be out of diapers before your paycheck comes, it's so tempting to add a few bucks of spending cash to the credit line.

Stop yourself right there. Ask yourself a few questions.

• Do I need this money right now?
• Will I spend the money immediately on something that is necessary?
• Can I do without the money by conserving my resources?
• Will I actually use the money on this excuse, or will I end up blowing it on something frivolous?

Can you wait for the extra money? You probably can. It's nice to have everything you want without waiting for it, but it will save you a lot of money if you just hold off until payday.

Will you spend this money immediately? If you want to advance an extra thirty bucks so you'll have enough to for gas on Friday, you should reconsider. If you know for certain that you'll need it, fill your tank on the way home. Don't carry the extra cash in your pocket, because you're likely to spend it on something else.

Can you find another way to get by? Most of us are surprised by what we can accomplish when we're strapped for cash. Use only half the soap for laundry loads. Buy the cheap hotdogs for supper tomorrow, and reheat last night's meal for tonight. But don't use credit.

Are you really going to spend the money on what you think you're borrowing it for? Cash is hard to hold on to. You know your habits. If you've blown the grocery money at a restaurant before, then don't borrow it.

Don't let the late penalties kill you

You've followed good sense and only borrowed what you needed. You skimped by on as little as possible, and now your pantry and gas tank are empty. You want to stop at the bank, cash your check, and buy a few things before going to the loan company to take care of your advance.

Here's where you'll make your biggest mistake. When you have your paycheck, go straight out and pay off that loan...all of it. The groceries can wait. The movie rentals can wait. Your only concern should be to get out of debt. Most loan companies can cash your check for you. This will make it easier to do all at once. Don't spend a single penny until your debts are satisfied. If you delay your payment, or only pay it partially, you'll start that ugly cycle again, and who knows when it will end, or how much extra you'll spend. Sell all your toys and eat macaroni and cheese for the next two weeks, but settle that loan.

Now it's time for discipline

You borrowed only what you needed. You paid all your cash loans in full the very day your paycheck came. Now you're debt free and living easy on payday. You even have a few extra bucks in your pocket. Maybe you can afford to buy the gourmet coffee. Just one cup to celebrate. Oh, and a doughnut to go with it. Wrong.

Now comes the real work. Now it's time to roll up your sleeves and keep this from ever happening again. You need to restructure your spending habits. You need to stop thinking of those extra dollars as spending cash, and start thinking of them as your safety net. Put the money away. Put it in a different account. Not a checking account, but a savings account. One that you need to actually go to the bank in order to withdraw, because the situation will rise again. You'll have another emergency, and you'll need cash. Your car will get towed again, your water heater will stop working, or you'll get a tooth ache and have to go to the dentist who only accepts payment at the time of service.

Here are a few tips to avoid frivolous spending.

Don't carry cash. As mentioned before, cash burns a hole in your pocket, so don't keep it with you. If you feel it's necessary to have a stash, keep it at home.

If you're spending more than fifty dollars, sleep on it. We've all bought things on the spur of the moment and regretted it later. If you make a strict rule and hold yourself to it, you'll cut down on most of these regrets.

No credit means good credit. Cancel your credit cards. All of them. If you can't do it, then take your one credit card, put it in a Tupperware bowl filled with water, and put the bowl in the freezer. Eliminate any records you have of your credit card numbers.

Go through your monthly bills and decide which ones to eliminate. Don't 'decide if you can eliminate any.' Decide that you're going to get rid of at least one and figure out which one it is. We all have unnecessary monthly bills. Be honest. Do you really need two cell phones? Do you even need one? If you can eliminate one of them, and put exactly that amount away every month, you'll be surprised at how fast your safety net grows.

As you put away your groceries, look for items you can do without the next trip. Most people could cut down their grocery bills by over 25% just by not buying what will go to waste anyway. Look at everything you throw away, and ask yourself why you bought it to begin with.

Cash loans are convenient, and sometimes necessary, but they are not ideal. They are for emergencies, but with some careful planning and healthy spending habits, you can avoid the need for them altogether.

Virginia Douglas is a freelance writer for http://www.faxless-payday-loans.net an online website that offers information about fast cash loans and payday advances.

---

Secured Loans vs. Unsecured Loans ? Choosing Between the Two Diverse Ends

Often in our search for finance options, we are led... Read More

Benefits of a Home Improvement Loan

Some of the many benefits of a Home Improvement Loan... Read More

Guide to Business Loans

Here is a useful guide to business loans. Business loans... Read More

Debt Consolidation Tips

Here are some useful Debt Consolidation tips. Debt consolidation is... Read More

What is Credit Scoring?

Have you ever wondered what is credit scoring? Credit scoring... Read More

Should You Get A Pay Check Advance?

At some point in your working life, you may find... Read More

No Faxing Hassle-Free Payday Loans Can Be Yours

No faxing payday loans are the wave of the future.... Read More

Bad Credit Personal Loan - A Pay Day Loan May Be Your Best Option, No Credit Check

If you have bad credit, have an emergency and need... Read More

Lawsuit Loans - Caveat Emptor!

If you have been injured in an accident it is... Read More

If You?re Looking For Low Cost Car Finance, Loan Companies Offer Some Great Deals

These days having a reliable and safe vehicle to drive... Read More

Fast Cash Now Easier Than Ever, but at a Price?

Because of the Internet, quick payday loans are faster than... Read More

Cant Wait For Payday? Try Check Advance

Check advance can come in really handy when you're waiting... Read More

Factoring vs. Bank Loans

Is factoring a type of loan?No. Even though invoice factoring... Read More

Finding the Best Secured Loan for Your Money

If you're looking for a secured loan, there are several... Read More

How to Find a Cheap Debt Consolidation Loan

If you're shopping around for a cheap debt consolidation loan,... Read More

Cheap Loans Till Payday - Using Cash Advance Loans in an Emergency

Need extra cash till payday? It's easy to apply and... Read More

What are Home Improvement Loans?

Home improvement loans are loans specifically designed by loans companies... Read More

Getting the Best Loans UK with Bad Credit

Sometimes it might seem as though finding good loans UK... Read More

Short Term Loans...are they right for you?

With less than a week before she was to receive... Read More

Let Us Uncover The Mystery Of Secured Loans

Okay, so one day you wake up and realize that... Read More

Be Careful With Loans For Bad Credit

If you're saddled with debt or find yourself in an... Read More

How to Get a Business Loan in Five Steps

Need funds to startup or expand your business? Follow these... Read More

Why Choose a Bad Credit Personal Loan?

Listed below are some of the reasons for choosing a... Read More

A Guide to Common Loan Terms

Many people may wonder about common loan terms? words and... Read More

Benefits of an Unsecured Loan

Listed below are some of the benefits of an unsecured... Read More

SBA Loan: Qualifying and Applying

According to federal government research, small businesses provide about 75%... Read More

Facts You Should Know About Types of Loans

When you set out to borrow, you often come across... Read More

A Payday Loan Or Cash Advance Can Be A Life Saver

A payday loan or cash advance can be a life... Read More

Loans For Unemployed - when your personal economy slumps during difficult times

The latest IDS figures for unemployment the claimant count measure... Read More

Get your Dream Car ? Get a Car Loan

You've probably spent years thinking that your dream car is... Read More

Why Choose a Personal Loan?

Are you wondering why choose a personal loan? One of... Read More

Payday Loans - Bridging The Void Between Paychecks

Emergency - the word is written everywhere in red and... Read More

Payday Loans ? The Legal Loan Sharking Industry

Laws have been created to protect people against "Loan Shark"... Read More