Simultaneous Cash Advances – A No-No
A cash advance can be your Saviour in a time of urgent financial need – there is no doubt about that. However, a cash advance can be cash advance just the exact opposite – your demise, your downfall.
On the one hand, when you urgently need cash for whatever reason, you can always count on a cash advance to pull you through. For example, you have an urgent medical emergency that needs funding within a few days. You can merely go online and find a good cash advance provider. Then you just have to fill out their online application form, send it in, and wait for the approval. Take note that I did not mention disapproval because when it comes to a cash advance loan, the chances of getting disapproved is very low. In fact, I would go as far as to say that there is hardly anyone who gets turned down for a cash advance loan.
After your cash advance loan has been approved, you would merely have to wait for the cash to be deposited into your bank account. This is something that you would have to indicate when you apply for the cash advance loan. In addition to this requirement, you need to have a stable source of income and be able to prove it as well. So if you have a job, all you need is your pay stub and you’re good to go. Some cash advance loan providers also require a few other additional documentation but these are usually minimal and you only have to fax them in.
As you can see, it is very convenient to take out a cash advance loan – hence my dubbing of it as a “Saviour.”
The downside is this – due to the convenience of taking out a cash advance loan, it is quite tempting to take out more than one at the same time. Why would anyone do this? For various reasons. Maybe a person is in need of a certain amount that cannot be covered by a single cash advance. The amount that a person can borrow varies from lender to lender but you can expect anywhere from $50 to $1,500 at a single time.
Whatever a person’s reasons may be for taking out multiple cash advance loans at the same time, it is not a good idea. It may be obvious as to why I keep repeating this but let me expound. A cash advance loan is meant as a short term fix. This means that you have to pay the loan off in the span of a couple or so weeks. The money that is expected from one’s salary is what is going to be used to pay it off. If you take out, say, 3 cash advance loans at the same time, how sure are you that your income will be able to cover all the repayments needed? After all, not everyone has unlimited income. Those that do probably would not need to take out a cash advance loan. Do you get what I am saying?