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Utilize a Cash Advance to Pay Emergency Bills

A cash advance is getting money from somewhere before it has actually been earned by the person seeking the advance. The money can come as an advance against the next paycheck in some cases, or it can come as an advance against a credit card. Most places have pretty strict limits as to what can be advanced based off of how much income can be expected or how much credit is available on the card. These advances can usually get people money in a very short amount of time, but they often have high prices when it comes to paying them back. These short-term loans are great when an unexpected emergency bill arises, but you need to make sure you only use those when absolutely necessary if you want to avoid those extra fees.

Where to Look

When looking where to find a cash advance, most people should look to their credit card. Many credit card companies offer the ability to take out some cash from the cardholder's available balance, for a price. It is similar to over-drafting an account, and it can be equally as expensive in some circumstances. People should carefully look over their terms before deciding which card to do this on, as some cards allow for these transactions at a lower price than others.

Types of Fees

Most cash advances come at a higher interest rate than other credit card transactions. This is to help the credit card merchants recover the lost fees that they would normally get during credit transactions. There is usually a set fee for every cash advance, which is often a percentage of the cash taken out, plus the higher interest. This can make repayment of cash advances harder for people with a set budget that doesn't have much wiggle room.

Types of Bills

When you are trying to figure out which bills to pay from a cash advance, there are a few things to keep in mind. One, make sure the bill is really important. Two, make sure the late payment you would be paying if you did not pay that bill exceeds the fees from getting the cash out of your card. Finally, make sure that you would be able to make the higher payments that will come after you advance yourself the cash. If you cannot make a higher payment, you may want to consider an alternative to paying your emergency bills.

Cash advances make great quick substitutes when you get hit with an unexpected bill, but only if you are able to embrace the changes that could mean to your monthly budget afterwards. Keep in mind the fees you will be responsible for after taking out that money, and make your decision wisely. Having the ability to advance yourself cash when an emergency arises is nearly as good as having an emergency fund in your savings account, so long as you are ready and willing to take care of the extra fees involved.

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