Do You Need a Check Advance?

As you may have heard, taking out a check advance should usually be a financial last resort. Since many cash advances tend to have interest rates higher than those of credit cards, financial experts believe they should only be used when the circumstances truly necessitate them. Here's a look at some good reasons for taking out a cash advance and some reasons you should avoid:

Good Reasons for a Check Advance

For most people, living paycheck to paycheck is a harsh reality today. Unfortunately, that can often lead to difficulty in paying bills, especially if any unexpected expenses pop up. With the wide availability of a check advance though, you don't have to let bills go unpaid. From hurting your credit to incurring expensive late fees, not paying your bills can have a serious impact on your finances, so don't be afraid to pay them off with a cash advance.
One of the most common reasons people take out a check advance is due to car problems or repairs. Vehicle issues can pop up out of nowhere and few of us are financially prepared to handle them. Considering most people need their vehicles to get to and from work, this type of situation more than justifies the need for a check advance.
What's more important than your health? Nothing, and that includes a little debt. Hospital and doctor bills can be extremely expensive without health insurance, but you can't risk letting medical issues linger. If you find yourself in a situation where you may need medical attention, but can't afford it, then taking out a check advance definitely makes sense.

Bad Reasons for a Check Advance

Did you forget about a friend's or family member's birthday? If you're light on cash, you might be tempted to apply for a check advance in order to buy their gift. However, this is probably not the best use of an advance. While it is certainly a nice gesture on your behalf, your friend or family member will understand if their gift comes a couple of days late.
Although it is a very common reason for taking out a check advance, you should not use yours for shopping. All too often, irresponsible consumers borrow a short term loan and immediately spend it all by shopping. It forces them to use all of their next paycheck to pay back the loan, which means they'll soon be in need of another advance, creating a debt cycle that is difficult to break out of.
Perhaps the absolute worst reason for borrowing a cash advance is for entertainment of any kind. Whether it's eating out a restaurant, seeing a movie, or going to a bar, a cash advance shouldn't be used for entertainment. Besides having a fun time, you'll get nothing out of it except debt.