Well, unless Jenna knows a rich uncle, or can find the money buried somewhere, she’s got limited choices. First choice, stick it out until the situation gets better. But until then, the situation will gradually get worse and worse, until she’s in a hole so deep, he won’t be able to get out of it.
Or, Jenna can take the route that millions of Americans take every single day. Apply for a short-term loan. This will help Jenna get out of a situation that she’s in, and give them a little breathing room until the next time she gets paid.
A lot of people don’t look kindly upon short-term loans and cash advances, but really, they should. After all, in many cases there are plenty of worse things that could happen by not getting on them by getting one.
The element of fear is what drives most people who decry these type of loans. They are afraid that because of the extra interest and fees they pay, they will never get out of the situation that they are in, and, to tell the truth, this happens sometimes. People who use these loans irresponsibly find themselves in a hole much deeper than when they started.
But, on the other hand there are plenty of people to understand that these loans are a short-term solution, not a long-term fix. These are the people who maybe get a loan at once or twice in a calendar year, take care of the problem that they have, and move on, they pay a little more interest than they would with a conventional loan, but the truth of the matter is, they would not have been able to get a loan from a conventional source, anyway.
Consider how much a person pays one of the big four banks for an overdraft fee. Usually, this overdraft fee cost anywhere from $20- $31 for the larger banks, and, because of the way they handle online drafts, a bank can bounce a single check every 2 to 3 days until adequate money is put in the account to cover the check.
When added up, these fees can add up to much more than the interest that is occurring from a short-term loan. In fact, in many cases, it will probably do the person better good to get a loan, and pay off the overage then pay the $31 or and over again.
Overall, short-term loans, and cash advances aren’t a bad thing, when used properly. They can supply the necessary relief to people who need it, and alleviate the expenses and fees that banks normally tack on to overdraft situations. Consider both circumstance, and determine an action that is best for you when considering bad credit loans.