Planning to Pay Off Your Cash Advance

When you get a cash advance and it bails you out of a financial jam, you may feel like a weight has been lifted off of your shoulders, but it is important to use this time to make a solid plan to pay it back. These short-term loans are not the same as many other loans that you may have used in the past, seeing as how these payments usually have to be in – and paid in full – after just a short timeframe. Knowing what to expect when you get cash fast and having a plan to deal with it makes life much easier for you. 

First of all, you should make a note of all of the important details surrounding the loan. Perhaps consider creating a document on your computer to jot everything down. This could include when you put in your application, when it was approved, when you got the money, how much you got, and when you have to pay it off. If you can pay it in multiple installments, and not just all at once, make a note of each of those dates. Having this structured list to look at really can put things in perspective and help you see how you need to approach the loan. 

Next, you should simply determine how much money you have to put aside to make the payments on time. For example, perhaps your loan was for $500 and you need to pay it off in two weeks – all loans are different, so this is simply an example for the purpose of illustration. That means that you must put aside at least $250 per week to make it. While this seems clear, writing it out can really help. Many people make the mistake of putting nothing aside at first, and then they have to come up with the whole amount at once, or they put away some, thinking it will be enough, and it really isn’t. 

Make sure that you update your notes as you do this. For example, if you’re making installment payments, mark down how much you have paid each time. Update the total that you still owe. You want to know at every moment exactly what is left on the loan. If you always stay on top of it, nothing will ever surprise you, and it will be very easy to get things taken care of in the appropriate fashion.

If you enjoyed this post, please consider leaving a comment or subscribing to the RSS feed to have future articles delivered to your feed reader.