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When Borrowing Sometimes Doesn't Make Sense

All of us have experienced unexpected expenses - either the car breaks down or your child breaks his arm. The fact of the matter is life happens.

And when it does, these services can help out those individuals who find themselves temporarily short on cash.

However, these services do come with risks. These are meant to be short-term loans, meaning that borrowers will need to repay the balance within 14 to 31 days - essentially, by their next payday.

Industry critics cite the finance charges and interest rates that are assessed by the industry, calling these fees excessive. The truth is the fees can increase quickly if the individual is not careful, which is why it is so important for consumers to use funds wisely.

There are several ways in which these services can help, such as unexpected auto repairs or medical expenses. However, there also are several ways in which borrowing does not make sense.

Here are a few uses for which a cash advance might not be the best way to go:

Long-Term Loans

If you are in need of a long-term loan that can be repaid over an extended period of time, a short-term loan is not your best option. The fees associated with the services are put in place to ensure that consumers repay the amount owed in a timely fashion. These services (even from personalcashadvance) are not intended to take the place of long-term ones.

Education Expenses

A short-term financial service is not necessarily the best resource to use to cover educational expenses. Education is one area in which there are numerous resources available to assist in covering associated costs - most of which come with much lower interest rates than those associated with short-term financial services. Plus, several federal education loans provide repayment adjustment options for those who are having a tough time managing debts.


If an unexpected expense occurs, an advance could be useful in order to make a one-time payment for your mortgage. However, short-term financial services should not be used repeatedly to cover this essential expense. Your budget should allow for enough funds each month to cover your mortgage. If you are unable to make these payments on a regular basis, you should carefully examine your budget to look for other expenses you could cut. You also could look into the possibility of refinancing your mortgage in order to bring the monthly amount owed down.

Other Advances

Borrowing from Peter to pay Paul - this saying can used be to describe the act of securing funds only to repay other debt. This is one of the main ways in which borrowers fall into the borrowing trap. When you take out funds, it is essential that you do everything you can in order to take care of what you owe on that debt by the original due date.


Everyone loves taking a vacation - the chance to get away from it all and relax. However, such an expense is not considered necessary. Because of the fees associated with borrowing and the potential to incur extremely high interest rates, advances should not be used to cover the costs of unnecessary expenses. If you are unable to afford a vacation, your best bet is to wait, saving a little money each month until you can afford to pay for the vacation without the need of an advance.