Is cash advance or payday loan always good>?
KEVIN asked:
Where can i get cash fast i want to pay of bills and credit card bills what is the best place to get extra cash i heard that if you take out a loan they collect it when you get your paycheck or big loan to pay less interest? I can think of buying the lottery or going to the casino and gamble i think those are the fast way but the casino is better because you grarantee to win money if you keep playin it. I need more than a thousand.
Did you just say "the casino is better because you grarantee to win money if you keep playin it." Have you ever seen a picture of Las Vegas? They're not printing the money in the back rooms, people are going to the Casinos and making large deposits of cash. The only way to make money in a Casino is to own one. Do yourself a favor and stay away from Las Vegas.
It means you're living beyond your means, because pay advances extract interest for what is typically a very short term loan, so that's a tax on your money.
There could be some valid uses for it, for instance if your car breaks down and you absolutely need it repaired to get to work, you might justify it, but if it's just to buy groceries or beer or something, you'll need to find another way to manage it, because otherwise next week you'll just be that much shorter again.
As far as a cash advance on a credit card, I've used them on the rarest of occasions. If you check your terms, rates for regular card purchases might be anywhere from 9.99% to 13%, but cash advances clock in anywhere from 19% to 27%. That's a major tax on your money. Again, those should only be a dire emergency use and you'll need to know how to pay it back very quickly. Otherwise try to find another way to borrow (friend or relative). And sometimes it's worth it to take a $50 late fee on something you owe (like a fuel bill) than spend $300 on a cash advance to get the same amount of money.
A payday loan is NEVER good. If you borrow $1,000 w/ a payday loan, you'll be charged $20-$30 per $100 you borrowed for each 14 day period you have the loan. So if you borrow 1000 at $20 per $100 borrowed, you'll immediately owe $1,200. If you pay back $200 every 14 days, you still always owe $1,000 because you'll only be paying the fees. After rolling it over 5 times, you'll have repaid $1,000 in fees and STILL owe $1,000.
Gambling at casinos or by playing a lottery is like throwing your money away. Your odds of winning are very, very small. Like 10,000,000 to 1.
There's no magic formula to get cash quickly and cheaply if you have bad credit. Try getting another job and/or selling some of your 'stuff'.