Avoid overdraft fees with a cash advance
With the end of the month seeming so far away, more and more people will be wondering how they are going to get to the end of the month without paying overdraft fees. With January one of the thirty one day months waiting until payday in February can be one of the longest waits and for many the amount of money going out of their account is more than the amount going in.
This can leave customers facing up to going over their overdraft limit, and ending up going overdrawn, costing themselves money nearly every month they really can’t afford in overdraft fees. With some companies charging as much as £30 to customers who go over their limit, it can be a very expensive situation to be in.
Fortunately, those customers can turn to a cash advance. The cash advance was developed to help customers who need to borrow money until their next payday, effectively getting an advance on their next pay packet.
A cash advance is a short term loan, and can be taken out over a period of one to thirty one days. Customers can borrow between £50 and £500 the first time they take out a cash advance, an ideal amount to make sure they don’t go over their overdraft limit and make it to the end of the month without having to pay the bank huge overdraft fees.
It’s not just overdraft fees that can be avoided using a cash advance. A cash advance can be used for a number of other uses as well, including spreading the cost of boiler or car repairs, providing spending money for a holiday, helping to spread the cost of buying presents for a birthday or Christmas and near enough any other reason you may need to borrow money until you next get paid.
A cash advance does have a high interest rate, but when you compare the cost of borrowing a relatively small amount of money over a short period of time with the amount a bank will charge in fees for going over your overdraft limit you’ll quickly see that a cash advance is a great way to save money and to keep on top of your finances.
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