Article  Cash Advance: Someday You Might Need One The growth of the payday loan industry has been a boon to many Americans who have bad credit or who are otherwise unable to arrange loans or credit for themselves. To some people, being able to get a payday loan means the difference between their kids eating that night or going hungry until the next payday rolls around. It’s an important part of many Americans’ day-to-day existence. While it’s true that payday loans aren’t a perfect alternative, to many people they’re the only way they can make it from week to week. Fortunately, for the people who really need them every few weeks, or even every week, a cash advance is easy to get. In fact, they’re one of the easiest loans anyone can get. All you need to get one is a phone number, a recent pay stub, and some personal information such as your address and the address of your employer. You don’t need to be a homeowner in order to get a payday advance, but you do need to have some kind of job. The better the job, the bigger the loan you can get, up to a point, of course. With so many Americans living from paycheck to paycheck and having no appreciable savings, a cash advance can also help during emergencies such as a major car repair or a serious illness requiring hospitalization for someone who doesn’t have good medical insurance. That’s no joking matter. A sudden, serious medical problem can hit you with a massive bill or large payments before you can blink. But, if you or a loved one needs the medical care, you have to find a way to come up with the money so that their medical care can continue. Of course credit cards are an option to pay bills, but for many their finances are more easily managed by using these types of loans. There are big changes in store for the payday loan industry, and hopefully some of them will have positive benefits for the consumers who actually need payday loans on a regular basis. The danger with some of the regulatory changes to the cash advance industry is that these new laws may drive the entire industry under, thereby depriving the people who really, really need ready access to small and medium amounts of money on a regular basis. What really needs to happen is to enable the payday advance industry to remain profitable, but also less expensive to the people who are borrowing the temporary funds that they so desperately need. Some people in government and the media are quick to criticize the payday loan industry, but in truth it performs a very necessary service that no one else is doing, that is providing a ready source of credit and funds to the poor and others who are stuck in low wage jobs that don’t quite pay the bills every month. There’s an old joke that states, “There’s always too much month left at the end of the money.” There are probably a great many Americans who know the truth of that rueful jest. So, until there is some kind of grassroots micro-lending network in place in the U.S. to provide short-term small loans to anyone who needs them, the payday loan industry appears to be the only entity filling the needs of credit-challenged Americans. But, since they are not perfect, a cash advance should only be used in moderation so that borrowers will avoid the trap of staying continually in debt. If you need money quickly and conveniently, then payday loans can be a great resource. However, you need to go into every loan transaction with your eyes open, and with a firm plan for dealing with your debts. It’s always a good idea to have some kind of savings for emergencies, but when you don’t, a payday loan could be the answer to your temporary cash flow problems. Category Finance Author WOA Member Add To Favorites Print This Article Email Article To A Friend Post Comments   Rate This Article (0) 1 - Poor2345 - Good678910 - Excellent Added On 11 November 2009