7 Common Reasons for Short Term Cash Advance Loans

If you’re short on cash and need to make a payment urgently, have you considered short term cash advance loans to solve the problem?

This type of loan can allow you to get your hands on cash quickly and easily. And there are many reasons you might need to take out short term cash advance loans, from bills to babies.

In a financial pickle and wondering where to turn? You are not alone. Here are 7 common reasons why people look for simple, short term cash advance loans.

Here are 7 of the most common reasons people are on the lookout for these short term loans.

1. To Cover Urgent and Unexpected Bills

Sometimes, bills drop in on us unexpectedly. For example, perhaps you forgot about an upcoming car or personal loan payment.

When one of these bills lands on your doormat, it can be a rather unpleasant shock.

But short term cash advance loans can help you to clear up that forgotten bill quickly. You then have the freedom of paying off the money over the next few weeks, rather than suddenly and all at once.

These funds can also be used to bridge the gap between the bill’s due date and your payday. This will help to relieve the pressure on you.

2. After Being Made Redundant

If you’ve been made redundant, you are likely to be entitled to some form of redundancy pay.

But it can take a while for any settlement to come through from your ex-employer. This can be a stressful period, as you’re left without your normal support.

This type of loan can help to tide you over until you’ve been paid. This means you can handle essential expenses like food and heating while you’re looking for a new job.

This way, you won’t be struggling as much after receiving the bad news.

3. A New Arrival

Babies are a gift – but an expensive one. It’s sensible to budget for your new arrival.

However, many parents – particularly first-time parents – might not have thought about certain expenses when getting ready. Or, they might simply be so excited about a new baby that they overspend.

Short term cash advance loans can help you pay for everything your newborn needs if you’re short on cash yourself. For example, have you realised how fast they’ll get through clothes as they grow?

Or quite how much you’ll spend on nappies? And for particularly blessed parents – do you know the true cost of twins?

This can be very helpful if the baby has decided to arrive unexpectedly early.

4. A Bad Credit Score

Sometimes, banks won’t give loans out to people with bad credit scores. If you haven’t looked at your score for a while, a rejection like this can be a warning sign that your rating isn’t looking too good.

A poor credit score can be the result of missing or late payments, applying for or taking out too many loans, or filing for bankruptcy – among other reasons. You should check your credit report when you get a chance.

With short term cash advance loans, you’re borrowing a lot less money.

This means that the process is less strict. You can take out smaller amounts to see you through until your next payday. Plus, you can do all this without the formality of a bank loan.

However, these loans are not something to be used without some thought and care. You shouldn’t generally use them just because you fancy a night out.

5. Christmas or Easter

During seasonal events, it’s normal to want a bit of extra cash.

There are drinks with friends, presents to pay for, and other seasonal excesses. These loans can help you secure a little extra funding at an expensive time of year.

Particularly at Christmas, if you’re getting paid at the end of December you might have a shortfall of cash available before the 25th.

You don’t want to be seen as Scrooge this Christmas. However, picking up extra hours at work may simply not be possible.

A short term cash advance loans can help you to cover these seasonal costs. Plus, you can pay back the money in the new year.

6. You’ve Overdrawn

So, you’ve run out of funds in your bank account and have started borrowing from the bank through the same account.

This is called overdrawing, and it’s a dangerous trap to fall into. It means that you have a negative balance on your account.

Bank accounts can cost a lot when this happens. There can be all sorts of fees and interest charges.

Notice that you’ve dipped into the red? If so, then it may well be cheaper to consider alternative loans.

7. General Emergencies Around the Home

An unexpected emergency to do with your house can quickly run down your savings account. For example, you might need urgent repairs to the walls of your home. You might also need to have your roof fixed before winter.

You might not be able to get a bank to agree to lend money so quickly. However, short term cash advance loans might be a viable solution to your problem.

In our example, you could use a short term loan to pay your builders an advance for the job. That should keep them happy until the rest of the cash comes through from the bank.

You can add on a little to your bank loan to cover the extra cost of taking out the short term loan. This way, all of your debt is neatly consolidated in one place afterwards.

Looking for Short Term Cash Advance Loans?

There are loads of reasons why customers ask us to take out a loan, and we judge each application on its own merits.

We try to say ‘yes’ as much as possible.

When unexpected costs come up, sometimes you just need the cash. We believe in giving everyone a chance, regardless of their personal circumstances.

Here at Cigno Loans, we can lend you short term cash up to $1,000 to help you out before payday. We promise that we’ve made our service as quick and as easy for you as possible.

So get in touch to apply for a loan, or to ask us any questions about our loans. We’ll be there for you.