Cash shortages cause significant stress, especially if you cannot afford your necessities if your cash-flow problems are not solved quickly. However, cash advances typically have high interest rates and fees and strict terms, such as no grace period and limits. Therefore, if you need quick cash, you may want to consider alternatives to a cash advance Mississippi.
Low-Interest Credit Cards
If you need quick cash to pay for groceries or other necessities, a low-interest credit card or a card with a 0% APR is an attractive alternative to cash advances. As long as you qualify, which may require excellent credit or a positive history with the company, you may receive almost immediate credit.
Your existing cards may also defer your payments, increase your credit lines or waive your fees if you are experiencing temporary hardship.
Loans Against Retirement Accounts
Certain bills, such as rent and utilities, cannot be paid using a credit card. Therefore, if you have retirement accounts, such as a 401K or Roth IRA, you may be able to borrow from yourself. Although you will be charged interest and fees, these fees are competitive with the market on personal loans. You may also be limited in the amount you can borrow.
Because you are borrowing from yourself, your credit is not checked. However, only consider this type of loan if you have no other option because this money is supposed to be saved to support you during your retirement and the loan funds are not earning investment returns.
If your credit is strong, consider applying for a personal loan. These loans have fixed interest rates that are typically lower than credit card companies.
If you cannot qualify for a personal loan from a bank, consider asking your friends or family members for a loan. Although you may feel uncomfortable about asking your loved ones for help, this is the lowest cost option. However, be sure to set up a payment plan and pay each installment on time.
Third-Party Loan Services
If you have no other option and you need quick cash, you may consider a third-party loan. Payday or title loans, which place a lien against your car’s title, offer quick cash without long approval periods or credit checks. However, make sure you will be able to pay the loan off quickly and in full without renewing these loans to avoid significant interest charges.
If you are experiencing cash-flow shortages, consider exploring one of several alternatives to credit card cash advances, which can be incredibly expensive and difficult to pay off.