Cash advance Guide A Cash advance is a short-term loan that is intended to cover a borrower’s expenses until his or her next payday. Cash advances are a great help when you are in crisis. However, there are certain aspects of the loan that should be aware of. This purpose of this guide is to give the consumers information regarding Cash advances or short term loans. Cash advances are considered to be a good option; however, there are few things you need to consider before opting for the cash advance. Consider other options before finally deciding on cash advances. There could be less expensive options other than the cash advance like overdraft protection on a bank account, advance on a credit card, or some credit from a financial institution. You must always be sure of the charges you are paying. Cash advances have very high interest rates. There is a possibility that you could be charged more if you fail to pay on time. Ask before applying for the loan about the additional cost that could be incurred if you don’t pay your loan on time. According to the new Ontario Act all charges that you pay should be included in the total cost of borrowing. You should always avoid taking loans; however, if you are in need; always borrow an amount that you are absolutely sure you can afford to pay back. Borrow as per your needs, don’t borrow more than what you require. You should read the loan agreement thoroughly before signing. Make sure you understand each and every point of the agreement. If you are unable to understand ask someone and be sure of it before signing. Sign the agreement after you are 100% sure of it, don’t be pressured. Many people use their personal property as the guarantee for loan; this is not a good practice. Try avoiding using of personal property, as cars or any other belongings as the guarantee for the loan. According to the Ontario Act, there is a time period during which you can change the decision of acquiring the loan; this time period is called ‘cooling-off’ period. Just remember these tips before you apply for your Cash advances!
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