A cash advance is generally reserved for use on an emergency basis. That is still a general rule that will help you secure loans in a responsible manner. That said, it is a general rule, not an inflexible law. There are times when general rules don’t apply and need to be broken for the greater good. Life is too uncertain and fluid to be bound by general rules that don’t fit all situations.
Loans are not just for emergencies. A student loan is not an emergency, nor is a home loan. Yet we deem them important enough to go into well-considered debt to achieve a worthwhile goal. The only difference between those loans and cash advance loans is the amount you can borrow and the repayment terms.
As with all loans, carefully consider the terms and be sure you understand and can meet the payment schedule. If you know you can pay off the loan right away, consider such a loan for the following non-emergencies in your life:
In the grand scheme of things, an unsightly coffee stain on your fabric sofa is not the end of the world. If you are prone to spilling things, use these tips to protect your sofas from getting stained. But despite our best efforts, humanity just happens sometimes and that old sofa eventually gets a stain you will never get out.
You can save up for three months and buy a new one. But that might not work if you have important visitors coming over. Take out a small loan and get the furniture a few months early and regain your confidence. Any interest you pay in that brief time will be more than worth the joy you get from your home.
Take a Vacation
Some families have never taken a vacation together. They are past due for a good one. During times of stress it is important that you take a step back and recreate yourself. In 2012, Psychology Today declared vacations were necessities and not merely luxuries. Stress can turn you into someone you don’t recognize in the mirror. If you ignore it, you could lose your job, your marriage, and other important relationships.
The problem is that vacations are expensive. You could take one if you could pay the airlines and hotels a little each month. Credit cards allow you to do just that. If you don’t have the credit, take a loan. A vacation might not be an emergency. But that doesn’t mean it is unimportant or frivolous. The emotional needs of your family matter a lot.
A New Smartphone
When they first came out, smartphones were the expensive toys for executives and executive wannabes. In an attempt to make pocketable computers happen, smartphone ownership was almost unheard of until the iPhone was released. Some even proclaimed that the first iPhone was not even a smartphone.
Today, it is difficult to conduct the business of modern life without a smartphone. You cannot afford to be left behind. People with smartphones have more opportunities than people without. And people with good smartphones are materially better equipped than those with the lowest end handset. Smartphones are far too important. Cutting corners is a bad idea. When it is time to replace your current one, take a small loan and get one that will put more opportunities in your pocket and in the palm of your hand.
If you are over 300 miles away from the people you love, you might find the drive too challenging to take on. Other forms of travel represent a significant outlay of cash. But family is too important to ignore due to distance. Your parents need more than a phone call from you. They need to see you in the flesh and interact with you in person. That video call once a week isn’t enough. If getting some real face time means getting on a plane, put the airfare on a credit card or take out a short-term loan. The people you love deserve more than a digital hug.
Cash advance loans are most useful in emergencies. But that is not their only use. Don’t let your momentary bank account dictate whether or not you can get that needed furniture, vacation, smartphone, and time with the people you value the most.