Payroll cash advances??

Question

I already took out a cash advance for $500 its pending, the deadline has not past yet. I need to take out another $500 emergency!Can i take out two cash advances in different places or is my social security number like tagged?

Answer 1

It really depends on who you are doing the cash advances with. If you're jumping from between different banks or merchants, that's one of the worst things you can do. They normally run credit and anytime you do a hard hit on your credit report, it drops you down. I wouldn't recommend them at all since they just keep making you get more and more cash advances and eventually it turns into a viscious cycle.

I recommend speaking with your bank to see if they offer any type of alternative or see if they have any product that fits your needs. i work for a Credit Union in which we offer a loan called: Payroll Savings Loan

and what this is does is you can borrow up to $500, we take 5% of that and put it into a special savings account and when your next direct deposit comes into the account, you pay back the loan. Once you have paid it back, you are more than welcome to re-borrow the funds without having to run your credit. This loan is good for up to 1 year! The great part about this is that at the end of 1 year, all the times you took an advance from the payroll loan and the 5% we took, we give it back to you and we originally put it into a share savings account where it also earned interest.

By doing a product like this, it helps you save while borrowing...if that makes any sense. Anywho, hope this helped and good luck!

Answer 2

Any other options........you will be hooked like a tuna........