Voice for Business

There are plenty of families in this country who have a difficult time paying their rent or mortgage each month. When facing eviction, people will do anything to keep their home, especially if they have children. Unfortunately, many families turn to a check advance, a short term payday loan, to cover their housing cost.

Taking a cash advance on their next paycheck puts people into a terrible cycle of debt just to keep a roof over their head. Taking out these types of loans does have a place, they are for one-time, unexpected emergencies. Say you broke a tooth and were in terrible pain. There is no problem getting a check advance to pay to see a dentist tomorrow instead of waiting a week till you get paid. It will cost you, but it is an emergency.

Taking out a check advance to pay housing costs is different though. The only way it’s justified is say you had a $100 late fee if you didn’t pay your rent on time and the cash advance cost you less than that. Of course, you could only do this once. If you did it every month, you’ll go broke.  If you find yourself in a situation where you are considering taking out a check advance to pay your housing costs, you need to re-evaluate your housing situation.

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