7 Tips for Using a Cash Advance App

What if you were in debt and ended up making things worse?

You may be tempted to use a cash advance app when you’re strapped for cash. After all, these apps promise to get you the money you need, and you can conveniently handle everything from your phone.

However, some cash advance apps are more trustworthy than some others. If you’re not careful, you may end up with a lender that drowns you in fees. Or maybe even a scam “lender” who runs away with all of your money.

How can you keep that from happening to you? Keep reading to discover our top tips for using a cash advance app!

1. Cash Advance App Tip: Research the Lender

It’s important to research different cash advance apps before you use them. After all, you are trusting a company you don’t know with delicate information such as your bank account information. How, then, can you learn whether a company is trustworthy or not?

The short answer: research, research, research. Don’t just trust what the company says about itself. Instead, research what people are saying about this quick cash app online.

To do this, you can search for online reviews or just search for the company’s name across different social media platforms. This can help you determine if you can trust them or not.

2. Watch for High Fees

There are many things to watch out for when you are trying to find the right cash advance app. And one of the biggest things to watch out for is high fees.

There are many fees out there that are way too high. In fact, some of these cash advance programs come with an interest rate of 300% or higher!

If you’re not careful, you can get caught in a loop of continuously taking out new advances before you can pay off the old advances. But you can keep this from happening by finding a better source for cash advances.

3. Never Pay Upfront

Many people have the same nervous question the first time they try to use a fast cash app. “What if this is a scam?”

It’s a good question to ask. After all, there are many scammers out there trying to get your personal information. One of the best ways to avoid getting scammed is to never pay upfront.

If the lender wants you to pay money before they will loan you anything, then it is most likely a scam. As long as you never trust apps asking for money upfront, though, you are far less likely to get scammed like this.

4. Don’t Tip What You Can’t Afford

Some of the more popular cash advance apps have started new trends. For example, Dave allows users to give a tip to help families in need. This tip is voluntary, but the app encourages you to donate 5%, 10%, or 15%.

If you have spare money and want to leave a tip, that’s fine. But you should know that not all of your tip money is going to those needy families. Plus, the app tries to manipulate you into tipping more by showing how your tips are feeding a cute animated bear.

Most people turn to cash advance apps because they don’t have much money to spare. If that sounds like you, remember that you should never tip what you can’t afford to spend. Otherwise, every tip is digging your debt a little deeper.

5. Document Everything

Part of the charm of using cash advance apps is that you have less paperwork to keep track of. Nonetheless, we recommend that you document everything to be on the safe side.

The reason for this is that some who have used different apps and lenders over the years get calls from collection agencies years after the fact. These agencies allege that these users still owe money on cash advances they paid back before.

So long as you have the documentation proving that you paid off your loan, you should be able to clear up any errors. And if the “agency” turns out to be a scammer in their own right, having your documentation handy can help you see through the deception.

6. Watch Your Budget

When you take out a cash advance, you need to adjust your budget accordingly. Otherwise, you’re just going to need to borrow more money by the end of the month.

Think about it this way: most people who need a quick loan need it to help them make it to the end of the month. But if they don’t stick back more money for the month after that, they will have to borrow again.

As long as you have a strict budget, though, you can make things work. You’ll be able to avoid the cycle of borrowing and debt that so many get caught in.

7. Explore Your Alternatives

All of the tips above will help you select from the various cash advance apps. Before you settle for one, though, you should know there are alternatives available!

For example, while they might not have an app, you can always go with an online lender specializing in fast loans. Such lenders can get you the money you need while offering many benefits over using apps.

For example, FastLoanDirect offers fast, flexible, and affordable loans. There is no pressure to tip and no manipulation. There is simply a company here to help you out whenever you need a little extra support.

Get the Cash You Need Today!

Now you know our top tips for finding the right cash advance app. But do you know where you can get the money you need right now without having to worry about downloading an app?

Here at FastLoanDirect, we are here to help you when you need it most. With our simplified form and next-day direct deposit, we have taken all the stress out of borrowing.

Ready to discover the difference FastLoanDirect can make? All you have to do is get started today!