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Do Cash Advances Cause Bankruptcy?
Posted on Thursday, June 21st, 2019 at 4:55 pm in Miscellaneous Payday Loan Info
More and more people today have heard experts talking about the rise of bankruptcy and how cash advances can lead to bankruptcy. Some ask the question, “Do cash advances cause bankruptcy?” because of the apparent relationship reported by many. The truth is that cash advances are just like any other type of loan except on a smaller, shorter scale. If you don’t pay the loan back it can cause problems but that is true of any loan.
It is actually very unlikely that the main cause of anyone’s bankruptcy is actually a payday loan since these loans are typically very small in scale compared to things such as a mortgage, car loan or even many credit cards. The low dollar amount of a payday loan typically means people will be able to pay them off without any trouble at all. Even when someone falls behind it is going to be easier to catch up than for something with a much larger balance and payments.
Another important thing to consider is the fact that cash advance companies are constantly making more loans to their customers. If their customers were going into bankruptcy a larger percentage of the time that would mean the cash advance company does not get repaid and loses money. If this kept happening they would quickly go out of business. This is obviously not the case which means that cash advances do not cause bankruptcy.
Cash advances are just like any other type of loan except on a shorter scale. If you’re not careful and don’t plan your budget in a way that will allow you to repay your loans in full and on time then it can indeed lead to bankruptcy. This is not very common since most people are responsible and work hard to pay all their bills, including their cash advances.
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