Social Question

talljasperman's avatar

When Is it a good time to get a cash advance?

Asked by talljasperman (18161 points ) 2 months ago

I was wondering if I can get a cash advance to move back home to Jasper from Red Deer. When I can find a place to stay? The Cash Store is in Jasper too… I am on a guaranteed fixed income , disability, so as long as I stay in my home Provence of Alberta I get $1588. I’m not in any rush, I just thought seeing that I just got paid on the 28th that I could combine the cheques and move out.

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50 Answers

wildpotato's avatar

There is no good time to get a cash advance. They always charge an exorbitant interest rate. I used to work at a cash advance place and it’s really sad to see people get into these vicious cycles of advancing on every payday; they ended up signing over a quarter of their earnings for months just to get a couple hundred bucks a few weeks early. Not worth it.

The better way to go about this would be to save a portion of your check from the 28th and from every check you get from now on until you have enough to move.

GloPro's avatar

Isn’t one of your goals to become more financially responsible and learn better budgeting? Why don’t you give that an honest opportunity to work before jumping into debt?

pleiades's avatar

@wildpotato What is the reason for the 28th? I have a good idea of certain months contain more days thus more weeks so more payment? Hm…

Unbroken's avatar

@Glopro and @wildpotato are so very right. There is no way you can pay them back esp if you are incapable of saving ahead. It never feels good to be stuck but if you have goals and a realistic plan you are capable of sticking it for the short term.

Don’t give in. You appear to be flip about most of your weaknesses. But I don’t buy it. Your questions so often center around self betterment. You are capable, you just have to believe and have a solid plan. It is a slow start. But remember all the times you have picked yourself up after you have fallen. Concentrate and hold on to that. Even if you are making the same mistakes you no doubt have learned things and have picked yourself up faster.that is the part of failing that makes it worth it. But don’t set yourself up.

jerv's avatar

Figure that you’ll repay 120–130% of what you borrowed, and then subtract your expenses from your income to see how much you can afford to repay. If we assume that your living expenses leave you with ~$250/month disposable income, then you could borrow $200… but that’d cost you all of your disposable income next month, so goodbye fun.

For most people, such an advance only makes sense if there are absolutely no other alternatives, such as delaying purchases or working out payment options with creditors.

Are you in danger of being evicted? Do you need the money for lifesaving medication? Unless it’s something of that urgency and magnitude, then it doesn’t make sense.

@wildpotato Here in WA, you can only get 8 advances per year.

talljasperman's avatar

@jerv Moving back home can save my mom money. I’m borrowing too much for her to look out for me… I can save money in Jasper , I can make sandwiches and I know what foods to buy and what to skip. The faster I can get home the quicker that I can budget for Jasper National Park… Before I got committed I managed to save $3000… and living elsewhere I’ve been hemorrhaging money. I have a credit card that is paid every month on time completely I’m slowly going into debt and I would rather make one grand move and save money for Athabasca university student. I have the laptop and all I need is $1000 a course and I can do that in Jasper. I am also sort of homesick I am drinking my self into a diabetic stupor from all the coke that I am drinking. I would like to live close to stores like in Jasper. I can get psychological help for free in Jasper Seton Hospital.

jerv's avatar

If you move back, could you repay the $1200+ next month and still have enough to live on? Will you save that much to where over ¾ of your next check will go bu-bye the instant you get it? If you cannot live on a mere $300-ish for the entirety of next month, find another way to get that $1000.

Now you know what adulthood is like.

talljasperman's avatar

@jerv In jasper I did live on $300 for food. I also had enough money to save and to have cable and high speed internet and a swim/gym pass and the ability to put away $200 a month… and I paid the whole rent with me and my mom in a one bedroom apartment.

jerv's avatar

And everything else? No other expenses?

talljasperman's avatar

@jerv Rent was $675 a month… cable and internet was $100 a month, everything else was food or savings… Also I could order BQQ duck once a month and poutine at nights. $5 free delivery. Jasper has free delivery and north face pizza was open till 2:am I made $1588 a month from disability and I saved… In Red Deer it is more expensive to live. Everything goes to take out and cab fare to superstores and Costco and doctors appointments. I just ate a KFC chicken thigh and it is the same price as Jasper, but with my mom food didn’t go to waste very often… so I could order bigger amounts.

jerv's avatar

So, take this loan and you cannot make rent. Rent leaves you less than $1000 to repay >$1200. Cable/internet and food leaves you ~$400-ish to it back. Borrowing over $300 would be a HUGE mistake!

And that assumes free medications.

talljasperman's avatar

@jerv I just remembered that I can’t leave until July 5th for after my colonoscopy. Nuts. Maybe if they can find out what I’m suffering from then I can adjust my diet and save some money for a later move. My disability insurance might cover special meals.

jerv's avatar

A regular personal loan would be far better, if you can swing it. If not, selling your belongings would be better.

You.

Can

Not

Afford

An

Advance

!

stanleybmanly's avatar

PLEASE, we are begging you not to fall into the cash advance hole. It’s a trap set specifically for the poor, and it is all but certain to leave you in perpetual never ending debt.

talljasperman's avatar

@jerv I have a $100 tv , a $750 laptop and that’s about it for things to sell. And my computer at my mom’s house was worth $1500 in 2007 might sell for $200.

jerv's avatar

And you’ll get about half that if you’re lucky.

jerv's avatar

1588 – 675 = 918 after rent
918 – 100 = 818 after cable/internet
818 – 300 = 518 after food

What other expenses do you have?

jerv's avatar

Electric? Heat? Transportation? Meds? Credit cards?

talljasperman's avatar

@jerv $500 for rent in Red Deer to get out of the lease, $150 for bus fare and some stuff to take back to jasper with. Medication Is free. Free utilities credit cards $300 a month. Still with a zero balance for now. I get $500 damage deposit back when I move out. Insurance might pay for some of the move and damage deposit up to $300, I can ask for an emergency fund up to $3000.

jerv's avatar

518 -300 = 218

218 < 1200

Adulthood; you can’t always get what you want.

jerv's avatar

Try a regular bank loan

talljasperman's avatar

@jerv O.k. I’ll look into that… I have good credit.

jerv's avatar

It may cost more overall, but the repayment terms are vastly better. Paying $100/month for a year beats having to come up with $1200 in under a month.

talljasperman's avatar

@jerv Perhaps I could discontinue my cable and save $50 a month.

GloPro's avatar

I fail to understand why you cannot take the Athabasca online class from where you are, as well as make sandwiches and eat poutine there as well as you could in Jasper?

wildpotato's avatar

When you have your next meeting with your social worker, you could ask to go over your financials or for other resources to help you with financial planning.

talljasperman's avatar

@GloPro I can’t afford to take the classes in Red Deer… It would be cheaper in Jasper.

syz's avatar

Never. Never. Never.

GloPro's avatar

@talljasperman But you indicated it was an online class. You don’t have to physically be there to take an online class.

talljasperman's avatar

@GloPro But I need the money saved and also access to a general delivery to sign out books. It costs took much for food in Red Deer. $60 just to go to Costco and back.

GloPro's avatar

The amount of money needed to take that class will not change no matter where you are. You are not allowed to use taking that online class as one of your reasons to move to Jasper. If you save money to move you will not have money saved for the class. If you save money for class you will not have the money to move.

We all have to learn to save money for the things we want. I understand that you are homesick, but the class and the food are not reasons to move home, I’m sorry.

If you make an effort to follow your doctor’s advice and make a friend, then your trip to Costco will not cost $60. I love to go to Costco with a friend. A friend will be glad to drive you instead of taking a cab. Each trip would save you $60 towards a class or moving.

You need and are getting some gentle tough love from the rest of the jellies. Now is not a time for moving. Sit still and try harder to accomplish some of the other goals you have asked for advice on. Make friends. Get out of the house. Learn to take care of your home, your budget, your health. We are always here as your friends, from afar, just as your mother is there for you from afar.

Honestly, you have the motivation to ask the questions and get the advice, but lack the motivation to follow it. Start there

talljasperman's avatar

@GloPro I could get a job and get rid of my apartment for staff accommodations. I applied to get my old job back In jasper.

Pachy's avatar

Pleeeeze, heed everyone’s advice on this and do anything you can to avoid getting into the cash advance trap. But you already know that, don’t you?

talljasperman's avatar

@Pachy I applied for staff accommodation jobs in Jasper. That way I don’t need to borrow money.

GloPro's avatar

@talljasperman That’s great, you applied for a job and made a choice that may help you save money! See, that’s a start.

I’m not opposed to you moving, as you’ve read your other current question. I’m just trying to point out the excuses in your reasoning. I’ve moved without enough money before and it sets you back for years.

Applying for that job may be the first step to accomplishing some of your already established goals. Good luck!

thorninmud's avatar

[Mod says} Moved to Social.

stanleybmanly's avatar

Ever since this question appeared, I’ve been trying to come up with a scenario that would justify a payday loan. How about a diagnosis of 1 week to live?

jerv's avatar

@stanleybmanly At that point, just rob a bank. If you can outrun the cops for a week, it’s far more profitable.

janbb's avatar

What does your Mom think about you moving back to Jasper?

talljasperman's avatar

@janbb She’s o.k. as long as I have a place to stay.

janbb's avatar

@talljasperman Why don’t you discuss the plan with your caseworker then?

talljasperman's avatar

@janbb I just did over the phone for 30 minutes with one of my workers. It all seems to hinge on me getting a place to live, before I move.

jerv's avatar

The only reason I moved to Seattle was because I already had a place lined up that didn’t involve paying deposit and first months rent ($1600–2000 around here) in addition to rent where I was and moving expenses. Just because you’re moving, that doesn’t mean that you don’t have to pay to live where you are now, and the costs add up fast.

gailcalled's avatar

@talljasperman: Will your mother help you find a place to live? That’s the least she can do.

talljasperman's avatar

@gailcalled She’s keeping an eye out, for billboards rentals.

wildpotato's avatar

@pleiades I just said the 28th because that’s when Jasper said he got his last check. Doesn’t have to do with strategic planning. But ya gotta love those rare months with three paydays.

GloPro's avatar

The cheapest apartment I could find in Jasper is $690 a month for a 450 sq. feet studio. A 1-bedroom is $795. Utilities not included. Yellowhead Apartments

Making $1,588/mo (not sure if this is pre or post taxes), and assuming $120 a month all utilities (water, sewer, electric, cable including Internet and phone), you would be spending almost 50% or more of your monthly income on housing alone. Financial advisors do not advise more than 30% max. At most you should consider $500, utilities included.

The employee accommodations would be a necessity if you were to consider moving.

Application for subsidized affordable housing in Jasper

janbb's avatar

@GloPro What are “employee accomodations”?

GloPro's avatar

@janbb Jasper stated above that he applied for his old job back. The impression I got from his wording (staff accomodations) is that there is a dorm-style apartment housing for employees. According to the linked application above, however, which is intended for Jasper employees, this housing is not free. He may know of other employee housing that I could not locate.
That app is to subsidize rent for specific units for those that qualify. I could not find specific costs, but they subsidize at a rate of 10% less than current market rental costs in Jasper. Rent as a whole is what you would expect in a small tourist town… High.

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