Cash Advance Grace Period Tips: Understand Your Options

Are your finances feeling the strain of a recent cash advance? With smart stewardship, it may be possible to remain on top of your payments despite this sudden cash outlay. Here, we provide tips for how to take advantage of cash advance grace periods to ensure your financial situation stays stable. 1. Make sure you understand your lender‘s grace period and what terms you agree to when getting a cash advance.

2. Pay off your cash advance within the grace period if you can afford to do so.

3. Set up an automatic repayment plan to ensure you pay off your cash advance before the end of the grace period.

4. Call your lender if you’re struggling to make a payment during the grace period, and see if they can offer a different payment arrangement.

5. Find out what the consequences are for missing payments, including any late fees or extra interest.

6. Refrain from using your credit card until you can pay back your cash advance in full and on time.

7. Consider using savings or a personal loan to cover your cash advance if you need more time to pay back the borrowed money.