Question

John looks at his budget and notices that, because of additional expenses this month, he will be unable to pay all of his bills. He is thinking about getting a cash advance but isn't sure. What should John do?

Answer 1

I would say an overdraft. As overdraft facility allows the facility holder to withdraw money from the account despite having no balance. There is a limit on the amount that can be overdrawn from the account. The overdraft limit is usually set by the bank basis the amount of working capital, creditworthiness of borrower and security offered by borrower.

I've also provided some advantages and disadvantages for using a overdraft.


I hope it helped you!

Answer 2

The correct answer is "Find reliable and relevant info and visit a representative from the bank to find out about special fees"

Step-by-step explanation:

Due to the additional expenses that Juan has had this month, to have more money and to face the accounts payable he should look for information from reliable sources, to obtain a bank loan with preferential rates. This way he won't have to pay back much money later.

Have a nice day!