The upcoming Cinco de Mayo holiday is a good time to think about cash advances -- and not for financing your bar tab, either. Rather, it's time to reflect on what payday loans should be used for, and when they should be taken out.

For example, the Community Financial Services Association of America (CFSA) has mandated that its member associations not encourage payday lending for any kind of leisure activities, including drinking or gambling. Rather, your payday loan should be applied to medical bills, car repairs or other sudden short-term expenses.

Use your cash advance for what it was intended for, pay it back in full and on time, and you'll find payday loans can be one of your best financial allies. Save your spare change for the margaritas -- we bet even the CFSA would drink to that!

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