Fast Cash Advances

Any company that emphasizes the speed of their cash advance warrants more scrutiny than others (see also "Urgent Cash Advances"). This article examines the attribute of speed as it relates to cash advances, and whether or not it's worth it to pursue such products.

Speed vs. Need - Fast Cash Advances Can Be Trouble

As discussed in the article about "Urgent Cash Advances", cash advance companies capitalize on your perceived immediate need for a cash advance product in order to lessen the time you spend researching alternatives and, in doing so, stick you with fees and other hidden costs because you didn't take a deep breath and check out the fine print. If you're like a lot of people, some of your biggest mistakes were made when you didn't take a minute to stop and think about what you were doing, and purchasing a cash advance product of any sort is no exception. Don't be fooled by product titles such as fast cash advances, easy cash advances, no fax cash advances, or instant cash advances - the words that come before "cash advance" often carry with them a price, so be sure you know what you're getting into before you commit to anything.

Is There Really a Difference?

In an age where you can get a message from one end of the world to another in just seconds, is there really such a thing as a cash advance that's faster than another? The short answer is no - all cash advances, regardless of what cash advance vendors might tell you, travel at the same speed. The funds needed to issue a cash advance all come from banks, and banks prefer to transfer funds in a batch process rather than on demand because it's less expensive. That means you could apply for a payday cash advance loan and receive the funds just as fast as if you were to apply for a quick cash advance. The instant you send off your cash advance application, the information is all processed by comparable means and in the majority of cases the funds are available the next morning after banks batch out and receive all of their credits and debits.

Do Fast Cash Advances Exist?

Sure... but be prepared to pay a premium. It is possible to initiate an electronic funds transfer earlier than the standard batch transmission but, like all things in life that aren't standard, it's going to cost a little extra. Receiving a cash advance this way is often referred to as a wire transfer, which usually entails a banking agent authorizing the transfer of your cash advance immediately while you're on the phone. Though the funds will hit your account rapidly (in the same way that you might use your debit card and see the charges on your online statement later that afternoon) you will still have to work with your bank to authorize the cash advance funds and free them up for spending. As mentioned before, getting a loan that is essentially a same-day cash advance can cost a lot more, so be sure you speak to your cash advance company before you agree to any additional charges associated with this convenience.