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.