 Instant
Cash Advances
If you're like many cash advance customers, you need cash and you need
it as soon as possible. This means when you hit the phone book or the
internet, finding an instant cash advance (or something close to it)
is at the top of your list - but where do you get one? Are they really
instant? How can you tell? Read this article to learn more about instant
cash advances and what you should ask for if you really need cash fast.
Do instant cash advances really exist?
In a word... no. The idea of an instant cash advance is something cooked
up by the cash advance industry
as a method for some companies to try and make their product sound better.
It's a well known fact that users of cash
advances value the speed of the cash advance transfer more than
the price associated with a standard issue cash advance loan. Recognizing
this, many cash advance companies use names like instant cash advance,
quick cash advance, same
day cash advance, and even fast
cash advance in order to attract customers that would otherwise
pass them by. Since most customers don't know what to ask and often
times do not read the fine print, some cash
advance lenders are able to capitalize on their customer's need
for an urgent cash advance and
charge more even though the product they're selling transfers at the
same rate as every other company's.
Why does it (normally) take a day to transfer the funds?
As mentioned in the articles about same day cash advances and quick
cash advances, a wire transfer of funds from that issuing bank to your
banking institution is possible, but it's also very expensive. Most
consumers choose to wait until the next day when the funds would normally
be transferred because the price of this convenience is remarkably high.
Even if you did elect to pay the extra amount for a cash advance, it
would still take a lot of effort on your part (and on the part of both
the cash advance provider and your bank) to secure the cash in a timely
manner. As such, the possibility of an "instant cash advance"
- or anything remotely close to it - is more of an advertising ploy
than a reality.
I'm willing to jump through the hoops - how do I get one?
Start by completing a cash
advance application from the company you've chosen to request the
cash advance from (if you don't have one in mind, see the article on
"Cash Advance Companies"
for tips on how to select one). After the application is complete, you
should be offered a number for a customer service representative (the
better companies will contact you directly soon after the application
is submitted). When you get a representative on the phone, ask them
if they have the capability to initiate a wire transfer right away and,
if they do, what the total cost of your cash
advance will be assuming that you pay it back on time. This, by
the way, is a key question to ask so you'll know how much they expect
back from you. If the wire transfer is possible and the price is reasonable,
have them transfer the funds at once. After they've completed the transfer,
you may have to ask your bank to release the funds into your checking
account (this is usually a manual process) so you can spend them.
The process isn't quite as instant as many cash advance customers would
hope, but it's the closest you can get!
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