Same Day Cash Advances

Is there really such a thing as a same day cash advance? If so, why doesn't everyone offer this kind of cash advance? This article describes the additional costs that often come with loans marketed as "same day cash advances" and what consumers need to know before making the commitment to purchase such a product.

Same Day Cash Advances: Fact or Fiction?

Though cash advances that are delivered on the same day do exist, you'll find them both hard to come by and very expensive. The vast majority of transactions that have to do with the transfer of money typically require a bank to be involved, and most banks prefer to process (also known as "batch") all money transfers at the same time rather than on a first come, first serve basis. It's more efficient to do this even though the accuracy may suffer a bit, but keeping transfers down to a "once a day" process ensures that banks (and cash advance lenders) don't need to assess extra service charges whenever they sell their products and services.

Why do companies claim to offer them when they don't?

A cash advance company needs to remain competitive, and one of the widely accepted truths of the cash advance industry is the fact that the clients typically need a cash loan in a hurry. In order to make their own company stand out, a cash advance provider might use any number of techniques to make their own cash advance stand out - even though all products are essentially the same no matter where you get them. Because of this, "new" product names such as no fax cash advances, no credit cash advances, instant cash advances, quick cash advances, and yes, even same day cash advances have all started to position themselves online. Truly, a cash advance is a cash advance is a cash advance - no matter how you slice it. The bottom line: most products are exactly the same, with very few actually offering the "same day" feature that they claim to possess.

So how so I get a same day cash advance?

It takes a phenomenal amount of patience to find a cash advance provider that is willing to work with you to get the funds you need within the "same day" timeframe you want. Generally speaking, this is the process you'll need to follow:

• Research same day cash advances online by going to search engines such as Google or Yahoo! and typing in the phrase "same day cash advance" (without the quotation marks).
• Most companies will be cash advance brokers and not cash advance lenders (see the article on cash advance lenders for more details) so you'll want to look for a company that has the ability to approve same-day transfers (brokers typically cannot do this but there are a few that can, so don't be afraid to call them up and ask).
• When you call your cash advance company, ask them if they have the ability to authorize same day transfers and, if so, what that process entails. It will be different for every company, but the most important thing to ask about is the price so you'll know whether or not you're willing to pay for the added convenience.
• Depending on your banking institution, the funds might be received the same day if all works out well with the cash advance company but they won't be available the same day unless a banking agent authorizes the release of the funds into your available balance. Call up your banker and make sure they can do this before you attempt to spend the money you've received.

If you have additional questions your bank is probably the best source for information, since they will know more about their own internal processes and what is required in order to make this transaction happen as quickly and smoothly as possible.