Immediate Cash Advance

Immediate cash advances are just that, immediate. Meaning you can take out the cash from your credit card or loan provider and use it straight away. With payday loan companies and other loan companies, you receive the cash into your bank account pretty quickly, in some instances almost instantaneously, so when we talk about a cash advance, you receive the money and you just pay it back as per your loan agreement.

With a credit card cash advance, it's slightly different. You should always check with your credit card company before taking out cash from a machine using your credit card. The credit card company is likely to charge you for using this service, and may add a higher APR fee for cash withdrawals so always check your account terms and conditions before withdrawing cash. This, in essence, is an immediate cash advance. 

What is an immediate cash advance?

An immediate cash advance is one you take out cash on (most likely) a credit card. Provided you have a credit card with funds available, your credit card company may allow you to take out a cash lump sum at any time, making it immediate.

Do I qualify for an immediate cash advance?

If you already have a credit card, you should check with your credit card company as to whether you can may a cash withdrawal. If you can, you should always check the terms and conditions of your agreement to check what additional charges and APR percentages may be applied to your account. If in doubt, call the company that provides the credit card.

Is a payday cash advance right for me?

A payday cash advance is essentially a payday loan. If qualified, you can receive your loan (or cash advance) within your bank account within minutes, although this does vary by provider. In all cases, you should always be in a position to be able to pay back your advance or loan within the required installments. If you don't think this will be possible, a payday cash advance isn't for you.

How can a cash advance affect my credit rating?

As with all borrowed money from financial institutions, taking out a payday loan, credit card or cash advance can affect your credit rating if you do not repay it according to the agreed amounts as set out by the debt provider.

What are the down sides to a cash advance?

Credit card cash advances can incur additional fees in the form of a one off transaction fee and/or a higher interest percentage, meaning you may be charged more for the interest accrued on the cash advance you have taken out, compared to what you have spent in stores and online with your card.