How to Obtain a Cash Advance

Use cash advances sparingly.

If you need money fast, taking out a cash advance can make sense. If the total fee you pay for the cash advance is lower than the late fee or charge on the bill you need to pay, taking a cash advance can actually save you money in the long run. The cash advance can also help you avoid late payments and missed payments that could negatively impact your credit score and hurt your chances of getting a loan in the future.

Instructions

1. Keep the convenience checks you get in the mail from your credit card issuer. Most credit card companies send these checks to their customers, and they can be used for cash advances. Be sure to read the fine print on your credit card agreement before using the checks. Cash advances often start accruing interest immediately, and there may be additional charges as well.

2. Visit your nearest ATM and insert your credit card if you prefer to get the cash advance that way. You will need the personal identification number you set up when you first got your card. Choose the cash advance option at the ATM and select the amount you want to take out. Enter your PIN and confirm your selection.

3. Contact the bank where you have a checking or savings account and ask if they offer cash advance services. A growing number of financial institutions now offer these services to their customers. Getting a cash advance through a bank is often less costly than obtaining one through either a credit card or a check-cashing outlet.

4. Visit several check-cashing and cash advance outlets in your area to get information on their terms and conditions. Each storefront operation has its own charges and fees, so it is important to shop around for the best deal. Check-cashing and cash advance services allow you to write a post-dated check, walk out with the cash and repay the loan when you receive your next paycheck.

Tips & Warnings

• Cash advances often come with high fees and interest charges. Check your credit card agreement before taking out a cash advance.

References

• Chase: Pricing and Terms
• University of Berkeley: Cash Advances