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How do I Get a Cash Advance Directly into my Savings Account?

A savings account book.
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  • Written By: Carol Francois
  • Edited By: Bronwyn Harris
  • Last Modified Date: 28 September 2014
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In order to have a cash advance deposited directly into your savings account, you payroll must also be deposited into your savings account. A cash advance is a short term loan that is provided based on employment income and not on your credit score. Direct deposit is a method of moving money by transferring the funds directly into a specific bank account electronically.

A savings account is available from any bank or credit union. This type of account is designed for low transaction volume. Funds can be deposited electronically or at the local bank branch. Money in a savings account can be withdrawn using teller services at the bank branch. Some types of saving accounts can be accessed with your electronic banking card, or through Internet banking.

Locate a cash advance or payroll loan company to request your loan. There are two types of payday loan companies: Internet-based or storefront. To find an Internet based company, use an Internet search engine. To locate a storefront based store, use a search engine or the business directory for your city.

The basic requirements to qualify for this type of loan are much lower than for a standard personal loan from a financial services company. In order to qualify, you will need to be employed for at least six months with the same employer. You must have at least 60 days of banking transactions in your savings account in order to qualify.

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When applying for a cash advance, you must provide at least two recent pay statements, a print out of 30 to 60 days of banking transactions in savings account and photo identification. In addition, you will need to provide an official letter from your bank confirming your transit, branch, and account numbers. This letter is required because you are unable to provide a voided check, as is the standard practice.

If you are using an Internet-based company, these documents are usually faxed to the company, along with your request. The finance company reviews the details and informs you of the amount of your loan. The funds are then transmitted electronically to your bank or sent in an email money transfer.

Once the request has been approved, the funds will be deposited into your savings account. A cash advance is a very expensive form of financing, with annual interest rates between 35 to 65%. These types of loans are designed for short-term, emergency financing and are not intended for long-term use.

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Discuss this Article

animegal
Post 3

@lonelygod - All companies have different policies when it comes to a paycheck cash advance so you may have to ask what the rules are at your work place. I know where I work they will give you a certain percentage of you check as a pay day cash advance in an emergency. It would go into your regular account.

Due to the nature of a cash advance from work it isn't something I would recommend doing more than once. I think asking for cash from your work is tough because it lets your workplace know about your financial difficulties. I prefer to pay a few 1 hour cash advance fees from a service than get my work involved in it.

lonelygod
Post 2

Does anyone know if it is difficult to get a pay check cash advance from your workplace?

I really need a guaranteed cash advance and don't want to have to pay for a pay day cash advance. All of the services I see advertised have pretty expensive fees and the interest is insane. I would like the extra cash put directly into my savings account as I don't have a checking account. I am hoping that because my regular work checks go into that account that it shouldn't be too much of a problem. I have never had to ask for something like this before so it is a bit of a problem.

Sara007
Post 1

When my husband and I got into a financial bind a little while ago we had to seek out some cash advance lenders to get us through a rocky spot. It was pretty easy to get our bad credit cash advance loan put directly into our savings account as we just had to provide them with our banking information.

I think that there are some good online cash advance services as well if you need them. They generally deposit into checking accounts though and we had to scan a copy of a void check to get our money that way. It was quick and easy but the cash advance fees are still pretty high.

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