How does the quick cash advance work?

Quick Cash Advance is an optional tax-refund-related loan provided by First Century Bank, N.A. The loan amount will be deducted from tax refunds and will reduce the amount paid directly to the taxpayer of the refund.

How does the quick cash advance work?

Quick Cash Advance is an optional tax-refund-related loan provided by First Century Bank, N.A. The loan amount will be deducted from tax refunds and will reduce the amount paid directly to the taxpayer of the refund. A quick cash advance is a tax advance that gives taxpayers access to cash before the IRS can release it. Fast Cash Advance is a tool to help tax professionals attract and retain more customers.

Also known as a payday loan, an Advance America cash advance can offer you quick cash. Once you request a cash advance, you'll return it when you receive your next paycheck, usually within two to four weeks. A cash advance allows you to use your credit card to get a short-term cash loan at a bank or ATM. Unlike a cash withdrawal from a bank account, a cash advance should be returned just like anything else you deposit on your credit card.

Think of it like using your credit card to buy cash instead of goods or services. Since credit card cash advances can be very expensive, make sure you understand the terms and charges involved before committing to this type of financing option. Also called payday loans, cash advances and instant loans, a quick cash loan can serve as a bridge through a difficult time and help you cover unexpected costs, but only if used correctly. You may not realize that the rate is that high when you apply for a cash advance loan, because the loan costs are usually advertised as a fixed dollar amount.

There are many reasons why you might need quick and easy access to cash, and thankfully there are some alternatives to paying the high fees and interest associated with cash advances. Cash advance loans come with loan rates that can equal APR in the 300% to 500% range, but they can be much higher. However, if you choose this path, keep in mind that the APR for credit card cash advances are higher than the APR for buying a credit card. Instead of taking a cash advance at an ATM, consider overdrawing your checking account with your debit card.

Quick Cash Advance is available from January 2 through the end of February to tax professionals enrolled in the Early Cash Fast Advance program offered with the Please note that most credit card companies don't allow you to take your entire line of credit in the form of a cash advance. You will pay it in installments over a longer period of time, from 3 to 36 months, which may allow for lower monthly payments compared to cash advances. Cash advances are an easy way to get cash quickly, but they often come with steep fees that outweigh any benefit. In short, taking a cash advance on your credit card means applying for a very expensive short-term loan.

When most payday loans or quick cash loans have short two-week terms, the annual percentage rate (APR) of fast cash loans is quite high. Given the high financial charges of fast cash loans, you should also consider looking for alternative loans that have a lower rate and can be repaid over time.

Christi Costell
Christi Costell

Wannabe internet ninja. Proud problem solver. Amateur zombie fanatic. Subtly charming bacon geek. Certified food trailblazer.

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