The convenience and usefulness of a cash advance on your paycheck (a payday loan) is hard to beat.   The application is simple, and the cash advance to a checking account allows borrowers immediate access to cash.  But can you send a cash advance to a savings account?

Unfortunately, no – a cash-advance-to-savings-account transfer is not yet done.  But then for most purposes, a cash advance to a savings account hardly makes sense.  Borrowers generally use cash advances for immediate and pressing purposes.  A cash-advance-to-savings-account transaction would be a loan to a less liquid, more cumbersome instrument. 

The features of payday loans further layout the difference:

Online application: Payday loans have rapidly migrated to online transactions – far more convenient and time efficient.  A cash-advance-to-savings-account transaction is unwieldy to the wired customer, inconsistent with how they do business.

Instant approvals, and next-day cash: A good payday loan will give you cash in one business day – allowing you to pay on outstanding bills electronically in that amount of time.  Putting money in a savings account is pointless relative to the speed of such transactions.

No data or cash theft worries: Advanced technologies for protecting your information and your money are possible in cash-advance-to-checking-account transactions.  If you were to manually withdraw funds from a savings account, would you expect the same level of protection?

Cash-advance-to-savings-account transactions are rarely requested – for clear and smart reasons.  Protect yourself and your money with a cash advance to your checking account.