Is there any way to send money THAT YOU DONT HAVE to another person INSTANTLY (like credit card)

Riczter on 23/07/2014 - 12:33

Following on from my previous thread, it seems there are plenty of ways to send money instantly. But what about credit?

Say you get paid tomorrow, and seen something on gumtree that you want to buy today. Are there any ways to send money that you dont have to another person quickly and easily, ie via a credit card or some other way? I'm guessing you would need a good credit record, but can you get like a small short term loan from a lending institution same day on the spot???

Are there any places that do this electronically, ie outside business hours can you get access to borrowed money?

Personally I only ever buy stuff I can afford but… things happen, just curious if there are options out there..?

Financial

Comments

  • ozhunter on 23/07/2014 - 13:00

    Same as the other options in the previous thread, just withdraw cash from the credit card. Depending on how much you need, it might end up cheaper getting a personal loan.

    • Riczter on 23/07/2014 - 13:02

      yeah u cop a 3% cash advance fee dont you… Is that 3% pretty standard or different card to card?

      • ozhunter on 23/07/2014 - 13:06

        Cash advance fees are standard and are usually around 3%, and you would be paying an interest rate of 20%+ on the cash you withdraw starting immediately. I think it works out better if you only plan to send a small amount and plan to pay it off quickly.

        Personal loans would be better for larger amounts and paying it off slowly. Coomonwealth Bank can give same day loan if you apply before noon.

      • wako on 26/08/2014 - 03:00

        extra lite card.
        PCU (police credit union) is $4 fee for cash advance only, + 11.99%
        I done this few years ago to buy bike, As was cheaper than getting a personal loan, Mind you it was only 9.85% at that stage…

        I keep this card just in case i should need money quick and cheap, Considering it costs $2.50 to use a non bank ATM, $1.50 more to get a cash advance is nothing…

        extralite Visa Cash Advance Fee $4.00
        A fee is charged when cash is withdrawn at an ATM or over the
        counter at an outlet within Australia or overseas or a funds transfer
        to another account held by you or a third party with us or another
        financial institution. Charged at the beginning of the following month.

  • bobbified on 23/07/2014 - 13:31

    You may be able to get away with it by using PayPal, if it's timed correctly. The receiver may or may not get cash instantly, but there's confirmation that you've sent it (and most people seem to take that as payment being made). My PayPal is linked to my debit account and even though everything goes through and looks all well, the actual debit doesn't show on my account until a day or two later. I don't know the actual reason and I've always just put it down to the timing between PayPal (in US?) and the time here…

    Dont do this ^ ^ ^ ^ ^ if you are not going to have money in your linked account to be debited real soon!!

    Also, check your online banking - if you've been a good customer for a long time and have regular money going in there, they may have an offer in some sort of "Offers/Applications" tab that allows a pre-approved overdraft like $500 or $1000. I've seen them where the money becomes available as soon as you opt-into it. Just be careful of the small fees attached to them though (they don't look too bad if you don't always dig into it).

    • sparkles on 23/07/2014 - 13:43

      Yep, using PayPal quite late in the afternoon using bank account debit as the funding source won't come out until a day later ie. buy at 5pm tonight, debit will come out of bank Thursday night.

  • xyron on 23/07/2014 - 15:40

    You have literally no savings to call upon in this circumstance?

    I always keep $10k in an on-call savings account so I can access the money within 24 hours if I need it urgently for an impulse buy (usually something I see on Gumtree that is really cheap and on which I could turn a profit). Saves me having to sell off some of my share portfolio at short notice.

    The only way to do it would be to get a cash advance out of your credit card, cop the fees and high interest rate (chargeable immediately), and do an in-branch cash deposit into their bank account with the bank that they are with (difficult if they are with someone obscure like a Credit Union or Citibank).

    • Riczter on 23/07/2014 - 15:53

      Yeah personally I always keep spare cash lying around, but I know plenty of people that live paycheck to paycheck.

  • fatal on 24/08/2014 - 12:23

    Try Nimble.com.au or MoneyMe.com.au for some instant cash :) This linkg for extra $50 https://nimble.com.au/r/ultuh

  • Baysew on 26/08/2014 - 14:34

    Home Equity Loan/ Line Of Credit/ Overdraft / Credit Card. Then use whatever method to make instant payment.

  • dp1 on 31/08/2014 - 12:28
    +1

    In the bad old days (1990s) I had a bank issued credit card that had a 'cheque book' with it, the cheques were essentially a cash advance payable to whoever you wanted.
    I think the bank got into trouble because the blank cheques were not very different to the ones that came with their bank account.
    I always made sure to destroy them when they arrived.

  • mrjames on 01/09/2014 - 11:28

    Use a cheque if its only a couple of days until you get paid. You can order a free cheque book if you have the Citibank plus account. Generally it takes a few days to processes so you have that time to deposit the money in your account.

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