When you’re facing unexpected financial needs in Japan, getting a traditional bank loan can be complicated and time-consuming, especially for foreigners. However, there’s a solution: cash advance loans from consumer finance companies, card bank loans, and credit card cashing.
In this article, we will share the top five companies that offer the fastest cash advance service in Japan. These companies provide borrowers with a quick way to get the funds they need during urgent situations.
Cash advances allow you to borrow as little as 1,000 yen, and in some cases, you can receive the money on the same day. This ensures that you can quickly access the financial support you need without unnecessary delays or complications.
Moreover, if you have a credit card with a cash advance limit, you can even borrow money while traveling abroad, adding extra convenience and accessibility to your financial options.
Find out in this article
- If you are in a hurry, it is recommended to cash with consumer finance where you can get a loan on the same day.
- If you want to reduce the amount of interest, a bank card loan that can be borrowed at a low-interest rate is the best
- If you have a credit card cashing limit, you can borrow even while traveling abroad
It’s important to know that all the cash advance companies mentioned in this article are authorized and operate in accordance with the Money Lending Business Act and the Banking Act. This ensures that they comply with regulations and provide reliable financial assistance.
Whether you’re a first-time borrower or have prior experience, you can trust these companies to offer secure and regulated financial support. Let’s take a closer look at these top cash advance options that serve as a dependable lifeline for foreigners in urgent need of funds.
3 Types of Cash Advances
As mentioned earlier, there are three types of cash advances that vary in terms of loan speed and borrowing limits. To help you understand the differences, here’s a table summarizing the comparison between interest rates and limits for each type of cash advance:
| cashing company | Consumer finance | bank card loan | credit card cash frame |
|---|---|---|---|
| same day loan | ◯ | × | △ |
| average interest rate | 3.0-18.0% | 1.5-15.0% | 4.40-18.0% |
| Credit limit | 1,000 yen to 8 million yen | 10 to 10 million yen | 1 to 5 million yen |
| No enrollment confirmation | ◯ | × | × |
| no shipment | ◯ | × | × |
| overseas cashing | × | × | ◯ |
| Average pass rate | 45.0-50.0% | 10.0-15.0% | 15.0-20.0% |
When you apply for a loan from a consumer finance company, you can receive the money on the same day and get immediate cash without the hassle of mailing documents or confirming your enrollment.
The screening pass rate for loan applications averages over 48.0%, which means that approximately half of the people who apply are approved for borrowing money. Lenders also have a positive attitude towards lending money to new customers, making it easier for them to obtain the funds they need.
On the other hand, bank card loans often have a much lower approval rate compared to consumer loans, making it difficult to get approved for a contract.
If you’re applying for a credit card with the intention of getting cash advances, there’s a high chance of not passing the examination. That’s why, unless you have a specific reason for pursuing a credit card cash advance, we highly recommend considering consumer finance options instead.
Consumer finance offers a more accessible and straightforward approach to cash advances. It allows you to obtain the funds you need without unnecessary complications or strict approval processes. It’s a more reliable option to ensure you get the financial assistance you require.
1. Cash Advance Via "Consumer Finance"
Consumer finance is a reliable choice when you need a loan on the same day. One of its significant advantages is the quick turnaround time, as you can borrow funds within as little as 60 minutes from the time you apply.
This means you can get the money you need promptly, providing a convenient solution for urgent financial situations.
Consumer Finance Cash Advance Key Features
- One of the key features of consumer finance is its implementation of an automatic credit screening system that utilizes AI (artificial intelligence).
- This advanced scoring system swiftly evaluates vast amounts of customer data, enabling instant loan approval decisions.
- As a result, the loan acquisition process is significantly expedited, allowing borrowers to access the funds they need in a shorter timeframe.
In consumer finance, each company conducts screening using its own “scoring system (automatic credit screening system)”. The scoring system (automatic credit screening system) is a mechanism that scores the contents of the application form and determines whether the loan is approved or not based on the total score.
Source: Aiful official website
However, it’s important to know that credit card companies have only recently received approval in December 2020 to improve their screening processes under the Installment Sales Act. This means that the use of AI (artificial intelligence) screening is not yet widely implemented in this area.
When it comes to bank card loans,
the loan approval process has become stricter, resulting in longer assessment times and the suspension of same-day loans.
This means that borrowers may face delays in knowing whether their loan applications have been approved, making it less feasible to receive funds on the same day.
If you’re in urgent need of cash and don’t want to wait for more than a week, applying for a consumer credit card loan would be a better option as it has a faster processing time. Consumer finance has recommended specific card loans that have been compared based on loan limits and processing time. Here is a summary of those loans:
Recommended points for consumer finance
- Same-day loans available in as little as 60 minutes from application
- You can’t find out without a phone call or mail to your place of employment
- No interest during the interest-free period
- Ideal for small loans as you can borrow freely from 1,000 yen
1. Futaba’s Cash Advance
Futaba offers a convenient way to access money quickly and securely.
The company has a significant number of female users and places a strong emphasis on customer service to ensure that women feel safe and secure while using their services.
Futaba’s Same-Day Loan offers fast and reliable service
- with no transfer fees,
- quick notification of screening results,
- same-day loan availability
- prioritizes privacy and confidentiality within families
The company prioritizes keeping financial transactions private. This loan option is suitable for individuals who require fast access to cash or want to maximize their savings opportunities.
Futaba’s 30-day interest-free service for first-time users
It is a convenient way to access cash without the worry of accumulating interest. This service not only helps customers save money but also ensures that their financial transactions are kept secure and private.
Furthermore, you have the flexibility to repay a portion or the entire loan amount before the due date, without the need for a guarantor or collateral assessment.
If you are seeking a reliable and secure method to obtain funds, these cash advance options can be the ideal solution.
- With their competitive interest rates,
- quick processing times,
- and commitment to privacy and confidentiality,
you can be sure that your loan application will be in safe hands. Make sure to read all terms and conditions thoroughly before applying for any loan product. It will help to be more fully aware of the repayment obligations.1
Futaba
| loan time | Shortest same day | Credit limit | upto 500,000 yen |
|---|---|---|---|
| interest rate | 14.959% to 17.950% | Interest free period | 30-day* |
| cardless | ◯ | Smartphone ATM transaction | × |
| no shipment | ◯ | No phone contact | ◯ |
*30-day interest-free service for customers who use our company for the first time.
2. Central Cash Loan Card
Central is a unique consumer finance company that allows you to withdraw cash using a loan card at Seven Bank ATMs.
The company also enables cash withdrawals at convenience stores, offering more convenience compared to other companies that have limited access to their own or affiliated bank ATMs.
Central stands out for its speedy loan processing. If you complete the contract by 2:00 PM on weekdays, you can receive the cash on the same day.
Another advantage of Central is that it offers a 0 yen interest rate for up to 30 days. This means that if you repay the loan within one month, you won’t be charged any unnecessary interest.
For those who prefer a smaller consumer finance company but with similar features to major companies, applying through Central is a viable option.
Central
| loan time | Shortest same day | Credit limit | Up to 3 million yen |
|---|---|---|---|
| interest rate | 4.80-18.0% | Interest free period | up to 30 days |
| cardless | × | Smartphone ATM transaction | × |
| no shipment | ◯ | No phone contact | × |
As with consumer finance, you can get a loan on the same day with the cash advance function of your credit card.
Credit card cash advances can also be used at overseas ATMs.
3. Arrow’s Same-Day Loan
Arrow has a key advantage in maintaining privacy within families as there is no need for mail correspondence. You can complete the contract process through the official app, eliminating the worry of physical mail revealing your financial transactions.
Using Arrow, you can easily transfer cash using your smartphone, and since loan cards and contract documents are not sent to your home, you don’t have to worry about your family finding out about your financial activities.
Another great feature is the quick notification of screening results, which can be received as early as 45 minutes after submitting the application. Moreover, Arrow offers the convenience of same-day loans, allowing you to access funds promptly.
Despite being a smaller consumer finance company, Arrow has nationwide coverage, meaning individuals from any location can access their services.
It’s important to keep in mind that Arrow has a relatively high maximum interest rate of 19.94%, and there is a possibility of potential interest rate increases. Therefore, it’s advisable to consider Arrow as an option only if you are unable to pass the screening process at a major consumer finance company.
Arrow
| loan time | Shortest same day | Credit limit | Up to 2 million yen |
|---|---|---|---|
| interest rate | 15.0-19.94% | Interest free period | ー |
| cardless | ◯ | Smartphone ATM transaction | × |
| no shipment | ◯ | No phone contact | × |
Small and medium-sized consumer finance companies such as Arrow are closed on Saturdays and Sundays.
4. Promise’s App Loan
Promise offers an app-based loan service that allows you to complete the entire borrowing process using just your smartphone.
This means you can apply for a loan, submit necessary documents, and receive funds all through the Promise app, making it a convenient and efficient way to borrow money.
Promise’s Key Features:
One notable advantage of using the Promise app is that you can receive cash directly at home, eliminating the need for an automatic contract machine. This ensures privacy and avoids any potential discomfort for your family or acquaintances.
The app also supports smartphone ATM functionality, allowing you to withdraw borrowed money from convenience store ATMs.
Additionally, you can transfer loans using the app’s transfer loan feature. With a signed contract, you can transfer the loan amount in as little as 10 seconds, anytime and anywhere, thanks to the unique instant free mechanism.
Another great feature is that there are no transfer fees regardless of how many times you withdraw cash. This makes Promise an ideal option for individuals who want to maximize their savings.
Promise
| loan time | Minimum 20 minutes | Credit limit | 1 to 5 million yen |
|---|---|---|---|
| interest rate | 4.5-17.8% | Interest free period | up to 30 days |
| cardless | ◯ | Smartphone ATM transaction | ◯ |
| no shipment | ◯ | No phone contact | ◯ |
* If you are 19 years old or younger at the time of application, you will be required to submit proof of income.
*High school students (including part-time high school students and technical college students) cannot apply.
2. "Credit Card" Cash Advance
Some people may not be aware that you can use your credit card to withdraw cash from an ATM. This feature is particularly useful when traveling abroad as it allows you to withdraw money in the local currency from overseas ATMs.
The Japan Student Services Organization’s website also explains the benefits of this type of cash advance, especially for students studying abroad who may need financial support during their time overseas.
If your card has an overseas cash advance function, you can withdraw local currency from affiliated ATMs locally.
Using a credit card can be a convenient and secure alternative to carrying physical cash. If your credit card has a cash advance feature, you can access cash immediately without requiring prior approval. This can be especially useful when you need quick access to funds before a trip.
However, it’s important to note that not all credit cards have this feature, so if you want to use your credit card for cash advances, you may need to apply for it separately.
Of course, it can be used not only overseas but also in Japan, and you can borrow money at convenience store ATMs such as 7-Eleven, Lawson, and Family Mart.
The recommended credit cards for cashing are summarized in the table below, so please refer to it.
Credit card cashing recommendations
- You can borrow in local currency when cashing overseas
- You can cash with your credit card
- No review required if cashing function is attached
When considering the cash advance feature of a credit card, it’s advisable to select a brand that provides same-day issuance and offers same-day loans.
Among the options available, Sumitomo Mitsui Card (NL) is the only brand that fulfills these criteria.
Furthermore, their application approval process is remarkably fast, often taking as little as 30 seconds to receive a decision. This makes it a convenient choice for individuals who require immediate access to cash.
5. Sumitomo Mitsui Card (NL)
If you have a Sumitomo Mitsui Card (NL) and wish to apply for a cash advance, the screening process can be completed in just 30 seconds. You will receive instant notification of the examination results, allowing you to access the cash on the same day if you are already a cardholder.
Moreover, the annual fee for this card is waived, and it can be used for an extended period, making it particularly suitable for first-time student credit card users. However, please note that for same-day issuance, only mobile-friendly cards without a physical number are available. The physical card will be delivered approximately a week later.
It is advisable to apply in advance, as it may be challenging to receive cash on the same day of issuance.
Sumitomo Mitsui Card (NL)
| examination time | 30 seconds minimum | loan time | 30 seconds minimum |
|---|---|---|---|
| Credit limit | ー | interest rate | ー |
| Annual fee | Free forever | Membership age | 18+ |
3. Cash Advance Through Bank Card Loans
Bank card loans offer a great option for individuals who want to keep their interest rates low. Unlike consumer finance and credit card companies that prioritize earning interest income, bank card loans are known for providing cash advances at lower interest rates ranging from 2.2% to 15.0%.
We support initiatives that allow borrowers to access funds at these low interest rates. If your loan balance exceeds 1 million yen, the interest rate gradually decreases over time.
Even for smaller loan amounts, if you maintain a borrowing relationship for over a year,
you can establish a positive track record as a reliable customer. This may lead to periodic reviews and further reductions in the interest rate charged.
Additionally, there are frequent promotions and events, like half-price interest rate campaigns, that offer significant benefits for those looking to minimize interest costs.
While the average maximum interest rate for initial contracts is 15.0%, it is still over 3.0% cheaper than the interest rates typically charged by consumer finance and credit cards, which often range around 18.0%.
While a 3.0% difference in interest rates may appear small, it can have a significant impact on your overall repayment. For example, if you borrow 1 million yen for a year, the lower interest rate can save you over 30,000 yen in interest payments compared to higher rates.
This difference becomes even more pronounced for larger or longer-term loans. Higher interest rates increase the burden of repayment, making it more challenging to manage your finances effectively.
Considering a bank card loan with lower interest rates can be a better choice, especially for those looking to borrow a significant amount or need a longer repayment period. It can help you save money and reduce the overall cost of borrowing.
Recommended points for bank card loans
- The average interest rate is 15.0% or less, which is 3% lower than consumer finance
- No fees for using our own ATMs and affiliated ATMs
- In some cases, you can borrow with your cash card.
Cash Advance is a general term for Personal Loans
Cashing refers to the process of borrowing money from private moneylenders and financial institutions.
There are various types of companies that offer cash advances, but the two most common ones are card loans and credit cards.
| Cashing Company | Handling financial institution |
|---|---|
| Bank card loan | banking, consumer finance |
| credit card cashing feature | credit card company |
Both card loans and credit cards offer convenient ways to borrow money using your smartphone and withdraw cash from ATMs. You can use these options whenever you need funds, without any limitations on borrowing frequency or duration.
If you require a smaller loan amount, personal card loans specialize in providing quick access to cash, typically within 20 minutes to the next day, for loans as low as 100,000 yen.
However, it can be challenging to decide whether to apply for a card loan or a credit card. To make the right choice, consider your specific purpose for the funds and select the borrowing option that best suits your needs.
The Difference Between Card Loans and Credit Card Cash Advances
The main difference between card loans and credit card cash advances is that:
Card loans have a shopping period, while credit card cash advances do not.
Credit cards are designed for both cashless transactions, such as shopping, and cash advances. They offer a wide range of services, including cash advances.
On the other hand, card loans are specifically intended for borrowing purposes and cannot be used for shopping like credit cards.
Card loan companies focus on lending and providing benefits
Benefits, such as same-day loans, interest-free periods, and simplified application processes without the need for phone calls.
If convenience is your priority, a card loan would be suitable. If you want to continue using the card for shopping even after repaying the loan, a credit card with a cash advance feature would be more appropriate.
The maximum loan amount for the initial contract is usually around 500,000 yen, making it a lower-risk option compared to large loans like housing or car loans.
No guarantor nor collateral needed
You don’t need to involve parents, or acquaintances, or offer your home as collateral, ensuring no inconvenience or strain on relationships.
However, it’s important to note that not everyone who applies will be eligible for cash advances. To qualify, you typically need to be at least 20 years old and have a steady source of income.
Each cash advance company sets specific loan conditions that you must meet to utilize their services.
In a survey conducted on various cash advance companies, the lending conditions revealed certain eligibility criteria, such as being at least 20 years old and having a consistent income source.
| cashing company | loan conditions |
| Promise | 18-74 years old with a stable income* |
| Arrow | 24-66 years old with stable income |
| Central | Those who are over 20 years old and have regular income and ability to repay |
| Sumitomo Mitsui Card (NL) | 18 years old or older (excluding high school students) |
*You cannot apply if your income is only pension.
The table indicates that cash advances are available for individuals who are 20 years old and above. It may be difficult for minors to pass the screening process and be eligible for cash advances.
On the other hand, when it comes to credit cards, individuals who have completed high school can apply from the age of 18, providing them with an opportunity to access cash through credit card services.
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There are cases where even minors can pass the credit card screening.
Some credit cards have enrollment options that include minors aged 18 or 19, allowing them to use the card as their main card in the future. This means that even minors can potentially pass the screening process for cash advances if they have such a credit card.
However, it’s important to note that if a minor wishes to enter into a loan contract, they will need their parent’s consent. This is because civil law permits parents to cancel a loan contract made by their minor child at their own discretion. So, parental consent is necessary for minors to proceed with a loan contract.
Under the Civil Code, if a minor enters into a contract without parental consent, in principle, the contract can be rescinded (minor rescission right).
Quoted from: Q&A on Amendments to the Civil Code (Regarding Age of Adults) – Ministry of Justice
To ensure that loan contracts are not canceled, credit card companies always verify parental consent forms for minors applying for credit cards. Without the consent form, the membership application will be declined. If you’re a minor planning to borrow money, it’s advisable to discuss it with your parents beforehand.
In most cases, the credit limit for cash advances is set to be 1/3 of your annual income.
For example, if someone earns an annual income of 3 million yen and applies for a cash advance, the highest credit limit they can receive is 1 million yen. The table below compares the usage limits for different categories of cash advances.
| cashing company | Usage limit |
|---|---|
| Consumer finance | Up to 1/3 of annual income |
| bank card loan | Up to 1/2 of annual income |
| credit card cashing feature | Up to 1/3 of annual income |
The Money Lending Business Act applies to consumer finance and credit card cash advances as they fall under the category of money lending business. According to this act, the maximum amount you can borrow is limited to one-third of your annual income. This is done to prevent excessive lending and ensure responsible borrowing.
Bank card loans, on the other hand, are operated by financial institutions under the Banking Act.
In principle, you can borrow up to half of your annual income.
However, since the Financial Services Agency raised concerns about excessive lending in 2018, bank card loans have also lowered their credit limits to align with the regulations imposed on money lenders. This means that they are now reluctant to lend more than the total amount limit.
It is important to remember that borrowing beyond your repayment capacity can be risky. If you find yourself in a situation where you need to borrow more than one-third of your annual income, consider exploring alternative borrowing methods that are not subject to the total amount regulation.
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If the borrowing method is not subject to the total volume regulation, you can borrow more than the total volume regulation.
Borrowing methods that are not subject to the total amount regulation allow you to borrow money without being limited to one-third of your annual income.
Here are some examples of borrowing methods that fall into this category:
- summary loan
- refinancing loan
- Housing loan
- car loan etc.
Consolidation loans and refinancing loans offer a favorable solution for individuals who want to manage their overall borrowing balance.
These exceptional loans enable borrowers to refinance their existing debts, gradually reducing the overall borrowing amount over time. By doing so, they can still obtain a new loan even if they have already borrowed more than one-third of their annual income through other channels.
While consumer finance companies may reject loan applications from individuals who have exceeded the one-third borrowing limit, consolidation, and refinancing loans provide an opportunity to secure a new loan successfully.
If you find yourself with a significant loan balance and are concerned about meeting the requirements for cash advances, considering a consolidation or refinancing loan is indeed an appealing option.
Remember to carefully assess the terms, interest rates, and repayment plans offered by different lenders to ensure that such a borrowing method aligns with your financial goals and capabilities.
The criteria for judgment are specified by the Money Lending Business Act.
In summary, cashing companies have strict review standards in place to comply with the Money Lending Business Law and the Banking Law. These regulations aim to assess the customer’s repayment ability and prevent excessive lending to individuals with multiple debts.
Bank card loans, in particular, undergo regular on-site inspections by the Financial Services Agency to ensure compliance with lending regulations. Unannounced checks are conducted to detect any fraudulent cash advance loans.
These measures are implemented to safeguard the interests of borrowers and maintain the integrity of the lending system. By adhering to these standards and undergoing inspections, cashing companies strive to provide reliable and responsible financial services to their customers.
The Financial Services Agency (FSA) announced on September 1 that it will conduct on-site inspections of megabanks and regional banks from September regarding bank card loans, where excessive lending has become a problem. We will investigate the actual conditions such as loan screening, and if it is malicious, we will take administrative action.
Source: Financial Services Agency to inspect bank card loans-Nihon Keizai Shimbun
However, it’s worth noting that consumer finance and credit card companies are subject to less scrutiny by the Financial Services Agency compared to bank card loans. This might create an impression that the application process for consumer finance and credit cards is relatively easier.
If you don’t have a specific reason to choose a bank card loan, you may consider applying for a consumer finance or credit card that offers a smoother application process.
