Check cashing store loans.
Check cashing stores provide many financial services to consumers, some of which can help fill short term financial needs. While every location and chain (many are listed below) will offer their own assistance programs to families, what may be available from a center includes payday loans, pre-paid credit or debit cards, services that cash weekly paychecks, money transfers, installment loans, and financial resources products.
There are tens of thousands of check cashing stores across the nation. Most of them focus on residents of local communities and neighborhoods, so they may tailor their services to the members of the community. Centers may offer Spanish speaking staff, loan programs for immigrants in a community, support for the elderly or disabled, and much more. The exact type of financial assistance offered, as well as type of loan product, will vary by location. Find examples of what may be provided below.
Financial services from check cashing stores
They will generally fall into several categories. They include loans; pre-paid debit or VISA cards; bill paying programs; tax filing; car title loans; and money orders or transfer. Those tend to be the most common assistance programs offered by a check cashing store, but as noted they will vary.
Check cashing store payday and installment loans – Any family, no matter their income or if they have bad or good credit scores, can get emergency cash for paying their bills. The total amount that can be borrowed will depend on the applicant’s income and ability to repay the funds over time. There are also state regulations and rules in place in help protect consumers from any high priced payday lending companies.
The stores will in effect give an advance on the worker’s paycheck, and the funds can be transferred to the borrowers saving or check account within hours. It is often called a salary or cash advance loan. Some payday loans may be issued in cash as well.
Note the cost (interest rate, fees, etc.) on a check cashing store installment or payday loan will be very high. They may go into the tens of even hundreds of percent based on an annual APR rate, but many states do regulate the industry to try to make the loans less costly to borrowers. This form of financing should only be used as a last resort.
Installment loans generally have a longer repayment term. A check cashing center may (in some states) allow the borrower up to 60 months to repay the money, but the terms, interest rates, fees and conditions vary based on state regulations. In any case, the installment loan will also allow quick access to cash, and families with poor credit can also apply in person or online. This form of borrowing is often called an emergency loan for paying bills, and it can be an option for struggling households.
Pre-paid visa or debit cards – They can help a borrower build up their credit. A household can use the card (in lieu of cash) to do their shopping, pay their bills or the landlord the rent they owe, and more. There will not be a credit-check done, as is it not relevant. Some check cashing stores will also provide rebates for shopping on a pre-paid card. A better credit score will then allow the client to get a better interest rate on any future loans they take out.
Money orders from check cashing stores – Many locations offer this service. It is often effective form of paying bills, rent, debts, and other costs for individuals who do not have a bank account or who can’t get a loan. They can get a Money Order and then pay whatever creditor needs the cash.
Money transfers – Many immigrants, whether legal or not, need to transfer funds back home to help their families out. A check cashing store will often provide this service at an affordable rate, and the transfers can be used to get funds to central America, Asia, Philippines, Mexico, Korea, and hundreds of other countries. Transfers can also be used for paying some bills, such as a mortgage, satellite TV, energy or phone. However a loan should never be used to transfer money to a family member, as the interest rates can be prohibitive.
Car title loans from check cashing stores – Another form of high cost borrowing that should only be used as a last resort. Any low income family or anyone in poverty should seek help from charities or non-profits first before using this form of assistance. Cash checking store car title loans allow the title on an automobile, motorcycle or other vehicle to be used as collateral for emergency cash. Note when applying the applicant needs to own the automobile or transportation being refinanced.
In some cases a family may be able to borrow up to $10,000 or even more, depending on the appraised value of the vehicle. Then the money can be used by the borrower for paying any bills they may have.
A store that cashes check often provides either applications to, or referrals to other lenders, that offer car title loans. An applicant’s credit will often not be a major factor in whether the application is approved or not. In addition, money can be given to the approved borrower within hours. Find more details on car title loans.
Income tax refund checks – Almost all types of state, county, town and/or federal government tax checks will be cashed for an affordable fee. There may also be funds transferred directly to a debit card if the customer prefers that. In addition, some stores will offer loans as well as a “bridge” while the client is waiting to receive their income tax refund.
Senior programs, disabled, and welfare resources – While not as common, some check cashing stores allow the redemption of government benefit checks. Or a cash loan may be given while the family is waiting on their benefits, SSI check, or next pension payment (for senior citizens). So this may be another financial service that can help anyone seeking quick access to some funds for paying their bills.
Locations of check cashing stores
Almost all towns and counties have one or more outlets. Some will be national chains that provide emergency loans and an entire “menu” of services, while others may be locally owned and only provide one or two programs. In addition, some sites also offer secure online assistance or applications, whether it is to apply for a payday loan or to transfer money.
Use a check cashing store for any number of financial services. Many do provide a variety of assistance programs, no-credit check loans, debit cards and more that focus on low income families. Check cashing centers can be an effective resource for anyone seeking short term help.