#checkcashingplaces

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Some Smart Ways to Get You Out of a Financial Crisis before Payday

There are days when money simply vanishes. You are possibly coming from a destination holiday with your family or friends, which got too enjoyable until you spent all the money in your debit card. Or maybe there is a designer shop that recently opened its door in your town, and apparently tempted you to spend all the money that was in your bank. Such days can be quite stressing especially if payday is too far to become a savior. The first thing you might think of doing is to borrow some cash from a friend and repay it later or maybe get an advance loan from your workplace. Well, these are great ideas but they are not always possible. If you spent the vacation with your friend, he is likely to be in the same position as you are, broke. If you are a fresh employee in your organization, you might not be eligible for a salary advance. And, if a salary advance is a possible option, you'd rather avoid it. Your monthly pay will be less by the amount borrowed which means that you'll be at the same state at such a time next month. Salary advance simply put you into a debt trap in your own workplace – this can be quite embarrassing. But, you don't have to throw in the towel, there other incredible ways of getting cash back into your pocket before payday. There are thousands of stores and online platforms offering alternative chasing solutions across America. A good example is The Check Cashing Place Inc. They are quick saviors of cash emergencies including unforeseen expenses, last minute bill payment and exorbitant overdrafts fees from the bank. Here some ways they get you out of the crisis. Payday loans Payday loans are also commonly known as fast cash loans, payday advance loans, cash advances or payday advances. Typically, payday loans are short-term loans, usually $500 or less that you can take to tide you over financially before the next payday. Unlike the usual personal loans, payday loans are processed over a few days rather than weeks or months. Generally, you'll be expected to pay off the loan in your next payday. Your lender requires you to write a check for the full loan amount which he will deposit when the loan comes due. In many cases, payday loans are paid-off in one lump-sum payment. Other lenders will allow you to pay off the loan in structured installments over a longer period of time. Your lender can opt to give you the money in a number of ways including depositing it in your checking account, loading your prepaid debit card, giving a check or simply cash. Cash Checking If you have a check but cannot wait for it to clear, or you are not near your bank to get it liquidated fast, or you don't have a bank account, visit a check cashing store. At the store your identification is verified, you are asked to endorse the check and you instantly get your cash, off course minus a transaction fee. Many check cashing stores accept all types of checks up to any amount including personal checks, tax refund checks, money orders, insurance checks, cashier checks, government checks, unemployment checks, payroll checks and welfare checks among others. There are many advantages of check cashing services that might influence you to use the option the next time you have a check in your hands. Low transaction fees No holds on your check for days Instant access to cash No lines, unlike in banks Convenient working hours – normally opens earlier and longer than banks Sell your valuable items for cash Another smart way get quick cash for an unforeseen and urgent need is by selling out your valuable items like gold. Most of us have broken, unfashionable or unwanted gold pieces sitting in our jewelry boxes. You'd be amazed at how much money these gold items can fetch for you; they might get you out of the crisis and have a remainder of several more thousands. This business is mostly run by pawnbrokers. However, a number of businesses offering quick cash financial services offer the services too. It's not just gold; other unused items collecting dust in your house can be exchanged for some quick cash. So, forget the hassle of selling to some strangers online or a garage sale, visit a store in your town offering financial services and tell them what you have. A good store will buy from you at a good price so long as the item is in good condition. 

[checkcashingplaces-blog]

Check Cashing Places

Check Cashing Places in the 21st Century

Check cashing places are a growing industry in the United States, cashing an estimated $60 billion in checks each year, according to the Financial Service Centers of America, Inc. The main reasons for the rapid growth of the industry include closing bank branches, more households with lower income, rising bank fees, increased credit card debt and bankruptcies, and the decline of savings and loan banks. Check Cashing Services Check cashing companies provide many different services. They cash checks for a fee and many provide other financial services to customers, including counseling. Most check cashing places participate in what is known as deferred deposit, or payday lending. In this type of business, a customer writes a check and the check cashing business holds the check until the client gets paid, charging them a fee for the service. Today, many banks are partnering with check cashing businesses in order to meet requirements under the Community Reinvestment Act of 1977, which requires banks and credit unions to provide services for low- to middle-income customers. By partnering with check cashing companies, banks offer services to that clientele without the overhead. Government Intervention In an effort to crack down on predatory lending, some states have instituted legislation to regulate the fees and practices of check cashing places. Laws regarding the fees permitted, interest rates on payday loans and how often a loan may be rolled over have been instituted in many states. However, many check cashing companies say that low-income consumers have no other option but to use their services, as they are unable to meet minimum balances in traditional banks, or the fees are too high at banks. Other states are requiring that check cashing businesses participate in a database to prevent fraud. Check Cashing Customers Many check cashing companies say that their clients are not indigent, but many are living paycheck to paycheck in an economy that is still struggling in some areas. Customers find that check cashing organizations have more flexible hours, are more convenient, and provide immediate delivery of the cash they need. In fact, check cashing businesses now offer many different services to customers beyond check cashing and payday loans. Some provide money orders, electronic bill payment, and even electronic tax filing. Many are finding that check cashing locations actually charge lower fees than banks do for non-customers. Many banks still require minimum deposits in accounts, and some are now charging check cashing fees as high as $10 per check for non-customers, even if the check is drawn on their bank. However, due to the fact that many states have restricted the fees permitted at check cashing locations, the average fee is 15 percent. Compare that to a credit card cash advance that charges as much as 20 percent, and it is easy to see why some customers prefer using a check cashing company. New Technology There is a significant amount of new technology available to check cashing businesses in the 21st century. Some check cashing businesses use fingerprint technology to identify customers and prevent fraud. Some check cashing businesses are using data analysis to reduce the chance the borrower will default on a payday loan or issue them a fraudulent check. The data analysis uses a multitude of factors, not just a credit score, to determine if a borrower is a good candidate. Check cashing places are a growing industry, as more people become disgruntled with the high fees charged by banks. With technology improving to protect both the borrower and the check cashing company, risk is reduced, leading to cost saving for both parties.