Sometimes, it seems as though you just can’t find the money that you need when you need it… and it’s made even worse by the fact that if you could wait until your next payday you would be able to afford whatever you are short on at the moment without much of a problem.
Luckily, there are a variety of options available for people in just that situation; one of the more common of these options is the cheques cashing service, which can often make small loans known as cheque advances in addition to other services such as cashing payroll cheques.
The information provided below should help you to decide whether cheque cashing services are right for you and your needs.
Payroll Cheque Cashing Services
One of the common uses of cheque cashing services is the cashing of payroll cheques without the need for a bank account. This allows individuals to skip the time that it may take for payroll cheque deposits to clear, cashing their cheque in its entirety in the matter of a few minutes.
Of course, cheque cashing services need to make money in order to stay in business… they do so by charging a nominal fee for the services that they offer, which are usually either a set rate or a percentage of the total amount of the cheque, whichever is lower. Some cheque cashing services may waive these fees for cheques issued by the government.
Cheque Advance Services
Another common service that is offered by cheque cashing establishments is the cheque advance loan. This type of loan allows an individual to write a personal cheque to the cheque cashing service, made out for the amount that is being borrowed plus a service charge based upon that amount. The cheque is often postdated to a few days after the individual’s next payday, and the cheque writer has until that time to return and pay the specified amount in order to retrieve their cheque. If they haven’t returned to pick up the cheque within a few days of their payday, the cheque cashing service will go ahead and deposit the cheque into their own bank account.
Should the funds not be available in the cheque writer’s account to cover it, then standard returned cheque fees will apply and in some cases additional fees will be imposed as well.
Other Offered Services
Some cheque cashing establishments offer additional services as well. Automotive title loans are becoming increasingly popular among cheque cashing locations, allowing individuals to borrow larger amounts to be paid back over time by using the title to an automobile or other vehicle as collateral to secure the loan. Other cheque cashing stores offer a variety of financing loans in addition to their regular services, merging the convenience of common cheque cashing services with the utility of finance companies.
An increasing number of cheque cashing locations also offer other common financial services, such as the issuing of money orders, wire transfers to other locations, installation of home telephone service, and even one-stop bill payment to a number of creditors and public utility companies. As the needs of consumers continue to develop and evolve, it’s likely that other useful services will be offered by cheque cashing companies in the future.