Alternatives to Check Cashing Stores
Check cashing stores provide a convenient way of cashing checks for people who don’t have bank accounts. The customer is charged a low-cost fee for this service. The use of check cashing stores has become quite common in the last few years. Check cashing stores offer many services other than just cashing checks, some of which include payday advance loans, bill-paying services, wire transfer of money, and some also sell inexpensive money orders, postage stamps, and envelopes. The payday advance loans offered by check cashing stores are intended to be used as a short-term answer to a money emergency and not intended to be used on a long-term or recurring basis. The requirements of these companies include that the cash advance applicant be an adult with a steady income, usually $1000 per month, and that they have an active checking account. The applicant can borrow from $100 up to $1000 or more and will be charged a fee. The applicant will be given until their next payday, anywhere from two weeks up to 30 days, to repay the loan. A credit check is usually not required, so people with bankruptcies are able to utilize these services. Check cashing stores are an easy way for people to obtain extra money quickly and confidentially and are conveniently located in many neighborhoods.
There are many check cashing stores available to the consumer, some of which include ACE Cash Express, Advance America, Check Into Cash, and Check ‘n Go. A person only has to check the yellow pages to find a check cashing store conveniently located in their area. A leading provider of these financial services is ACE Cash Express. Services provided by ACE include check cashing, short-term consumer loans, and bill payment and prepaid debit card services. ACE also provides money-wiring services and sells money orders, stamps, and envelopes. ACE focuses on the customer and strives to provide them with convenient, confidential, and immediate services. Their mission is to “Appreciate Customers Everyday.” ACE Cash Express stores are often located inside grocery stores, providing the consumer with a convenient way to cash checks, obtain cash advances, and pay bills at the same location where they do their grocery shopping.
An alternative method of obtaining some of the services offered by check cashing stores would be cashing checks at banks and credit unions. However, this may be difficult or impossible for people who don’t have an account at a bank or a credit union, and it could also prove to be rather frustrating after waiting in line to find that they can’t get the check cashed anyway. Obtaining a loan at a bank or credit union may also prove to be impossible for a person who does not have an account or who does not have a good credit rating. Even if a person were able to obtain a loan through a bank, it would most likely take a few days to obtain the extra cash that they actually needed immediately.
An alternative available to some people would be cashing checks through friends and family members, but this would, of course, be limited only to those people who have friends or family members able or willing to provide this service.
Another alternative to the use of a check cashing store would be to cash checks without a cashier through an automated check cashing machine. The customer inserts the check into the machine in order for it to be processed and read. Many convenience stores, Wal-Mart stores, and banks now have check cashing machines, and in many cases these are available for use 24 hours a day. Automated check cashing machines are able to cash many types of checks, including, but not limited to, payroll checks, personal checks, and government checks. Some convenience stores and Wal-Mart stores also sell money orders and provide money-wiring services.
The Internet provides another alternative to check cashing stores. There are many companies available on the web that offer cash advances. There is no credit check or faxing of information in most cases, and the applicant only needs to have a steady income and an active checking account with no bounced checks. The customer will only have to fill out a form, providing information about their personal and professional life, and submit it online. The information provided by the applicant can be checked at once, and if the information is correct and can be verified, approval for the loan can be reached within minutes. The money can then be electronically wired to the consumer’s bank account and can be available as quickly as 24 to 48 hours after being approved. These services provide the customer with an even more quick and convenient method of obtaining needed cash without leaving the comfort of their home. An applicant can receive up to $1000 or more. There is no need to drive around looking for tthe best deal or to stand in long lines; all the customer has to do is browse the web to find the best solution for their money needs.
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