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Check into Cash?????????

post #1 of 21
Thread Starter 
Has anyone ever used a place were you write a check and they give you cash? They hold your check for 2 weeks.... We are in desperate need of money right now, and that is the only thing i can think of.
post #2 of 21
Just be aware that they do charge at least 10% (I think) of the amount that you write the check for as their profit. They are in the business to make money too.
post #3 of 21
Erin-- we have used them when we were in a bind financially-- those kind of places usually start on a cycle though. just watch yourselves financially. Its easy to keep using those companies but they arent cheap. We only used them about 3 times and then started budgeting every penny and have been really good since.

Good luck! I know how you feel!

Amity
post #4 of 21
It would really be better if you could borrow the money from family or talk to your bank manager. Those cheque cashing places take their percentage and you end up worse off in the long run.
post #5 of 21
Four words- Stay away from there-
post #6 of 21
I did once but it isnt worth it the fee could be more than a bounced check charge try family and friends first..
post #7 of 21
Quote:
Originally Posted by hissy
Four words- Stay away from there-


I am a Debt Collections Manager at a Credit Union. I have seen many families get in over their head going to those places. Like Yosemite said, try to borrow it from a friend or family member or talk to your bank or credit union. They may have a line of credit that you can take an advance on. The APR is usally low and then you can pay it right back.
post #8 of 21
heck even a pawn shop is a better option that instant cash places and instant title loans. Seriously, you will find yourself in a whirlpool if you borrow from one of these. They make it very attractive to borrow, and very expensive to pay back.
post #9 of 21
They're trying to shut those places down here. On average, they charge 600% APR. If you are able to pay it all off, in one lump, you're Ok but, over time, they will kill you with interest.
post #10 of 21
They should be illegal, in my opinion! At many of the jobs I have been at, you could request an advance on your paycheck occasionally. Sometimes you have to give a reason, like you need brakes on your car, or a vacation. But then you don't pay any horrible fee.

Could you have a garage sale, or sell something on e-bay for extra cash? I'm sorry you are going through this difficulty right now. I hope it gets easier soon!
post #11 of 21
I wouldnt do that, there is another opportunity, you go to a store and you put in your jewelery or phone or computer for a few weeks, you get some money for it and when you pay back the money you get your item back, if they dont get the money back they just sell your item thats their security.
These are a little better than the cheques.

I am in a hole with money too right now with all the bills piling up and then having the vet bill coming in, and not being able to ask my parents to help me..

It sucks!
post #12 of 21
We will always give an employee and advance if they need it, but I would look for any possible way of not using thoe check cashing places.
post #13 of 21
Quote:
Originally Posted by Beckiboo
They should be illegal, in my opinion! ...
I thought they were. Or at least, loan sharking is. But I believe that there's some loophole in the law (at least here) that lets them operate. Sort of like all of these darn video gambling arcades that we've been having pop up because there's some sort of a loophole in our anti-gambling laws.
post #14 of 21
I have used them in the past but try to stay away from them. The ONLY time to use them is if the charges for a bounced check would be greater than the charges for using them. But on the whole, they are NOT good places to go.
post #15 of 21
Do you have check writing privileges at a local supermarket? You can usually write a check for a certain amount over your purchase. Just buy something small, maybe a can of cat food and write the check for the max they'll allow. There is usually no fee charged for this and they won't hold your check either.
post #16 of 21
Quote:
Originally Posted by Mom of 10 Cats
Do you have check writing privileges at a local supermarket? You can usually write a check for a certain amount over your purchase. Just buy something small, maybe a can of cat food and write the check for the max they'll allow. There is usually no fee charged for this and they won't hold your check either.
ummmm... i think she wants them to hold the check because there currently isn't any money in the bank...
post #17 of 21
I too have heard a lot of bad things about such places.
post #18 of 21
Ahh ok. My bad. Sorry!
post #19 of 21
I have no experience with these companies thank goodneess... but STAY AWAY! They are bad news. is there any way you local bank will give you a credit card you can charge what you need to and pay off in just a couple of weeks or months? Dont write a bad check either that will affect you credit and you might get on the "list" that you see some cashiers scan you name for if you do write a check there. Try family and close frinds but if they do lend you money make sure you sign something saying you borrowed x amount and will pay it back by this day or in installment of x amount of dollars each week or month or whatever. you get a copy too.
post #20 of 21
Boy, do I know what it feels like to be strapped for cash. I've used those places, and so I feel uniquely qualified to tell you -- STAY AWAY! Before you know it, you're sucked into a debt whirlpool and struggling worse than before.

I know it's easy for us to say borrow from family or go to a credit union -- but those are two options you might try. Another would be to ask for payment arrangements on your utility or phone bill. Usually Ma Bell will let you make partial payment for a month or so if things are tight.

I would advise against hocking things, too, although it's still better than a payday loan.

Live on beans and potatoes for a few weeks, but stay FAR away from cash advance lenders.
post #21 of 21
Please, please, please do not do it unless you have absolutely no other choice. I have two employees right now who are in more financial trouble than they were to start with because they got into the "check for cash" thing. Collectors have called me trying to reach them or get me to withhold money from their paychecks. The interest was something like 700%. It's an awful cycle to get into. They intended to pay it right back but then weren't able to unexpectedly...several years later they're still dealing with it.
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