Three Reasons To Use A Check Cashing Service
According to the Federal Deposit Insurance Corporation (FDIC), about 9.6 million households were unbanked or underbanked in 2013. Not having an account at a bank can make it challenging to cash checks, pay bills, or make purchases online. Luckily, a check cashing business offers a variety of financial products and services that make life easier for people who only have savings accounts or don't have bank accounts at all. Here are three reasons to use a check cashing service.
Access Cash Fast
Most check cashing facilities offer a few ways people can get money from their paychecks. The most common way is to simply cash the person's payroll check. Typically, the business will charge either a flat fee or a percentage of the check face (e.g. 5 percent of the check amount) for this service. However, it's an excellent way to get cash in your hand without too much trouble, especially if your company doesn't use a local bank or the closest branch is too far away.
Another option for getting your money quickly is to use the prepaid cards offered by many check cashing facilities. Although these cards usually have a monthly fee, they typically let people direct deposit their paychecks on the cards for free. The cards can be used to pay bills or make purchases online. This means you don't have to buy a bunch of money orders or walk around with hundreds of dollars of cash in your pocket.
Get Rewarded
Another benefit of using a check cashing facility is that many of them have frequent customer programs where you earn points for the transactions you conduct at the business. For instance, the store will give you 25 points each time you cash a check or buy a money order. You can then purchase prizes or services once you have enough points. The company will waive the check cashing fee one time once you reach 400 points, for example. This can help you save money, which you can use to pay off debt or splurge on something nice for yourself.
Get a Quick Loan
If you're short on cash or experience a financial emergency, many check cashing stores offer payday loans that can help tide you over until the next time you get paid. These are short-term loans that you qualify for based on your employment rather than your credit score. You must have a checking or savings account, however, because the company automatically deducts the money from your bank account. If you have a friend with a bank account who is willing to help you get the loan, then this is a great option for getting a little extra money when you need it.
For more information, contact Bridge Capital Solutions Corp or a similar company.
