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Check Cashing Services Provide Emergency Loans
Back in the day, if you heard the words check cashing services, it could mean one of two things. These days, however, people are hardly looking to cash many payroll checks the old fashioned way. They are still looking to write checks and cash them for payday advances, though. It’s quite amazing that some of these companies still handle these payday loans in person. Checks are almost obsolete, and you can easily do business with a check cashing company online.
In other words, you’re able to apply for and have a loan funded online without ever grabbing your checkbook, unless you don’t know your routing number and account number. You don’t even have to give a check number in most cases or ever speak to anyone. In the cases that you do speak to someone, it is usually just to have voice confirmation and to verify a few quick pieces of information.
You would still sign your loan documents digitally, and the funds are electronically transferred or direct deposited, just like most payroll checks are handled these days. Check cashing services offer traditional payday loans, but they also sometimes offer title loans, installment loans and more. It depends on the company, and most of them have restrictions as to what states they are doing business with as well. That is something you have to watch out for when applying online.
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If you still want to apply in person, you can, but not all of the companies are operating brick and mortar businesses or have chain locations throughout the country anyways. There are a select few, maybe more, and then there are regional options, too. Most check cashing companies that provide payday loans do give you the option of refinancing your loan for a particular amount of times. This means you pay more interest, but you have a longer period to pay back the full amount of the loan.
When refinancing one of these loans, ask if you can also pay a particular amount towards the principal. That will lower the interest in your next payment along with bringing the balance of the loan down a bit. You can do the same thing with an installment loan; only it doesn’t require refinancing the loan.
Neither of these two loan options is to be counted on regularly. These are emergency cash loans. Essentially, in old school terms what you are doing is writing a check for a certain amount of money, the loan amount plus interest. The check is post dated for the due date, and it then gets deposited on that day unless you pay the interest or CAB fee and refinance the loan.
With installment loans, things work a little differently, but the application process for each type of bad credit emergency cash loan is pretty similar. At least you have more options these days, and while these loans are supposed to be a little more appetizing today, they are still last resorts and to be set aside for emergency financial situations.