Has anyone ever tried to use one of those check cashing places? These things are popping up all over the place. Seems like there's one on every corner. My belief is that if you are a couple days short of payday and you need some money, ask a friend, or just do without. Don't frequent these places and I'll show you why:

These places work like this. You go in and ask to borrow, say $300. They ask you for a couple of things to prove you are who you say you are, and then ask you to write them a check for $375. They will cash the check in 2 weeks. That, in itself, is bad enough- 25% interest for a 2 week loan!- but say 2 weeks goes by and you are still a little behind. Guess what? They'll let you pay them the juice ($75 interest) and extend the due date another 2 weeks. That's $150 interest per month! The rules may have changed over the last couple of years, I don't know, but the premise is still the same.

Now, I haven't used one of these places (ever), but know a few people that have. In fact, my ex-wife used this tactic to support a gambling habit (which, of course, sucked me right down with her). We were in debt to these places to the tune of $575/ month. That was just the juice on these loans!! That would have made a very nice car payment, but all it did for us was suck up our disposable income.

I just want people to understand that these things are no better than loan sharks- without the broken bones. I've been hearing ads on the radio for a couple of these places and want the truth to be told. Don't let your friends get taken in by this. Encourage them to save a little of their pay for those last few days before payday comes around. Plan ahead, or fall behind....

 

Yep leagal loan sharks. A friend used to cash his $500 dollar paychecks with them and it cost him 20% $100 bucks a week. He finaly seen the light and opened a bank account.

 

What I don't understand is how they can stay in business? The few I have seen and pass by regularly are ALWAYS empty. But I hear radio adds for them all the time. . .like its the next best thing to sliced bread. That, and the new thing out are the car title loan places. There lots are always empty too

You know what they say, a fool and his money. . .

 

Not sure these are new - sounds like the short term loan places that have existed around military posts/bases (and I guess other places) forever. Apparently those places thrive in states with lousy loan laws.

 

they've been around for a while, and many suckers apparently are using them. I looked into one once, but when they explained the charges, I walked out quite quickly! I was in need of cash, but not at the rate they wanted to be paid for it! It almost doubled what I needed, and would only have made it way worse for me, so I just dealt with it...

 

It's ri-frickin-diculous what those places do to people. . .then again it's the people who should pull their heads out and actually LOOK at what they're doing.

We've got one of those fast-cash payday loan places right next to our bank. I've stood on the corner of that place handing out brochures to their customers. Number one response on why they don't want to open a simple $10 no-fees checking account. . .they are too scared. WTF?!?!?

 

Hey, Gary Coleman endorses them, how bad can they be?

But seriously, total scam. A friend of a friend worked for one in town. She said the whole name of the game was to get people who seemed desperate in and signing papers as quickly as possible. Speak quickly, put the pen in their hand, extract money. Her conscious got to her after a while and she quit.

 

I hear yah. I have people where I work who are like that. Every payday they have to cash there checks during lunch, and are gone for about 45 minutes. I ask them, why don't you get a checking acount and direct deposit? Answer, they don't trust banks And then they tell me the "horrific" story behind there fall out with banks, and it turns out it was there fault to begin with. . .

Again I say, A fool and his money. . .

 

Not all banks are good either. My mother gets S.S. and retirement directly deposited into her account. she gets the check on the first and writes a check out on the tenth and 5 days later she gets a bounced check letter for 25 plus 5 a day. we have been to the bank 2 days after the direct deposit and it shows the money there on the account transactions. They try to tell us it's a bank error I told the manager"When it happens regularly it's not an error its just trying to rip off old people!" Since my showing up and confronting the manager it hasn't happened again. Sad part its a well known instatution around here. check cashing places and telemarketers are the peditors! and should be taken out back and whipped

 

If they did such a booming business...they wouldn't need to spend so much on advertising...that's why you see empty places and hear MUCH advertising.

Scott

 

now that you mention it, that does make sense. . .

 

Yep...advertising costs TOO much to pay for if you're doing so well you don't need it ;^)

 

Never mind

 

I once worked with someone that used that place and went broke cause of it in my opinion. I am of the belief that if you are broke and take a loan with them and their ridiculous interest rates, than chances are that when you get your check next week, you will probably be short again and therefore, have to either pay double the interest or take out another loan. Before you know it, all of your checks are going to them and it becomes a continous cycle. It is almost like you are working for them. Easy to see how a company that dosent generate much business could stay alive and kicking.

 

that's what jesus did