All these Check Cashing Stores...

[Melotic]

What's the deal... It seems like a new pops up every month... I am thinking about opening one... Business must be good...

[seductive_tee]

That cause folks bank accounts are being garnished.

[Conjure Woman]

What's the deal... It seems like a new pops up every month... I am thinking about opening one... Business must be good...

I am amazed by these places. This one reminds me of the place where you can get cash loans for your auto title. They boast : Fast easy approval--No credit--poor credit. I would be so afraid to set foot up in those places.

[que90nek]

yes...i was approached by a gentleman to invest in those...

i don't remember but it was something like...

i invest 50k....get back 100k in 6months....somethin like that.

[misha]

Alot of those places popped up here after the gambling boat came...talk about an awful way to make money...I could not do it.

[Pamalicious]

As a former 'user' of such a place - it's about as low as you can get. For those not in the know - you borrow $200 (that's pretty much the standard rate) then you give them two checks to 'hold' One for $200 and One for $60. You have two weeks at which time, they will deposit the checks UNLESS you call and say I ain't got it - and then they deposit the $60 and you must give them another $60 for keeping the money a bit longer. If you must give them serial numbers - you give them the numbers off the back of at minimum 2 electronic things in your house as 'collateral' which don't mean nothing - everyone gives stuff that is raggedy because they after the $60 every two weeks.

It's definately Loan Sharking and the two times I used it was enough for me - I got that much of my finances back in order and haven't been near one in over three years.

[Juicey1]

As a former 'user' of such a place - it's about as low as you can get. For those not in the know - you borrow $200 (that's pretty much the standard rate) then you give them two checks to 'hold' One for $200 and One for $60. You have two weeks at which time, they will deposit the checks UNLESS you call and say I ain't got it - and then they deposit the $60 and you must give them another $60 for keeping the money a bit longer. If you must give them serial numbers - you give them the numbers off the back of at minimum 2 electronic things in your house as 'collateral' which don't mean nothing - everyone gives stuff that is raggedy because they after the $60 every two weeks.

It's definately Loan Sharking and the two times I used it was enough for me - I got that much of my finances back in order and haven't been near one in over three years.

I've used them a couple times when I needed money like NOW.

Borrow $200, write them a check for $230. If you want to extend it by another two weeks, you pay $30 or whatever you can on the $200 and you get two more weeks. Its a ripoff.

They still call me every now and then trying to get me in there. No way.......I will borrow it from someone before I go back there.

[Melotic]

talk about an awful way to make money...I could not do it.I was thinking the same thing... What is the service they are providing... I could see opening a different type, that helps council people in managing their money...

[que90nek]

most people don't want EXTRA advice...

extra anything...

they just want their money.

[jaila]

most people don't want EXTRA advice...

extra anything...

they just want their money.


exactly. sometimes its not just about managing but just about NOT having enough and no resources. When i did it it was get 200, pay about 245 back. Then if u kept going back the program changed. Pay 57 every two weeks until paid off and they dont show u how much ur paying off. I looked it up...after borrowing about 250, one would end up payin over 1,000. if i had it i'd invest in this type of business cause business is business. no different than owning a liquor store or tobacco shop.

[Melotic]

most people don't want EXTRA advice...

extra anything...

they just want their money.My church does seminars to help people manage their money... I got out of alot unnecessary debts... I paid off all my credit cards using these seminars' theories... Robbing Peter to pay Paul was a theme of one of seminars... I guess I am looking at it from the Christian aspect... Otherwise, you won't get out of this cycle... That explains the reason a new Check Store springs up every month...

[jaila]

My church does seminars to help people manage their money... I got out of alot unnecessary debts... I paid off all my credit cards using these seminars' theories... Robbing Peter to pay Paul was a theme of one of seminars... I guess I am looking at it from the Christian aspect... Otherwise, you won't get out of this cycle... That explains the reason a new Check Store springs up every month...


perhaps you can share that knowlege wit us and let us take something away from it.

[Melotic]

perhaps you can share that knowlege wit us and let us take something away from it.
Sure, first start a dairy of spending, get an actual diary or calendar notebook... Chart your paydays/totals... then, Utilities, Car Notes, Mortgages and other current Bills by due dates/use a week prior to the actual date... Chart the whole year...


More later, I have to find my notes...

[jaila]

Sure, first start a dairy of spending, get an actual diary or calendar notebook... Chart your paydays/totals... then, Utilities, Car Notes, Mortgages and other current Bills by due dates/use a week prior to the actual date... Chart the whole year...


More later, I have to find my notes...


that works...start a new thread cause i got lots of questions since you've attended these classes, have taken notes and have worked it out. Thanks.

[Tastey]

As a former 'user' of such a place - it's about as low as you can get. For those not in the know - you borrow $200 (that's pretty much the standard rate) then you give them two checks to 'hold' One for $200 and One for $60. You have two weeks at which time, they will deposit the checks UNLESS you call and say I ain't got it - and then they deposit the $60 and you must give them another $60 for keeping the money a bit longer. If you must give them serial numbers - you give them the numbers off the back of at minimum 2 electronic things in your house as 'collateral' which don't mean nothing - everyone gives stuff that is raggedy because they after the $60 every two weeks.

It's definately Loan Sharking and the two times I used it was enough for me - I got that much of my finances back in order and haven't been near one in over three years.

The ones here are similar but not nearly as expensive.

Here it's 30 dollars per $100 borrowed. If you borrowed $100 you pay back 130, $200 pays back 260 $300 pays back 390.

You have to come in and pay it in full. Then they will renew your loan for the another week if you need to OR they will run the check through the bank.

They are not only on alot corners but they are also online as well.

I think money management is a great thing but ALOT of people just have more MONTH than MONEY.

They are not in debt because their credit is so bad they can't get into debt, and they are not overspending, they just are not making enough.

These places prey on those types of people because they know they barely can live from paycheck to paycheck. If insurance is due, or the car needs new tires, or they miss 3 days of work and don't have sick pay...they are truly fugged.

I used these places several years ago but I promised myself once paid off I'd never go back and I never have.

[lovely]

my sister works at one of the places that take your car title for loans.

i find it to be a rather sad sitution when i know they do thier repo's on sunday nights and monday there are about 3-4 cars in thier parking lot.

there are a couple of things being brought before the General Assembly here in VA to regulate these types of places.

[jaila]

my sister works at one of the places that take your car title for loans.

i find it to be a rather sad sitution when i know they do thier repo's on sunday nights and monday there are about 3-4 cars in thier parking lot.

there are a couple of things being brought before the General Assembly here in VA to regulate these types of places.

they did that in georgia and a few of the places shut down here in my little town but the ones still here, work around the loopholes of the law. I couldnt imagine going to the car title place...thats the end of the end right there. I need to have the same feeling of the check cashin place and i will soon as I pay em off that last $90 I owe...then they will NOT exist to me whatsoever!!!

[Tastey]

they did that in georgia and a few of the places shut down here in my little town but the ones still here, work around the loopholes of the law. I couldnt imagine going to the car title place...thats the end of the end right there. I need to have the same feeling of the check cashin place and i will soon as I pay em off that last $90 I owe...then they will NOT exist to me whatsoever!!!

My sister asked me to use my car title and get her a loan at one of those places. I was willing since I knew her situation was temporary and she could pay it back within the 90 days they advertise.

But after we went in this place and they wanted everything except blood type to secure the loan I was like "Naw this ain't kosher." They are gonna loan you $600 and you pay back $1250 on a car that has a blue book value of over $4000. That's crazy as hell.

Instead we went to the place that financed my car and got the $600, she paid it back within a month and only paid $40 in interest.

[missbuttabutt]

Maybe I'm just naive as shit, but I've only used a check cashing place to buy a Metrocard or get a money order if the bank was closed.

I had no idea they loaned money until a couple of weeks ago when my friend started egging me on about buying or investing in one. There's probably one on every block in the boroughs of NYC.

[Incognito]

what's to stop people from opening a temporary 'phony' checking account and get money from them that way.

i have never went this route so i don't know the in's and out's.

[Tastey]

what's to stop people from opening a temporary 'phony' checking account and get money from them that way.

i have never went this route so i don't know the in's and out's.

There's really nothing to stop them. But the thing is most of them have a low amount as the maximum you can borrow, and I don't know about everywhere but here they are connected.

If you go into ChecknGo to do one, and you have one out with Anytime Checks the computer system knows it. Some of them won't do one if you have one outstanding and other's will only allow you to have 1 or 2 outstanding.

The good thing about it, from a criminal standpoint so to speak, is that in SC writing bad checks is illegal and if you write a bad check and don't make good on it you can be arrested EXCEPT if you write a bad check to one of these places.

They cannot sign a warrant because they are basically giving you a loan, you are not paying them for a good/service so they have to take the person to court to recoup any money loss. Court costs are more expensive than they loaned them in the first place.

And to serve court papers you have to have a good address which of course a criminal is not gonna give.

[Melotic]

I think the government should step~in, this is loan sharking... They are starting to out number banks...

[que90nek]

i disagree.

i think that..........

folks need these check cashing places as an OPTION.

it's not the check cashing places fault that people come to them EVERY WEEK to cash their checks.....


thing is....we've done posts on this message board where folks talk about NOT having a bank account......

but yet and still you need your check cashed.

these check cashing places deserve the right to make money.....

if the people getting loans from them ...could....they would go elsewhere....but they mostly can't...

and what collateral.....should they ask for?

a car is the most likely option........for most peeps.

heck...i've got several folks that owe me money......what can i do to get my money?

not tooo dammnnn much!

[Melotic]

i disagree.

i think that..........

folks need these check cashing places as an OPTION.

it's not the check cashing places fault that people come to them EVERY WEEK to cash their checks.....


thing is....we've done posts on this message board where folks talk about NOT having a bank account......

but yet and still you need your check cashed.

these check cashing places deserve the right to make money.....

if the people getting loans from them ...could....they would go elsewhere....but they mostly can't...

and what collateral.....should they ask for?

a car is the most likely option........for most peeps.

heck...i've got several folks that owe me money......what can i do to get my money?

not tooo dammnnn much!
:beating , i hear what you are saying, but damn... It's still the same thang the Mobb use to do...

[que90nek]

people have always WANTED to borrow money....

but lets get to the point of WHY they NEED to borrow money...

what mismanagement of their current situation led to that?

yes, there are the occassions when your car breaks down...unexpectedly........and u have to put your utility money to fix it....

but....that's not always the case.

[Tastey]

I think the government should step~in, this is loan sharking... They are starting to out number banks...

It may be loan sharking but people CHOOSE to use these services and they should have a choice.

These places are not doing anything underhanded.

If a person wants to borrow $600 bad enough to pay back $1200 then so be it.

It's not the fault of these places.

Now the government has stepped in on predatory lenders. Those are people who prey on folks, set them up with ridiculous "pay all your bills" loans then take their homes. They send out flyers, make phone calls and get people into loans they KNOW they can't pay.

Then they add in fees like "inspection fee". An inspection fee is that they "say" they drove by the house to make sure it is still standing. This fee can be as much as an extra $1000.00.

But check cashing places provide a service. I no longer have a bank account and I use a check cashing place to cash my checks for the work at home service.

My job checks are direct deposited onto my debit card.

But from time to time someone may write me a check for whatever. I did some programs for my church, they wrote me a check, I took it to one of these places to cash.

I don't think they should be outlawed. People just need to be better educated on how to use them and not come to RELY on them because they are losing money that way.

Same thing with rent to own places. Although I'm seeing fewer of them these days.

[Pamalicious]

Check Cashing places and Loan Till payday are two different things here and have two different functions.

I like check cashing places - sometimes I gotta pay the cable like RIGHT NOW and they take those bills etc. As well as they have faxing and other services.

Cash till Payday or Loans till payday - usually do nothing but make the loans etc.

[Tastey]

Check Cashing places and Loan Till payday are two different things here and have two different functions.

I like check cashing places - sometimes I gotta pay the cable like RIGHT NOW and they take those bills etc. As well as they have faxing and other services.

Cash till Payday or Loans till payday - usually do nothing but make the loans etc.

It varies here.

Some do it all - check cashing, loan till payday, and title loans

While others do one or the other.

Generally the rent to own places take cable phone and light bills or we have utility payment centers that take all 3.

[que90nek]

fact is...

if u r doing a LOAN TILL PAYDAY...

u are leveraged against your PAYCHECK that you should KNOW that you are going to get!

so why not give them the title the deed...whatever...

especially since you KNOW that you will get paid.

right?

[Pamalicious]

I dont' blame the companies - when I used them - it made me take a good look at me because I make enough money to pay my basic bills so the fact I had gotten that out of control as to have to use them, made me feel bad and I'm not financially astute now but I'm away from THAT kinda mismanagement.

However, there are some people - who are living hand to mouth that this is a way to have that motion go a little slower and they see the short term benefit and can't really digest the long term rip-off.

I think that with the checks you should get a brochure about financial planning etc.

[Tastey]

fact is...

if u r doing a LOAN TILL PAYDAY...

u are leveraged against your PAYCHECK that you should KNOW that you are going to get!

so why not give them the title the deed...whatever...

especially since you KNOW that you will get paid.

right?

Title loans are generally not till payday.

The loan till payday are usually done with no collateral except your check.