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More and more businesses are offering check-cashing services and payday loans. These businesses often charge much more than a bank would charge for cashing the same check.
Many of these places also offer “payday loans”—loans of a small amount that you agree to pay out of your next paycheck. When you take out one of these loans, you are usually asked to give them a check that is dated the date of your next payday. The lender will then cash that check as soon as your next payday happens. However, they will charge very large fees, usually about $15 for each $100 you borrow. In other words, if they loan you $200 until your next paycheck (which is probably less than 2 weeks away), then they will charge you $230.
It is also important to understand that just because you date a check for two weeks later, that does not stop someone from cashing it before then. Using payday loans can make it difficult to catch up financially because of the high fees. Think hard about whether a payday loan is the best choice for you. You are probably better off waiting until your next paycheck to buy what you want instead of getting a payday loan.
Check cashers may charge you $3 to get your own money. Banks and grocery stores will often cash checks for free. You will need ID to cash your check.
Pawn shops may give you a little cash for personal items, like a television, but if you don’t pay them back you will lose the item you pawned. This may seem like an easy way to get money quickly, but often does not turn out to be a good idea. If you lose your pawn ticket or have problems with a pawn shop, you can call the Texas Office of Consumer Credit Commissioner at (800) 538-1579 or visit their website here.