George Promise, a Los Angeles based Paycheck Cashing Store and Payday Loans Lender informs us of the major difference between a payday advance and paycheck cashing: the first is a loan and the second is a service.
With a payday advance, one can get money from a payday advance lender using a future paycheck as collateral with the next pay date being the repayment due date; a payday advance is therefore a short term loan. Paycheck cashing refers to the cashing of a paycheck that the customer has in hand, usually at a paycheck cashing store for a fee typically ranging from 2 – 5%, because the customer does not have access to a bank in which they can cash the check or deposit into; paycheck cashing is a service and not a loan.
Why would a person get a payday advance?
The option of a payday advance loan may be convenient when a person needs a small, short term cash loan before their next pay check. With the new credit card and lending laws that have recently been established, traditional loans will become increasingly more difficult to obtain and more expensive to pay for, giving rise to smaller alternative types of loans such as paycheck advances.
Why use a paycheck cashing service?
People who would find the services of a paycheck cashing service most useful are those who do not have bank checking accounts of their own and who find it more
convenient to cash their checks at a local store, rather than at the check-issuing bank.
Normally, when a person receives a check that they need to cash, they either cash it at their
own banks or at the issuing bank. However, if a person does not have their own bank accounts or
is unable to utilize the services of the issuing bank, then it may be a more simpler solution to
cash the check in a neighborhood paycheck cashing store for a small fee.
Should you get a payday advance loan?
If a person needs a quick loan with the most convenience, privacy, and speed available online, Pay1Day.com is able to provide this through their payday advance services through a simple three step program: Online application, instant approval, and cash wired into their bank account. Pay1Day.com is committed to providing customers immediate cash assistance with the most care and best customer service in the industry.