Cheque cashing has been in the market for some decades now and it is not as common as it used to be before the online transactions took its place. The inherent problem with cheques are that it takes minimum three to five days to get cleared and may put people in serious problems like stop immediate cash flow in business or any individual’s financial situation. It is important to know that with instant cheque cashing facility; any business person and individual can instantly receive cash without having to wait for the 3-4 days. What is Instant Cheque Cashing?
Banks clear cheques mostly after three working days, whereas your cheque can get cleared by instant cheque cashing facility within minutes. It’s a service provided by lenders in exchange of a small fee. These lenders give you cash in exchange of the cheque you provide. They take the risk even before the cheque gets cleared and it can be fraud too. How It Works By paying a small fee you will not have to wait for three days for your cheque to get cleared with instant cheque cashing facility. Cheques are nothing but financial instructions between financial institutions. These institutions take time to make sure that the payments are done correctly from one account to another account. Cheque cashing service providers take your cheque and give the amount written on it in exchange of some small fees as their earning. There remains no guarantee that the cheque is correct and in case of fraud cheques they are at lose. The small fees they take are usually a certain percentage of the amount of cheque. They wait till your cheque gets cleared and you have to provide 100 ID points also to get the benefit of instant cheque cashing service.
Comparing Cheque Cashing Services When you need quick cash against your cheque then only cheque cashing service providers are convenient option for you. Like all other services it is vital to choose a right provider. You must check few things before choosing one:
- Turn-around time: You want to take the cheque cashing service to receive the cheque amount as quickly as possible as the banks take minimum three days to clear the cheque. So, you must take note that how quickly these lenders can provide you money. Some will give the money within few minutes while others may take a bit longer time.
- Fees and charges: When you are taking instant cheque cashing facility, you must know that every cash provider will charge fees. Some can charge you flat rate and some can charge a percentage of cheque amount. Choose what you find best.
- Restrictions: Every cheque cashing provider has an amount restriction for giving cash. Along with that they also have restrictions with the type of cheque they will cash like business, personal etc.
We have a list of cheque cashing service providers who also have branches:
- Jacaranda Finance
- Cash Converters
- Cash Stop
- Ok Money
- Money 3
- City Finance
- Money Plus
Avoid These Things When You Are Taking Instant Cheque Cashing Facility
Before you go to cash your cheque from these quick providers, you must not forget to consider the amount that you have to pay them. It is better to lend from third-party lenders as you can’t wait for three days. You must understand the fees that you will need to pay clearly before they give you any money. You may want to go to other lenders who charge fewer fees while giving you the same amount. Instead of instant cheque cashing facility, if you visit the above providers then you can also take short term loan these providers offer until your next payday. They also can give you a quick turnaround on cash. Compare payday loans if you want to go for that.