TGIF: Thank goodness it’s Friday! The best part of Fridays is that, for most people, Friday is payday!
Once you have that crisp slip of paper in your hand, the next mission is to convert that paper into actual money that you can use to buy things.
If you are one of the 78% of Americans who are living paycheck to paycheck, getting that money as fast as possible is crucial. You don’t want to have to resort to a payday loan to fill that gap before you get your cash from your paycheck, as the costs would add up too quickly.
That’s where online check cashing comes in handy. We have the 411 on this new way to cash your checks online. Keep reading to learn how you can use your cell phone to cash your check before you even leave the office.
Mobile Applications for Major Banks
If you have a bank account with one of the major banks like Wells Fargo, Bank of America, or Chase Bank, you will be happy to know that they have mobile applications where you can deposit your check with a click of a button. Take a couple of pictures of the check, enter the amount, and bingo, your check gets deposited into your bank account!
If you bank with a more regional bank or a credit union, check with your bank to see if they have a mobile app. Many banks are incorporating this new technology into their repertoire.
Third-Party Check Cashing Applications
For those banks without mobile apps, or if you are like the 14.1 million Americans who don’t have any bank account at all. according to the 2017 study by the FDIC, there are third-party apps where you can cash your check.
The only downside to these third party applications is that they charge a fee to cash your check. You could pay up to 10% of your total paycheck in fees through these companies.
Some of the third-party companies will offer discounted rates if you sign up for an account with them.
Keep in mind that there are lots of companies out there that want you to cash your paycheck with them. Do your research to see who is offering the best deal at that time.
Need Money Before Your Next Payday?
Unfortunately, unpredictable things happen which can cause havoc in your life. For those moments, you may need emergency funds before you can pick up your next paycheck.
For those situations, you may want to try a payday loan. You will have to pay the loan back (with interest) but if you need the money, you need it now!
Be aware that a payday loan online is spending your paycheck before you get it. It is not a line of credit and can cost you a lot of money if you are taking out payday loans all the time.
Use this option only in emergency situations where you have no better options left.
Show Me the Money!!!
Be cautious when deciding which check cashing apps to use, because not all apps are on the up and up. If it seems too good to be true, look into a different company.
Once you find a reliable app to use, cashing your checks online can become your favorite way to convert your paycheck to cash.
If you have any questions about this article or if you have questions about bad credit loans, no credit check loans, or other personal loans, contact us today! Here are some other articles you might find helpful:
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