Check Cashing Scams

Check cashing businesses "cash" your checks and provide other financial services. They tend to be located in lower-income neighborhoods and "service" people who do not have any kind of traditional credit, savings or checking accounts. This includes the working poor and people living on fixed incomes or public assistance. These businesses charge their customers extremely high fees to perform these services.

If your financial choices are currently limited, try one of these alternatives to check cashing companies:

Cash your check at the bank from which it was drawn, if possible.

Comparison-shop; about one-third of the check cashing industry (about 6,000) is owned by six companies.

Start managing your finances so that you can save the money needed to open a checking and/or savings account.

High-Cost Cash Advances

Check cashing businesses also offer their own types of loans: small, short-term loans that carry extremely high interest rates. A six-week $200 loan from one of these companies, for example, can cost $165 in interest and fees. Bottom line: You borrow $200. In six weeks, you owe $365.




    Fannie Mae
    Freddie Mac
Ginnie Mae


 Discussion Forum

Recent Posts -


Avoid Scams

Homeowners - get fast, easy & free online mortgage answers.

Lower Payments

Search MortgageSector for Low Rate Loans! Get Info & Apply online here.

Save Online

Compare offers on interest on adjustable mortgages. Get Started now!


By visiting Allie Mae you have taken your first step toward becoming an educated borrower. Allie Mae is an objective, independent source of information for the mortgage consumer. Whether you are buying a home, refinancing, taking a home equity loan, building a home or in need of a mortgage for any purpose, Allie Mae is here to help. Allie Mae has helped thousands of people with their mortgage needs. We have a complete selection of articles, charts, calculators, and checklists designed to help you through the mortgage and home buying process.

© 2004 Copyright AllieMae. All Rights Reserved.
Privacy Policy   Legal  Terms & Conditions   Webmaster   Site Map    Application
About   Contact Us   Forum   Dictionary   Calculators   Articles   Free Content