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What Services Do Payday Loan Companies Provide?

Up until the past 10 years or so, major financial institutions were the only companies to provide consumers and businesses alike with loans. After the Great Recession, which fully took hold in 2008, smaller financial services providers began popping up around the country. These companies, which are sometimes referred to as payday loan companies because most of them push payday loans more than any other service they provide, have expanded upon the once-restricted group of consumer financial services available to Americans. Here are some of the most common services that these companies provide.

Check Cashing

Up until recently, people largely needed bank accounts registered at big-name financial institutions in order to cash checks. Although these facilities often didn’t take any cut of the dollar value of the checks in exchange for cashing them. Most financial services companies that offer check cashing services take a cut ranging anywhere between five and 10 percent of its total value. After doing business with these companies multiple times, rates usually drop.

Title Loans

Every motor vehicle in the United States has a title attached to it that indicates who the current owner of the car is. These car titles are usually printed out by whatever state government in which they are registered. As long as you own a vehicle and its title is clean, you can receive a loan from payday loan companies typically ranging as high as 75 percent of the current market value of the vehicle you’re offering up as collateral.

Payday Loans

Also known as payday advances or check advances, payday loans are made to people who have proof of employment and a respectably lengthy history of working for a company. They are given loans up to roughly three-quarters of the total value of their regular paycheck amounts, though amounts vary by location. If you are in the market for check advance Mississippi , there are plenty of great places to choose from. Choose a financial services provider that is reliable and well-established.

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