When you are in need of a money order you have a few options to consider. You can go to a bank, a credit union, a check-cashing store, or even a Payday lender. However, there are many other places that you may want to consider as well, so you should do some research first.
Payday lenders
Payday lenders are a type of financial institution that target people who do not have a good credit score. These loans are intended for people who need money for short-term expenses. Generally, these loans are available for less than $500 and must be paid off within two weeks.
The payday loan industry is criticized by many consumer advocates as predatory. Some financial experts recommend these types of loans only as a last resort. They offer consumers a quick solution to a short-term financial crisis, but also come with hidden fees.
When deciding whether to use a payday loan, be sure to compare rates and terms. Most lenders offer competitive rates, but you will need to shop around to find the best deal.
Payday loans generally cost more than other kinds of loans, so be aware of any fees and other costs before you take out a loan. There are some ways to avoid these charges. For example, you may be able to borrow funds from friends or family members or set up an overdraft protection account.
Check-cashing stores
Check-cashing stores are non-traditional financial institutions that offer check cashing services. They are often located in underbanked communities and serve people who need to cash checks without a bank account. Typically, the store will also provide other financial services. Some of these services include prepaid debit cards, electronic bill payment, money transfers, and lottery tickets.
Check-cashing companies are popular because of their convenience. Many stores are open 24 hours. These locations can also be a faster alternative to banks.
Some companies charge high fees, however. The fee can range from a percentage of the check value to a flat fee. This can be a significant expense. If you are unsure about the fees, it is a good idea to visit a few different cash-checking venues before making a decision.
Check-cashing companies are subject to increased scrutiny over the last decade. Although they are more transparent about their fees than banks, some consumer advocates say these businesses are predatory and should be prohibited.
Banks
When you need to pay something off or send money to a friend, a money order may be just what you need. Money orders are similar to checks, but are pre-paid. They can be purchased from many different locations. Banks are often the best places to buy them, as they offer good customer service and can make tracking a money order easier.
The first thing to consider when you want to purchase a money order is the cost. Usually, banks charge a couple of dollars more than other locations. This can add up, especially if you use money orders often. Also, some banks don’t allow you to deposit money orders electronically. If you can find a way to avoid these fees, you’ll be in the clear.
Another important consideration is the type of money order you are purchasing. Most money orders come with a maximum order amount. In general, this will be somewhere between $500 and $1,000.
Credit unions
If you want to send money to a friend or loved one, but you don’t want to use a traditional check, a money order may be a better option. These can be purchased at many stores, including big box stores, banks, and retail outlets. However, before you make a purchase, you should know what you’re getting into.
Money orders are a safe and convenient way to send money. They are similar to a personal check. But they do have fees.
The fee ranges from under $2 to a couple of dollars. Most banks, convenience stores, and drugstores sell them. Also, some grocery stores or payday loan shops will sell them. You may also be able to use a credit card or debit card to purchase them.
Some credit unions offer their members the opportunity to purchase money orders. Some of them also offer Cashier’s Checks. Compared to Money Orders, Cashier’s Checks can be issued for larger amounts.