I have never had a payday loan before and I was wondering do I go by a check from the store and write void on it or do I have to stamp it or what do i have to do because I have no Idea.
2007-06-07 06:24:11 · 11 answers · asked by Shandreka R 1 in Business & Finance ➔ Credit
You have to have a checking account in order to get a payday loan, so you would just write "Void" across one of your checks and present it to them.
2007-06-07 06:28:13 · answer #1 · answered by They call me ... Trixie. 7 · 0⤊ 0⤋
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RE :When a lender tells you that you need a voided personal check to get a payday loan how do you get it?
I have never had a payday loan before and I was wondering do I go by a check from the store and write void on it or do I have to stamp it or what do i have to do because I have no Idea.
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2016-10-16 07:49:49 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Payday loans work like this (I know because I have had them in the recent past). You go to the load place (Money Tree, Check-into-Cash or what ever is in your town) tell them how much $ you need. They will tell you what the charge (interest) will be and you write a check for the total amount (the loan plus the inserest) and date it for your next payday (or the day after). Then after you get paid and have deposited it in the bank the payday place will cash your post dated check into the bank.
It's really way to easy which tends to be the problem.
2007-06-07 06:33:38 · answer #3 · answered by LJ 3 · 0⤊ 0⤋
You tear out a check from your personal checking account and write VOID across it to keep someone from filling it out.
You don't go to the store and get a check because you have to have an account. They are looking for a paper trail that you will still be around to pay back the loan.
By the way, these often have absurdly high interest charges.
2007-06-07 06:29:25 · answer #4 · answered by Mike1942f 7 · 0⤊ 0⤋
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RE:When a lender tells you that you need a voided personal check to get a payday loan how do you get it?
2014-07-15 11:58:09 · answer #5 · answered by Anonymous · 0⤊ 0⤋
They want a personal check from you that is voided. That way they have your bank account numbers if you don't come back and repay the loan.
2007-06-07 06:50:30 · answer #6 · answered by Anonymous · 0⤊ 0⤋
A voided check from your personal checking account. When it is time to pay them back the amount is automatically deducted from your account. Be careful though I know a person who got into serious trouble with their fees etc.
2007-06-07 06:36:30 · answer #7 · answered by Kenzie072 3 · 0⤊ 0⤋
You have to have a personal checking account and write a check from their. It isn't voided, because it is for the amount that you have to pay back. If you don't pay them back the cash, the go ahead and process your check.
2007-06-07 06:31:20 · answer #8 · answered by cinnatigg 4 · 0⤊ 0⤋
You give them one of YOUR checks.
Draw a crossing line and add VOID in large letters over the check.
2007-06-07 07:42:57 · answer #9 · answered by Jimmy John 3 · 0⤊ 0⤋
Write "VOID" on a check and give it to them.
2007-06-07 12:17:44 · answer #10 · answered by Anonymous · 0⤊ 0⤋