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 Feedback Requested - Cash Advance Shops
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Shannon the Shopper
Member

Florence, KY
USA
24 Posts

Posted - 10/06/2003 :  8:16:17 PM  Reply  Reply with Quote
Has anyone out there had much experience with these shops? There are a bunch of them that are repeatedly posted in my area. The pay is pretty good but so far I have been reluctant to apply for the shops. It just makes me nervous to turn over my paycheck stub and bank account statement![susp Any feedback would be appreciated. Thanks!

Shannon
MSPA Silver Certified
Shopping Cincinnati and suburbs, N Kentucky and SE Indiana

ShaunaInOregon
Valued Contributor

Canby, Oregon
USA
231 Posts

Posted - 10/06/2003 :  8:42:55 PM  Reply  Reply with Quote
I have done these before and I've only ever been asked to buy a money order at these locations, I've never had to cash a check or do anything with any of my bank accounts.

These are super quick and the forms I've had to fill out have been very simple.
I would take as many as possible if they were available here. Good luck.

Shopping the Portland and surrounding areas.

MSPA Silver Certified Shopper
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Shannon the Shopper
Member

Florence, KY
USA
24 Posts

Posted - 10/07/2003 :  02:55:35 AM  Reply  Reply with Quote
Thanks, Shauna. These shops require you to take out a $100 cash advance for each shop. I believe you have to write them a postdated check. The reimbursement is up to $20 for the interest. I think these places charge a very high interest rate for these cash advances.

Shannon
MSPA Silver Certified
Shopping Cincinnati and suburbs, N Kentucky and SE Indiana
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MarteeC
Star Contributor

Tampa, FL
USA
1352 Posts

Posted - 10/07/2003 :  06:45:36 AM  Reply  Reply with Quote
The ones I have completed do require you to take out a payroll advance (short-term loan, post dated check). They reimburse all fees for doing so and pay decently. Some states require these to be reported as loans so if you are in the market for a mortgage or other credit, they may not be the best shops for you right now. The company that I have done these for is great and the schedulers available. The scenario is provided and they can quickly answer any of your questions. It is very basic. You are not out any upfront money other than the fee-(you receive the cash for your check). I learned a lot from these...
Oh...you are limited to the number you can complete. You are only allowed to have one check outstanding at a time so unless you go through a second trip to buy back your check, you cannot get another advance at another location until the check has cleared. If you are planning on doing multiple locations, make certain they hold the check for the minimum number of days, and then alternate locations as they have rotation requirements of 30-60 days. The first visit will be longer, subsequent visits you should already be established in their system so you should get out quick unless you have an outstanding check. They should take no longer than 20 minutes in store.
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MichelleInAZ
Member

AZ
USA
27 Posts

Posted - 10/07/2003 :  07:49:16 AM  Reply  Reply with Quote
I agree...these are easy, quick assignments. There is a narrative to write, but I prefer these shops because of the higher pay. The schedulers are wonderful and they pay like clockwork.

Go for it!

Michelle
MSPA Gold Certified
Shopping Glendale, west Phoenix and Peoria
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BarbIN
Valued Contributor

OH
USA
171 Posts

Posted - 12/30/2003 :  2:12:55 PM  Reply  Reply with Quote
quote:
Originally posted by MarteeC

Some states require these to be reported as loans so if you are in the market for a mortgage or other credit, they may not be the best shops for you right now.
Does anyone know enough about credit ratings to enlighten me on how these affect your rating? If you buy back the check in a certain amont of time, does it still show up on your credit report?
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Kimmme
Star Contributor

Costa Mesa, CA
USA
399 Posts

Posted - 12/30/2003 :  2:33:39 PM  Send Kimmme an AOL message  Reply  Reply with Quote
As far as turning over your stub & bank account statement to these stores, I wouldn't worry too much. They are much more concerned about who you are and making sure you are who you say you say you are (some of them will verify employment and you might need to go during working hours, and then again some don't verify on the spot) and that you can pay the money back to them, as a bank would be.

I wish I could find some in my area as I hear they pay well!

Kim
MSPA Gold 8/2004
Shopping in Orange County, CA
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AdAora
Star Contributor

Deep in the heart of, TX
USA
3770 Posts

Posted - 12/30/2003 :  2:53:46 PM  Reply  Reply with Quote
I just did a couple of them, but only had to find out how to get a cash advance. Maybe it's a different company; there are so many of them now.

Gold certified in TX
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Shannon the Shopper
Member

Florence, KY
USA
24 Posts

Posted - 12/30/2003 :  5:07:32 PM  Reply  Reply with Quote
Since my original post I have done three of these shops. I love them! The pay is excellent, the MS company reputable and the report is relatively easy. There are a lot of locations in my area and I am getting about one shop a month.

Shannon
MSPA Silver Certified
Shopping Cincinnati and suburbs, N Kentucky and SE Indiana
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MarteeC
Star Contributor

Tampa, FL
USA
1352 Posts

Posted - 12/30/2003 :  6:47:01 PM  Reply  Reply with Quote
quote:
Originally posted by BarbIN

Does anyone know enough about credit ratings to enlighten me on how these affect your rating? If you buy back the check in a certain amont of time, does it still show up on your credit report?
Barb-In Florida you must fill out a loan document that is filed with the State. Part of the spiel they must give is an explanation of this fairly new requirement. This is considered a short term loan and I feel confident that requirements will vary by state. You can always call one of these places and ask if it will affect your credit rating.
Hope this helps.
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BarbIN
Valued Contributor

OH
USA
171 Posts

Posted - 12/30/2003 :  8:35:03 PM  Reply  Reply with Quote
Thanks, Martee. Calling to ask is a great idea - I can't believe I didn't think of that!
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SoFla Kate
Valued Contributor

Fort Lauderdale, FL
USA
124 Posts

Posted - 01/26/2006 :  06:51:09 AM  Reply  Reply with Quote
I love these shops as they are quick and easy. Although the MS company takes longer than some to pay, they do pay exactly when they say they will.
I admit the cash advance I had to take for the shop did come in handy once or twice!
For the amount you have to get they do not require a pay stub. They verify your bank and employment info.
It does not affect your credit rating as it is not really a loan - you're just writing them a check that they agree not to cash until a certain date.

MSPA Gold Shopper
Fort Lauderdale and Miami
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Cindy in Indiana
Star Contributor

South Bend, IN
USA
277 Posts

Posted - 01/26/2006 :  07:02:23 AM  Send Cindy in Indiana an AOL message  Reply  Reply with Quote
In Indiana, we do sign a short-term loan agreement. I keep a close eye on my credit report, and I have never seen the company's name on my report.

Cindy
MSPA Gold Certified #hp4ksf


Happily shopping Northern Indiana and Southwestern Michigan since 2000.
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EellsInOC
Valued Contributor

USA
209 Posts

Posted - 01/31/2006 :  8:06:27 PM  Reply  Reply with Quote
Thanks for all this great information. I just received an email offer for this type of job. The pay is good and I went ahead and applied for it after reading all these posts.

L.K. Eells
Shopping the Greater Northwest
MSPA Silver Certified!
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Bob Engleman
Star Contributor

Dayton, OH
USA
370 Posts

Posted - 01/02/2017 :  4:06:46 PM  Visit Bob Engleman's Homepage  Reply  Reply with Quote
Today, 01-02-17, I completed my 200th payday loan/check cashing shop over a 10+ year period. The port-to-port shop time was 4 1/2 minutes, 21 minutes for the report and a round trip drive time of 8 minutes for a pay of $20; that's acceptable to me. If any shopper has been hesitant to apply for this type of assignment, reconsider. The work in Ohio, has zero effect on your credit rating and the branches are so numerous, there will probably be at least one either near you or as you travel throughout the day. Additionally, there are no phone calls to make, returns nor tight windows to visit.

Bob
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Iron Chef Toni
Star Contributor

Plano, TX
USA
465 Posts

Posted - 01/17/2018 :  10:43:48 AM  Send Iron Chef Toni an AOL message  Reply  Reply with Quote
I did quite a few of these shops over the years I was actively shopping. However, apparently the client was involved in a class action law suit regarding interest charges. I received a check in the mail yesterday as a result of the class action.

Toni
Gold certified in N. Texas
Now doing Merchandising exclusively!
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