Cheque Advance Means Cash in Your Hand

It is possible to obtain cash in exchange for personal cheques written out to yourself, from a number of financial institutions in the UK, but before you decide to obtain in the region of 500 to 1000 pounds instantly in your hand, there are a few keep points you need to consider…

Companies will only consider a cheque up to the maximum value as stated on your Cheque Guarantee Card. However, most companies will allow you to write multiple cheques. So for example, if you can only write a cheque up to the value of 100 pound, then you would simply write 5 of these 100 pound cheques to obtain cash value of 500.

The pawn broker or loans company will charge you a fee, per cheque. This should typically be no more than 10% of the face value of each cheque; however, you will find that some financiers do charge up to even 20%, so you should make sure you find the best deal before making a commitment.

When you hand over a cheque for 100 pounds, at a rate of 10%, you will receive 90 pounds cash instantly in your hand, and the cheque you have given to the finance company will be presented at your bank for payment in 30 days time. So, you are basically paying 10 pounds now in order to borrow 90 pounds for 30 days, and when the 30 days have expired, your cheque for 100 will be cashed by the financier. If you do not have the funds available in your bank account for the cheque to clear, then you have the choice to pay a further 10% of the value of the cheque in order to delay its presentation at the bank for a further 30 days. This is an extremely expensive way to borrow money, but a life line for many.