Getting payday loans via MoneyGram is a fast way to put cash in your pocket, but is it the best idea, and is it worth the extra cost. MoneyGram is a direct competitor to Western Union and it allows people to send cash all over the world and have it instantly available on the other end.
There are some online payday lenders that will send the money to you using MoneyGram, so you can avoid putting it into your bank account. This comes in handy if your bank account is overdrawn and you don’t want the money to go towards digging your account out of the red. It’s also good when you need cash immediately, and the banks are closed, or it’s a holiday. There are tons of advantages to getting cash instead of having to withdraw it from a bank. The only question becomes whether it’s worth the extra charges.
Most lenders will charge an additional fee if you use the MoneyGram option, and this is on top of their already high interest rates and loan fees. It can really put your loan into the stratosphere when it comes to how expensive it is. Even something as small as a $10 charge for the service will add a few percentage points to your already high APR that is being charged. But when you’re in dire straights it is something that you probably won’t mind paying.
Finding Payday Loans
It’s important to distinguish between a lender that also offers MoneyGram services, and a lender that is offering to send you the money via MoneyGram. For example, Advance America is a brick and mortar payday lender that also offers their customers MoneyGram services, such as paying bills, getting money orders, and sending and receiving money, but they will not send you your cash advance via MoneyGram.
But a company like MyCashNow will actually send you your cash advance funds via MoneyGram, and it doesn’t matter if it’s the weekend, or a holiday, or after normal business hours. You could even pick it up from a store like Wal-Mart, because most of their locations have MoneyGram services available. If you want to use this feature it’s an extra $10 on top of whatever fees they charge for the loan.
How Do You Pay the Loan Back?
After using MoneyGram extensively, they are a very reliable and trustworthy company. After processing hundreds of transactions with their system, there were never any problems with people sending or receiving money, or with paying bills instantly. Their money orders have many security features, and are attractively priced. Their customers service is friendly, and they take fraud very seriously. It’s a good company to go with, and you won’t have any worries about receiving your money on the other end, as long as you have proper identification and the pickup code.
Category: Payday loans