As long as you’re at least 18 years old, you’re capable of getting a payday loan, but whether you should or not is another question entirely. First, you should ask yourself a couple of questions; most importantly, do you have a steady job and steady income? Every payday loan company will want to see at least one of your recent paychecks as proof that you are employed and to help determine how much money to lend you. At 20 years old you probably don’t have a large weekly income and you may not get approved for a loan higher than $500. Think about how much money you are looking to take out and if you’ll able to pay it back promptly, typically within two weeks. This is where many people make a mistake, if you’re taking out a payday loan a week before you get paid next, make sure you understand that you won’t really be receiving a full paycheck for another three weeks, assuming you are paid bi-weekly. If you take out a loan for all or most of what your future paycheck will be, understand that three weeks is a long time to go without any cash flow, so you’ll want to be careful financially during that time period. Also, consider why you’re taking out the loan and if the reason is really worth it, you might reconsider if you’re using it just to go shopping.

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There is a growing epidemic in the United States today and it’s not being talked about as heavily as the stock market, recessions, and credit cards woes. This epidemic is the un-banked community. There are millions upon millions of customers that are living with a checking account or simply can not get a checking account because they have bad credit or are caught in a tangled web of chex-system reporting.

For those of you unfamiliar with chex systems here is a brief intro. Much like a credit rating you have a rating that goes hand in hand with your checking account and check writing ability. If you abuse this by writing back checks then you will get negative marks on your checking account. Over time if you accumulate a good number of them the bank will shut down your account. When your checking account has been shut down you are vital information is placed in chex systems and you will have a tough time getting a new bank account because of your history. Read the rest of this entry »

Having a bank account is the safest and easiest way to manage your money, pay bills, and access financial services. Unfortunately, people who have had credit or overdraft problems in the past may have a hard time opening a new bank account. Individuals who are listed in the ChexSystem or TeleCheck, the credit bureaus so to speak of the banking industry, are not prime candidates for new accounts and will often be denied a new account. So how is someone with past banking problems able to open a new bank account and utilize the safety and convenience they provide? There is a banking solution for people who have made banking indiscretions in the past and the solution is a second chance bank account.

For people who are having a problem opening a traditional bank account because of bad credit or a poor banking history, Second chance bank account can be a great solution. It is easy to open a second chance bank account online, and it is even possible to open a bank account with these types of problems if you utilize a second chance bank account. Read the rest of this entry »

Trying to get a checking account at a bank or credit union after you have been entered as a risk in the ChexSystems database can be a nightmare. For most people, it seems like an impossible task. Considering that almost every major bank and credit union in the United States refers to ChexSystems before they approve customers for a new account, finding an establishment that is willing to give people a second chance is seemingly nearly impossible.

Who is ChexSystems and Why Do They Have My Information?

ChexSystems is a private company that is utilized by banks in much the same way that the credit bureaus are used by lenders. Almost every bank reports to the ChexSystems database on specific criteria regarding their customers in order to help protect themselves from customers that have a history of fraud or bad financial practices. The banks report items such as how many checks you have bounced, frequent over-drafted accounts, unpaid balances upon account closure, and other acts that they would consider as problematic. Read the rest of this entry »