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Which of the following statements about check cashing companies is FALSE? They can take a percentage of your check on top of fees. They charge low fees. They offer bad deals where you'll owe a lot more than you borrowed. They make it easy to fall into a loan cycle that is hard to get out of.

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Answer:

The correct answer is letter "B": They charge low fees.

Explanation:

Check cashing companies are loan organizations that provide cash to individuals without the need of creating a bank account with them. They provide people cash based on their paychecks. The loans are usually established to be repaid in short terms carrying high-interest rates. The advantage of these organizations is the few requirements that are needed to obtain the cash.

ayfat23

Statement that is not right as regards check cashing companies is B:They charge low fees.

  • Check-cashing companies gives ways by which individuals can access to their money without a bank account.

  • With this it is possible to cash paycheck as well as other types of checks in exchange for a fee.  However, it is possible for someone using their service to to fall into a loan cycle.

Therefore option B is correct.

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