A Check Casher Surety Bond is a license and permit surety bond required by government entities to receive a license to provide payday check cashing services to its consumers. Check Casher companies provide consumers small, unsecured, high interest, short term cash loans. They often advance consumer cash with the promise that the borrower will sign over their paycheck to the lender within a specified amount of time. The bond guarantees that the check cashing lender will not lend consumers more than the statutorily allotted amount or will not charge more interest than allowed by law.
These bonds are also known as Deferred Deposit surety bonds and PayDay Lender surety bonds.