Did you know that more than 12 million Americans spend over $9 billion in fees for payday loans every year?
These figures go a long way to confirm that short-term loans are now extremely popular.
If you consider benefits like speedy approval of advances, the convenience of conducting the entire business online, and the few requirements, it’s easy to see why so many people turn to payday loans on bad days.
But that doesn’t mean you should rush to take out that Check into Cash payday loan. First, get to understand the risks and costs involved, as well as crucial details about your lender.
Here’s an in-depth review of this popular lender.
What Is Check into Cash?
Check into Cash is a short-term, direct lender of easy and fast payday loans, title loans, installment loans, payday advances, and in-store cash advances. The company targets individuals who are in need of quick cash but have limited credit.
The company was founded in Tennessee in 1993 by Allan Jones. Since then, it has grown to have more than 1,000 brick-and-motor branch offices in over 20 USA states. This includes Alabama, Alaska, California, Delaware, Hawaii, Florida, Idaho, Illinois, Kansas, Nevada, Wyoming, Washington, Utah, and Texas.
How Does Check into Cash Work?
With payday loans, this lender offers loans ranging from $100 dollars to $1,500 dollars.
All a borrower needs to do is complete an online request, visit the nearest Check into Cash branch, or call their toll-free line to get an advance. The online process involves:
Step 1: Application
First, you need to complete an application form, which takes only a few minutes. After you submit the form, you’re informed whether your request was successful or not within 60 seconds.
You’re only required to fill up:
Basic Personal Information:
This includes your name, cell phone number, email address, and zip code.
Additional Personal Information
The application usually has a second personal information page requiring people to fill up their address, driver’s license numbers, as well as indicate whether they own or rent their house.
You’ll need to provide Check into Cash with information about your source of income, date of birth, payment frequency, paycheck amount, bank account type, account number, and Social Security Number.
In other cases, the lender may require you to provide the most recent 30-day bank statement, pay stub, and state-issued photo ID.
Step 2: E-Sign
Once your application gets pre-approved, the next step involves electrically signing your documents. At this stage, you might receive a call from the lender’s customer service to verify your information.
Step 3: Get the Cash
If everything checks out and your loan request gets approved, this payday loan lender deposits the money into your account (checking) within 24 hours.
When it comes to the information required in a loan application, Check into Cash doesn’t conduct traditional credit checks. This means that you don’t have to do a credit inquiry with a major credit reporting agency before applying for a loan.
Who’s Eligible for a Check into Cash Payday Loan?
To receive an advance, you must have an open checking account that’s has been operational for not less than 90 days. Additionally, you must be 21 years (and above), have an active source of income, and be a permanent resident or US citizen.
What Are the Payday Loan Terms and Rates?
The rates and terms affecting your loan vary depending on where you live, the product you select, your credit history, and your income.
Also, most payday loans are set for 14 days because Check into Cash designs its products as fast sources of funds, not long-term financial solutions.
Basically, you’ll need to have a minimum income of $1,000 and pay a loan fee of $15-$75 to get a loan of $100 to $1,500. Many other product-specific terms that get disclosed the moment you take out a specific loan.
All in all, watch out for the varying finance charges and service fees before accepting the terms for your request. This is because taking out a loan behooves you to repay the principle together with the interest on a given due date.
If you fail to pay up or make a late payment, you’ll incur extra fee charges, which may eventually lead to you owing the lender a hefty single payment loan.
Pros and Cons of Check into Cash Payday Loans
For a better analysis, let’s look at some pros and cons of this payday loan lender.
Consider the following pros:
Thanks to a seamless and hassle-free loan application process, borrowers can access loans faster than in many other platforms.
Paying back advances is quite easy with Check into Cash. If you applied online, the amount gets deducted from your account on your next payday.
With in-store applications, you’ll write the specific store a post-dated check that gets cashed in after your next payday.
Relaxed Application Criteria
You can even apply for a loan with bad credit because this company only cares about your ability to repay that specific loan.
Consider the following cons:
This lender charges customers highly to use their services. Depending on your state, you can have an Annual Percentage Rate (APR) ranging from 153% to 1,043%.
For instance, a $300 14-day term loan in Idaho comes with a total fee of $75, which is a 651.79% APR. This means that if you fail to repay the entire amount (loan and fee), you incur an additional charge of $20.
Limited Amount Options and Period Terms
Another disadvantage of these payday loans is that you can’t get an advance of more than $1,500 or one with a long-term repayment period.
Examples of Customer Reviews
Since Check into Cash is quite a large company, many people have already used their services and offered insightful reviews.
One user recommends the online service because it’s friendly and extremely easy to manoeuver around. Another customer expresses massive delight and thankfulness towards Check into Cash for providing her with a much-needed-advance for her son’s wedding.
There are also users who suggest avoiding this company’s loan services, and especially their email offers. One of them complains that the lender refused to deposit the loan requested even after pre-approving it.
Someone else warns people against doing business with Check into Cash because the company doesn’t adhere to privacy regulations. According to him, an employee of the lender was at one point using crucial customer information for financial gain.
Check Into Cash Payday Loan Review: The Final Verdict
One fact is that Check into Cash provides borrowers with the opportunity to borrow funds easily and quickly. Nonetheless, it features high fees that can quickly turn into a burden in any unplanned borrowing.
Thus, make sure to fully understand all the terms before transacting with this company.
But if you’re looking for bigger loans with longer period terms, contact us to help you achieve your financial goals faster.
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