Check City is an online payday loan company that also has several storefront locations in four states. They were founded in 1986 and have expanded their services to include gold buying, prepaid debit cards, money orders, check cashing, and more.
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- One-step application process
- Fast approval
- Extended payment plan
Check City has a one-step application process, unlike other companies, such as Cash Central or Check Into Cash, which have several steps and pages the user must go through. All the information for applying with Check City is located on one page. Whether you are applying online or in-store, you will need: your personal information, employment and income information, your bank account number, a form of identification, and a reference.
If you are applying online, you can fill out the application and submit it for review. It only takes a few minutes to receive a decision back. Upon approval and signing the loan agreement, funds will automatically be deposited into your account on the next business day as long as the process is completed by 8:00pm CT Monday-Thursday. Loans completed over the weekend will be funded on the following Monday.
If you are applying in-store, you will need to bring a personal check with you. Upon approval and signing the loan agreement, you will make out a check to Check City for the amount of the loan, fee, and interest rate. Check City cashes the check on the agreed-upon repayment date and the loan is paid in full. Check City's in-store customers do not have to return to the store to repay their loan, which can save you some time and hassle. Online applicants are enrolled in automatic payment and the funds are debited out of the account on the agreed-upon date.
In-store customers who are unable to pay on time are eligible for an Extended Payment Plan. Check City will split up payments into four equal payments with no added interest. They are one of the only payday loan companies who offer extended payment plans without adding interest or fees. Customers are only eligible for the Extended Payment Plan once a year, though.
The term of a Check City payday loan varies from state to state, but in most cases, they are a 7-, 14-, or 30-day term. These terms are based off of individual state laws, so you'll need to use Check City's fee schedule feature to determine the fees, terms and APR for your state and loan amount.
Check City's website is intuitive and straightforward. They have a map similar to on the front page that shows which states they do and do not operate in - this saves the customer time if Check City isn't able to lend in their state. The contact information, Apply Now button, login access and links to FAQs are prominently displayed on the home page and easily accessible throughout the site.
- High APR
- Additional fees
- Late payments
Check City has high APR rates and fees in comparison to other loan industries. The APR rates range from 214.71% to 1173.21% depending on the amount borrowed, the term of the loan, and the state you reside in. Some states also charge a loan fee ranging from $15.00-30.00 per $100.00 borrowed, as well as verification fees. This means that your accrued debt could be much higher than the principal sum you want to borrow - be sure to clarify what APR rates and fees you're committing to before taking out a payday loan.
On top of the initial interest and fees added onto the borrowed amount, if you miss a payment or your payment is returned due to insufficient funds, you can incur even more fees. Check City will attempt to call, email, or text you to make arrangements for payment. Delinquent accounts may be placed or sold to a third party collection agency, which means you may be getting phone calls, texts, or emails at your home and possibly your place of work if you fall seriously behind on your payments. Late payments and delinquent accounts are also reported to credit bureaus, which can have a negative impact on your credit score and your ability to finance any loans in the future.