Check Into Cash is a "small dollar short-term" payday loan lender offering loans range from $50.00 to $1,000.00. It was founded in 1993 in Tennessee by Allan Jones and currently has over 1,000 branches in 30 states. Check Into Cash serves individuals who need money for unexpected expenses, who may be in a money crunch between paydays, or need other short-term assistance.
- Fast approval
- Simple repayment
- Educational materials
With fast approval service online or in-store, Check Into Cash can connect customers to funds within 24 hours of applying online, or during the same visit if applying in-store. 19 states offer both in-store and online application options, nine states only offer in-store applications, and two states offer online applications only.
The application process for Check Into Cash is quick and you only need a few items. These include your social security number, government-issued driver's license or photo ID, your checking account number or bank statement, bank routing number and proof of income. You must be at least 18 years old to apply, except in Alabama where you must be 19 years old.
Check Into Cash makes repayment simple and easy. If you apply in-store, you will write a post-dated check to the store and they will hold onto it until your next payday. When the specified date arrives, the store will cash the check and your repayment is complete. If you apply online, Check Into Cash will automatically debit your checking account on your next payday. The amount you will repay is the total of your loan plus the incurred fee.
The Payday Loans section of the website explains what an online payday advance is and navigates you to the How It Works section for descriptions of what materials you need and how to get started. The Rates & Terms section outlines specific details for each state, since each state has different requirements and regulations. It is fast and simple to find the APR, fees and maximum loan amounts by clicking on your state.
- Large fee
- No longer term options
- Possible additional fees
Check Into Cash charges borrowers a large fee to use their services. Depending on the state, the APR can range from 153% to 1042%. The APR varies greatly depending on the state you live in and, in some cases, by the amount you are borrowing. A $300.00 loan in Idaho with a 14-day term advance will have a $75.00 fee added onto the repayment amount. That is an APR of 651.79%. If the entire amount, loan plus fee, is not repaid on the agreed-upon date, you are charged an additional $20.00.
Check Into Cash offers 7-, 14-, or 30-day loan terms. Most states offer a 14-day term and repayment is due on the next payday. There is no option for a longer term with a lower APR. If you need more time repaying the loan and fee, additional fees and interest rates are added on, making the total paid back cost substantially more than the original amount borrowed in the first place.
If you are late repaying the loan amount or the check comes back with an insufficient funds notification, Check Into Cash has an Extended Payment Plan. It is similar to the one offered by Cash Central, except it incurs interest at the same rate until you pay back the original amount and additional fees. If you still do not repay your loan amount, your account may be turned over to a third party collection company, affecting your credit score and possibly incurring even more fees on top of the amount that has already been borrowed and charged.
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The Bottom Line
Check Into Cash makes it easy to borrow money, but there is a high fee for using the service. If the loan is not repaid in full during the initial term, more interest rates, penalties, and fees will continue to accrue until the loan is paid in full. Borrowers should weigh the pros and cons of using Check Into Cash before applying for a loan: it may only be financially beneficial to borrowers who can repay the loan on their next payday.
Check Into Cash offers an extreme APR Range that goes up to 1042%. Along with that, their payoff options are not very clear. Even With 22 years in business, Check Into Cash can improve their transparency.
Be sure shop around to ensure that you get the best APR for your needs. Check Into Cash has both good and bad features to them.
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