Check Into Cash

6.2

Overall Score

4 User Reviews

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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.

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Overall
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4 User Reviews

The Good

  • 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.

The Bad

  • 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.

Want to know which payday loan company is top rated? Click Here

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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User Reviews

1.9

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  • 10

    November 16th, 2017 Los Angeles, CA DETAILS

    Value for your money
    Quality of product or service
    Customer Service
    Company trustworthiness

    I would like to give a special thanks to Carla S and Diana M of your Santa Ana, CA . office for extremely excellent customer service. These two ladies are professional and kind what a great team they are. Thanks so much ladies for all your help.

    Helpful?
  • 1

    June 26th, 2017

    I have used them for years previously with no problems but recently they've started doing hard inquiries on my credit and it's having a negative effect on my score. I spoke with regional mgr because they've checked my credit twice in a the short time I've had the loan without ever mentioning it and she stated they now check credit for every customer every 60 days. There is a lender across the street from them who doesn't do this so I'm going to start doing business with them instead.

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  • 3

    August 8th, 2016 Seattle, WA

    I tried to get a loan it had been over 4 weeks, and when I went to apply, I was given 100 only. My past loan amounts were 500 and 350. Both paid on time. When I called no one could give me any information on why it is like this. There's no where to change the amount on this basic site. I called 3 times and was hung up on. Final time I was told by the customer service rep. She had no idea and couldn't help me. Ridiculous!!! For such a big company you'd think the site would be user friendly. Dumb

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  • 1

    July 13th, 2016 Pasadena, CA

    Applied online 7/10/16. Next day they ask me to send a pay stub. I did that the same day by email. Then they said the will let me know within hours when my cash would be available. Today they me that the process was cancel due to me not sending requested info. They are a bunch of deceptive individuals. Stay away! Even though the amount requested was not much they should at least have the courtesy to be honest. I hope the donor deduct funds from my account since they never dispensed it in the first place. I will never ever try these sorts of loan sharks again.

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