Check 'n Go was founded in 1994 and serves as a payday loan lender to consumers who need cash fast for emergencies.
- Easy application process
- Fast approval
- Quick funding
Requirements for both in-store and online loan applications include a verifiable form of income, a valid bank account number with your name on it, a valid form of identification, a working phone number, no outstanding payday loans with Check 'n Go, the ability to meet all the guidelines for your state of residence, and being at least 18 years old.
The in-store application process can take a total of 15 minutes if you have everything with you. After you have filled out your application, you will know within minutes if you are approved. After approval, you will receive the APR rate, loan fee, and term date, then be asked to write a post-dated check to the store for the total amount. In return, Check 'n Go will give you cash to walk out the door with.
For online applications, you fill out the online form, read the documents and loan agreement, and find out if you've been approved within minutes of submission. In some cases, you may have to fax verification documents to Check 'n Go. However, qualified applicants may be eligible for a Faxless Loan option, which means being able to bypass the last step in the online loan process.
Approval of online loans take only a few minutes and the money can be deposited into your bank account, usually on the next business day. Loans submitted and finalized before 8:00pm are typically funded the next business day, while loans finalized after 8:00pm show up two business days later. Check 'n Go also counts Fridays to count towards weekdays - unlike Check City, which categorizes Friday loans as weekend applications so the funds are not available until Monday. This means that borrowers who apply with Check 'n Go on a Friday may still have access to the funds before the weekend.
- Faxless loan application
- Possible additional fees
- Website is difficult to navigate
Check 'n Go offers a Faxless loan application for qualified borrowers. The problem with this option is that you do not know if you qualify for faxless approval until after you apply online. After you go through the steps of filling out the online application, the system may notify you that you are required to fax verification of a pay stub and/or bank statement from the past 30 days. If you don't have nearby access to a fax machine, you'll need to borrow one or visit a local store and pay a fee to have a fax sent on your behalf. This may create extra hassle, slow down the approval process and force you to incur extra costs.
There can be fees added onto your loan for a returned or late payment, or for verification and processing expenses. Not all states allow you to sign up for an Extended Payment Plan if you can't repay your loan initially. For states that don't allow it, there is an additional $15.00 added onto your loan. If you default on your loan and you live in a state that does not allow you to sign up for an Extended Payment Plan, your loan can be sent to collections, which will have a negative impact on your credit score.
Check 'n Go's website is difficult to navigate and does not include details about repayment plans, payment methods or borrower rights and responsibilities. The Payday Loans FAQ page does not list any specific information about payday loans and instead directs borrowers to other FAQ pages. This will make it difficult for borrowers who are unfamiliar with payday loans to understand the process and their full commitment to terms, interest rates, fees and contracts.
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The Bottom Line
Check 'n Go's application process may require borrowers to fax documents, which can increase both hassle and cost to the borrower. In addition, it may slow down the time it takes to get approved and receive funds. Check 'n Go's website contains little educational information for borrowers who are unfamiliar with payday loans. However, Check 'n Go does offer somewhat lower APR in comparison to other payday loan companies and may fund loans on Fridays, which many other companies won't do. In-store application may be the cheaper, easier way to apply for a payday loan with Check 'n Go.
Check 'n Go has a few key factors that they leave unknown- a major one is the payoff options. This makes it difficult for customers to find the best loan for their needs. The borrower's responsibilities should be clear and visible so they can know what they are getting into. With this lack of information, it makes it difficult to recommend this company at this time. Look for a payday loan company that offers clear information with low APR's.
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