It’s rare for me to be out of cash as I always plan my spending. However, I do run into this issue rarely Maybe once a year, I borrow money from friends or family. With an increasing cost of living, I don’t think I’ll be in the position to help others out. My goal is to be financially independent.
Until then, I still need to borrow, especially with larger expenses that exceed regular groceries and bills. Check Into Cash is one of the options I took for this reason. The company has hundreds of storefronts across the country but I never went inside until recently.
Some say they don’t have the best interest. But I find them to be better than the average alternative. Their customer service is also among the best I’ve seen, certainly better than what you find a the bank. When it comes to short-term loans, I’m happy with how the process goes. It takes about 2 days to get the money, on average.
Check into Cash Features
About the Company
The company was established in 1993 in Tennessee. Since then, it has grown to an impressive national presence. At the moment, there are more than 1.000 physical locations to borrow money from.
How much loan costs?
If you’re at least 21 and you have an income, you qualify for a loan. The amount you pay back depends on the state you live in.
I took out a small loan and paid back 200%. My loan was $200 and I paid back $400. However, as I understood, the amount you pay back varies on the amount you borrow as well. This is where the 1042% rates are still seen today.
If you check for what customers are saying, you will find most took out loans with varying interests. Most pay back around 300-400% of what they lend.
How to Take a Loan?
You can borrow up to $3.000 if you qualify for a loan. There are 2 methods of accessing money. You can do it either online or in a store. I took the sum out in a physical location but I’m going to describe how to take a loan with both options.
When you’re walking into a store, you already need all the required documents with you. Proof of income and an ID should be enough to secure a small loan. If your loan is approved, you may be given the money on the spot. But you may also be called on the second day for the money.
Online applications are made through the official website. You need to upload all documents and then sign the contract if you are approved for a loan. The money is then transferred to your account and it should normally be available within 24 hours. If you’re accessing a payday loan, the entire sum, fees, and extra charges are then deducted from your account on your payday.
Installment Loans
These types of long-term loans are a favorable alternative in case of an emergency. You can simply have your loan approved quickly and pay it back within a year. I see it as a type of loan to take out in case you get sick or in case you need to do urgent work on your home.
However, this type of loan is not available across the country. I think I’ve only read about people taking it out in Wisconsin, Colorado, Florida and a couple of other states.
What Do People Say About the Company?
Customers are generally happy with the company and the loans it offers. While nobody wants to take a loan, there might be no alternatives in some cases. The situations where people have to pay more than they agreed to are non-existent. This is good news, even with large interest rates.
Most customers especially appreciate the fast processing time of a loan request. This was certainly my experience as I expected the process to last at least a week. I have a few friends who walk out with cash in hand on the spot.
Check into Cash has helped me with unexpected bill, such as a very high PG & E bill. Due to the 100 degree weather we have been experiencing this summer. — Kathryn
I do my best to follow my budget but thanks to part time his my post check isn’t very dependable. Check into cash is always there to help when my hours or my commission fall short. Check into cash helps me make sure my children’s needs are met without paying loads of overdraft fees through my bank. I couldn’t do this without y’all. Thank you so much. — Angelica
Check into Cash has been a tramendous help to me when I needed extra cash in a pinch. Their easy application process online is amazing and the money is deposited into your account the next day. Best of all I didn’t have to go anywhere or run around. Thank you all at Check into Cash. — Myra
Another plus according to customers is that this money can be used for any purpose. When taking a loan from a bank, you need to come up with proof of your intended purchases. I even took various quotes from remodeling companies when working on my house and asking for a bank loan.
But most people like the company because it doesn’t do any credit checks. You can take out small loans even having a bad credit history. This is certainly not the case at the bank. The first document a bank clerk looks at is your credit history.
Check the Fine Print
You need to look at a few charges before taking a loan. First, you need to see what the processing fees and interests are for your state. Then, you need to check service fees and the fees in case of missed payments.
Do You Need a Loan?
But I often ask myself if I need such a loan at all since its only about a few hundred dollars me. While I work full-time, I still need to pay for larger purchases I can’t afford from time to time. Without relying too much on such loans, here’s what I do when I need extra cash.
Taking a Part-Time Job
A second part-time job might clear you of your debt. I work at a restaurant for 2 hours a day after I finish my regular job from time to time. I earn a few hundred dollars which are often above my immediate needs budget. The sum can be saved every month.
Ask for Payment Extensions
If you’re struggling paying rent, you can ask for an extension. If you need to cover certain medical bills, you can also ask for extensions. The advantage of these extensions over payday loans is they usually come with no interest at all. For example, if you own $500, you may also pay back $500 in a few months, which is not the case with installment loans.
Call a Nonprofit Organization
If you’re out of luck with finding a job, you may also call your local nonprofit organizations to get help. Many of them have connections to local businesses which may help you with a job.
Pros
Cons
Final Verdict
The company now has a solid presence across the country. With loans offered by in-person and online, it simplifies the process of borrowing money.
However, I ended up paying double the amount I borrowed and I was one of those who didn’t pay a lot. If you want to check out loans the company offers, feel free to check their website to see exactly how much you need to pay back. You might better off borrowing from friends or family. If you’re asking for a loan over the phone, make sure you mention your state as fees vary depending on your location.
