Short term loans can be helpful in an emergency, but should be used with caution.
Anyone can find themselves in a tough financial situation and in need of money quickly. Having what’s left of your hard-earned cash diverted into paying excessive fees and services is the last thing you need. Check into Cash, and similar payday lenders, come into the picture when your credit is less than perfect and you need funds fast.
Is Check into Cash legit?
Yes. While Check into Cash and similar lenders are not a scam, they are heavily regulated. There are specific laws regarding the maximum amount the lender can charge in fees and APRs, as well as maximum loan amount they can offer. These laws vary by state, and lawmakers are constantly updating legislation relating to payday loans, meaning this week’s laws may differ from the next.
What does Check into Cash offer?
Key information about Check into Cash includes:
- Loan term. 30 days, longer terms incur extra fees.
- APR. 260.71% to 651.79% depending on loan term and state of residence.
- Fees. Variable based on loan amount and state of residence.
- Maximum loan amount. $1,000.
- Application turnaround. 1-2 business days.
Check into Cash offers payday loans for residents of Alabama, Arizona, California, Georgia, Idaho, Illinois, Kansas, Louisiana, Mississippi, Missouri, New Mexico, Tennessee, Utah, Virginia and Wisconsin. Check Into Cash intends to expand the number of states served.
Protect yourself from predatory lending
There are companies that are not legitimate, and that may present higher risks. As with any loan, do research on the company you’re working with before you sign any contracts. Be on lookout for these common payday loan problems:
- High interest rates. Your initial loan can cost much more with an APR of 650%.
- Steep fees. Added charges of up to $375 could be added depending on your state of residence.
- Risk of debt spiral. Taking on a loan that you can’t afford to pay back on time can lead to refinancing or rolling over the remaining amount. This sort of repeat borrowing can lead to being indebted far longer than the initial term.
Close to 12 million Americans take out short term loans every year, according to the Pew Charitable Trusts. Among these people, many become repeat borrowers. It is so prevalent that some lending companies offer incentive for regular borrowing. There are risks that come with taking a loan — short term or otherwise — and it’s important to fully understand those risks before signing a contract. If you take a loan that you can’t repay on time you can end up paying additional fees and penalties on top of damaging your credit.
Check into Cash goes beyond just short term loans
If you’re looking for something other than a payday loan, Check into Cash offers the following other borrowing options:
- Title loans. You can secure up to $25,000 by using your car title as collateral.
- Installment loans. Missouri and Mississippi residents can take advantage of installment loans for up to $1,500.
- Line of credit. A credit line, similar to a credit card, can be established if you live in Virginia.
Products offered through Check into Cash’s physical locations:
- Check cashing. Cash almost any check onto a prepaid debit card or cash.
- Reloadable prepaid cards. Check into Cash provides prepaid debit cards through Visa that you can reload.
- Gift card buying. Sell your gift cards, even the partially used ones.
- Cell phone minutes. No-contract phones with most major carriers can be reloaded in stores.
- Money transfers. Some stores now have Western Union money transfer services.
- Flex loans. Open-end loans, that act as a renewable credit line, are available for up to $2,500.
Is applying online for a short-term loan safe?
Yes. Most lenders use encryption technology — 128-bit secure socket layer (SSL), if you want to get technical — to safeguard your information. It’s still important to look for lenders that include contact information in a prominent spot on their website, and are transparent about their privacy and security policies.
How do Check Into Cash Loans compare?
What else do I need to know?
Check into Cash is a direct lender, so you will apply for your loan with them directly and can contact them if you have any questions. Brokers can be helpful if you need to get matched with a lender quickly, but they come with certain risks. When you get a loan from a broker, you are authorizing them to share your information with lenders and other marketing partners that could text you, call you or leave prerecorded messages at any number you supply — sometimes long after you’ve applied. Before you apply for any loan, be sure to read the fine print to understand exactly what the lender will do with your information.