Checkmate payday loans review February 2018 | finder.com
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Checkmate payday loan review

Get the money you need when you need it with a payday loan from Checkmate.

Checkmate has over two decades of experience providing a range of alternative financial services. These include payday loans, title loans, installment loans, check cashing, cash for gold, money transfers and prepaid Visa cards.

Checkmate is a member of the Financial Service Centers of America (FiSCA), the Financial Service Centers of Washington (FiSCWA), the California Financial Service Providers Association (CFSP) and the New Mexico Independent Finance Association (NMIFA).

Read on to learn about the features of a Checkmate loan, and to find out if it’s right for you.

What is a payday loan?

A payday loan, also known as a cash advance loan, is a short-term personal loan (typically $500 or less) that usually must be repaid within two weeks to a month. The repayment date is determined by your pay schedule. Because payday loans come with steep finance charges, it is not a long-term solution, but a temporary fix to an unexpected financial situation. Rules and regulations for payday loans vary from state to state, and are even not permitted in some states.

How borrowing from Checkmate works

Checkmate provides payday loans to residents of California, Colorado, New Mexico and Washington.

To get a payday loan through Checkmate you have to visit one of its stores. While you can initiate the application process online to save time, you have to visit a store to collect the approved funds. (The exception is Washington, where you can apply online, and Checkmate transfers the approved funds into your bank account.)

If you apply online, you can visit your nearest Checkmate store to collect the money as soon as you find out about your application’s approval. If you apply at a storefront, you can receive the money almost immediately.

You have to repay the loan in full on or before the due date noted in the loan contract, which is usually your next payday. Making an in-store payment is one option, but you can also repay your loan online.

Why should you consider taking out a Checkmate payday loan?

Payday loans from Checkmate come with a number of features:

  • Transparent fee schedule. You can find out how much your loan will costs even before you apply. Checkmate abides by all state-specific regulations regarding the fees it can charge by displaying the fee structure it follows for different states on its website, which you can view at any time. The website gives you a clear indication of applicable fees in a dollar amount as well as an annual percentage rate (APR).
  • Simple and quick. The application doesn’t take long to complete. If you apply during working hours, you will find out about your application’s status soon thereafter. Once the approval is complete, you can collect the money at any time. If you live in Washington and you apply online, Checkmate can transfer the approved funds directly into your bank account.
  • Apply with poor credit. Unlike banks and traditional lenders, Checkmate looks beyond your credit score to make a lending decision. If you have a regular source of income and can demonstrate an ability to repay, you can qualify for a Checkmate payday loan. However, unlike most traditional loans, payday loans come with high finance fees.
  • Online account management. Checkmate gives you free access to its online payment system. You can use this to view your due date, make a payment or even schedule one for the future.

How much will it cost you to borrow from Checkmate?

The fees you have to pay toward your Checkmate loan depend on state-specific laws as well as the loan amount.

For example, if you take a $100 payday loan for 14 days in New Mexico, you’ll have to pay a finance charge of $16. In Colorado, the same loan would result in a finance charge of $20. In California, you would have to pay $17.65. It would change to $15 in Washington.

Depending on the state you live in, you may have to pay additional fees if you don’t repay the loan on time. These can come in the form of rollover fees and collection related fees. Check the costs on Checkmate’s website before you apply to ensure the loan will be affordable on your budget.

Are Checkmate loans safe?

Checkmate follows state-specific payday lending rules in every state that it offers loans. It uses the latest in encryption technology to keep the information you provide online safe.

How can you apply for a payday loan from Checkmate?

You can apply by visiting any Checkmate store or you can apply online. Before applying, make sure you meet the required eligibility criteria:

  • You are at least 18 years of age
  • You are an American citizen or a permanent resident of this country
  • You have a steady source of income
  • You have a transactional bank account

In order to complete the application successfully, you’ll have to submit some basic information:

  • Your name, phone number, email address and home address
  • Details from a valid form of identification such as your driver’s license, passport or state ID
  • Your bank account details
  • Details about your employment and income

Frequently asked questions

Are payday loans available in my state?

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