Payday loans are a very common type of loan in the United States, Roughly 1 out of 6 Americans have taken such a loan at least once in their lifetime. Payday loans are preferred to regular bank loans because they are the easiest way to get some cash instantly, without tying yourself down to lengthy contracts, with monthly installments to pay, for years and years in a row.
Payday loans have many synonyms. They are also called cash advance loans, payroll loans, payday advance and more. But all these terms refer to the same thing: a short-term loan that needs to be paid typically from your next paycheck.
How much money can you get with a payday loan?
With payday loans you can only borrow small amounts of money, usually from $50 to approximately $1000, depending from case to case. The due date is approximately two weeks, and along with the amount of money you borrowed, you also have to pay the fee claimed by the lender. The fees imposed by payday loan providers are pretty high and even if lenders don’t have interest rates per se, if you calculate the annual percentage rate, you can get to even 800% or 1000%.
So why get a payday loan after all?
The biggest advantage of payday loans is that you can get cash almost instantly, by simply filling an online form or going to a lending office. Such locations can be found on every corner throughout the US. You don’t have to wait for approval for days or weeks, which is great, because people who get payday loans usually need the money urgently. Maybe a medical problem occurred, you need to pay a bill with a deadline, your car suddenly broke down and so on. Those are all unexpected situations that require some urgent cash on hand and few of us are always prepared for the unexpected.
Another ‘pro’ of the payday loan is that it doesn’t require you to have a good credit score or credit what so ever. All you have to do is be employed and over 21 years old, or 19 if you live in Alabama.
The fact that you pay back the loan within just a few weeks (typically 2) is another advantage, because you free yourself of any obligations after just 14 days.
What to consider before applying for a payday loan
- Make sure you choose a reputable, transparent company that complies to the FCA (Financial Conduct Authority) regulations and has good ratings
- Choose a company that charges small fees
- Read the terms and conditions carefully before applying
- Stay away from lenders that try to convince you to get multiple smaller loans instead of a single one, so they can avoid the state law which sets certain limitations on the amount you can borrow. For example, if a certain state imposes a limit of $300, some lenders may try to convince you to get 4 loans of $150 at once. This way you can also get more money and they trick the law and can apply more fees to their advantage
Check Into Cash Overview – Is it a good option to consider?
Check Into Cash is a company based in Cleveland, founded in 1993. The company offers several types of financial services and emergency credit solutions, from title loans and payday loans to installment loans, check cashing and others.
Check Into Cash operates in over 30 states throughout the country and in order to be able to apply for a loan, you have to be at least 21 years old, or 19 years old, in the case of Alabama.
Payday loans from Check Into Cash – How much and at what cost?
Check Into Cash offers payday loans from $50 to $1000, depending on your state of residence. The fees charged by the company for payday loans range from $15 to $79, which in annual percentage would translate to approximately 260% to 780% interest rate. Check Into Cash doesn’t exactly have the lowest fees in the industry.
If you want to apply for a payday loan, you can do it online or straight to one of their offices. There are hundreds of Check Into Cash offices throughout the country, so you’ll have no problem in finding one near you.
If you apply directly to one of their locations, the process will be quick and you’ll be funded instantly.
If you choose the online option, you have to fill in the application form on their website. You have to provide information such as your name, address, phone number, SSN, your driver’s license or photo ID, your checking account number, a proof of income and a few more.
Filling out the form and finding out whether you are eligible for the loan or not only takes around 1 minute. However, you will only get the money within approximately 24 hours.
As for the due date for paying them back, Check Into Cash specifies on their website that ‘the fee along with the original amount borrowed is typically due on your next day of pay’.
If you need a bit more money than what a payday loan can offer, you can also opt for an installment loan. In this case, Check Into Cash lets you borrow up to $3,000 and you can pay the loan in ‘bi-weekly or monthly payments, over a term of anywhere from a few weeks to a few months’.
Check Into Cash is without a doubt a reputable, experienced and trust-worthy company. They offer financial services for more than 25 years, they are transparent about their fees and very serious when it comes to respecting their customers’ privacy. All the information you provide is confidential. The application process is simple and fast and they operate in a large number of states. The only drawback is their fees, which are not among the lowest ones in the industry.