Payday loans or cash advances are a simple and hassle-free way to borrow small amounts of money on a short-term. Maybe the holidays are approaching and you are in over your head. Maybe you have a medical urgency or an unexpected car breakdown. Regardless of the reason, if you need some urgent cash, payday loans can be the best solution for you.
The advantages and disadvantages of payday loans
- You obtain the money instantly or within 1 to 2 business days, depending on how you apply for the loan (in person or online)
- You don’t need a good credit score to get approved for a payday loan
- You only have to pay the money back once, typically within 2 to 3 weeks and then you are free of debt; there are no monthly or weekly rates, as with other types of loans
- The application process is really quick and simple and you can apply for a payday loan in person, by phone or online
- Along with the original amount of money you are borrowing, you also have to pay a fee which is in most cases quite high; if you calculate an annual percentage rate, you’ll get to 800% to even 1000% in interest rate
- You can only borrow small amounts of money with payday loans; the limit is usually around $1,000
Some tips on how to choose a payday loan provider
As we’ve already mentioned it, payday loans come with pretty high fees. Being aware of this, make sure you browse through several lenders and choose the one that charges the smallest fees.
When choosing a payday loan provider, you have to make sure the company you want to sign with is trust-worthy, it complies with the FCA (Financial Conduct Authority) regulations and it is transparent about its fees. Make sure the company provides a valid phone number and address in case you need to reach them for any reasons.
Always take time to carefully read the fine print, all the terms and conditions, rates and fees sections and so on, to avoid any unpleasant surprises along the way.
Check Into Cash – Is it a good lender to consider?
Check Into Cash is a renowned financial services company based in Tennessee. It offers several emergency credit solutions and services such as title, installment and payday loans, check cashing and more.
The company is trust-worthy and experienced in this industry, because it’s been around for more than 25 years.
How to apply for a payday loan
In terms of payday loans, Check Into Cash offers two options for people who want to apply for a loan: they can either go in person to one of their offices or apply for a loan on the internet.
Check Into Cash has payday loan stores in approximately 20 states: Alabama, Florida, Arizona, Indiana, Michigan, Illinois, Colorado, Oklahoma, Virginia, New Mexico and more. There are hundreds of offices you can choose from.
If you want to apply for a loan online, you have to fill in a form. It will take you around 5 minutes to complete and only 1 minute to find out if your request has been approved or not. If the answer is ‘yes’, you will be funded within approximately 24 hours.
How much can you borrow and what are their fees?
Check Into Cash offers loans from $50 to $1000, depending on your state of residency. The typical due date for the loan is your next day of pay. (You can pay them back in approximately 2 weeks).
Along with the original amount of money you borrowed, you also have to pay a fee. Check Into Cash charges somewhere from $15 to $79, depending on the amount you borrow. The annual interest rate ranges from 260% to 780%.