Payday loans can sometimes be the best short-term solution for your unexpected money problems. There are so many scenarios in which people find themselves in need of some urgent cash and their paycheck is still days or weeks away. A disease or accident might strike you when you are least prepared for it (financially speaking), your car may suddenly break down, you might get an unexpected bill that needs to be paid immediately and so on. Those are all situations that require some quick cash on hand and payday loans can be a life savior.
How do payday loans work?
A payday loan is basically an advance to your paycheck and it can be given by various lenders. The money you get will have to be paid back to the lender in a certain period of time, usually from your next paycheck, along with a fee that varies from lender to lender but is usually quite high. Payday loans are also called cash advance loans, payroll loan, salary loans and they are very popular in the US. Research shows that 1 out of every 6 Americans has taken such a loan at least once in their lifetime.
Unlike with usual bank loans, with payday loans there’s a limit in how much money you can borrow. The higher limit is usually around $1,000.
The calculated interest rate for a payday loan is extremely high. In some cases, the annual percentage comes up to 800% or even 1000%, which is actually the biggest disadvantage of this type of loan. Not only is the fee higher than with usual bank loans, but you also have to pay the loan back in usually a few weeks, unless you want to aggravate things even more.
The advantages of getting a payday loan
You might already be scared by the high fees and short term imposed by payday loan providers. So here are some advantages to consider as well, when it comes to payday loans:
- The process of actually obtaining the money is really quick and simple. You don’t have to wait for days and weeks to get the approval, because that would defeat the whole purpose of getting such a loan. You get the loan immediately, unlike with bank loans and so on. All you need to provide is a proof of your employment, such as a pay stub, bank statement, etc.
- You don’t need to have a good credit score to obtain a payday loan
- You don’t have to commit to a long-term contract and pay monthly rates for several years, as it is the case with other types of loans. With payday loans, you usually pay back your debt within just a few weeks and you are done with it
- You can find payday loan providers all over the country; research shows that payday lending locations are even larger in number than all the Starbucks stores in the US
What is Check Into Cash?
Check Into Cash is a direct lender that offers emergency credit solutions for over 25 years. The company was founded in 1993 and it is based in Cleveland.
Check Into Cash offers several types of financial services: payday loans, title loans, check cashing, installment loans and more.
The company covers 32 states. In order to be eligible for a payday 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
Check Into Cash has a quick and easy process for getting a cash advance. You can either apply for a payday loan online or go directly to one of their offices. They have hundreds of offices you can go to. The latter option is better because you can get your money instantly. If you apply online, you have to wait 1 to 2 business days to get the money.
The first step for getting a payday loan with Check Into Cash is to input your information, starting with your name, your Social Security Number, address and phone number and ending with financial info such as your source of income, paycheck amount and more. All the information you provide will be confidential. Check Into Cash is a trust-worthy company when it comes to respecting its customers’ privacy.
The online form takes under a minute to complete, but, as we’ve already mentioned it, you have to wait for approximately 1 day to get your money. That is why it is better to go to one of their offices in person, because then you can get the cash immediately.
With the online form, you have to wait to be contacted by one of their reps and if your request is approved, you’ll be funded within approx. 24 hours.
How much can you borrow with Check Into Cash?
Depending on where you live, you can obtain from $50 to $1,000. Check Into Cash operates in more than 30 states and each state has its own regulations.
What are their fees?
Depending on the amount of money you borrow, Check Into Cash has fees that range from $15 to $79. The annual percentage rates would be somewhere between 260% and 780%. So in terms of fees, Check Into Cash is not among the most affordable loan providers on the market.
For payday loans, you have to pay back the loan within approximately 2 weeks. Check Into Cash specifies ‘the fee along with the original amount borrowed is typically due on your next day of pay’.
In addition to payday loans, Check Into Cash also offers installment loans, which are also easy to get and are a longer term loan than payday loans. With installment loans you can get between $500 and $3,000 and you can pay back the loan ‘in bi-weekly or monthly payments, over a term of anywhere from a few weeks to a few months’, as specified on their website.