Check Into Cash does not explicitly list its fees, so it’s difficult to say where or how much you can expect to pay. The modus operandi of payday loan providers is to charge higher than average rates for their products. The average fee of an online payday loan is $55 per two-week loan. Some potential additional charges include penalties for insufficient funds and late payments.
If borrowers cannot make the payment when due, they may enter into an extended payment plan. Borrowers can enter into it once per 12 months, though they need to select this option before they miss payments. The program does incur interest until you pay the principal and fees in full.
Note that if you still can’t pay back the principal, interest, and fees, The company may turn the balance over to a collections agency. This third party will assume responsibility for collecting the money you owe. This stage is the most extreme and would negatively affect your credit history and score.
The available States They Work In
Additionally, customers are subject to fees based on their location. This origination fee is meant to cover the expenses of processing the loan. The company operates within the following states:
Check into Cash Fees
- Delaware (online only)
Let’s look at an example of a Check Into Cash payday loan. Say you need $1,000 to finance bathroom remodeling, and you have no existing credit history. Check Into Cash approves your application and provides the $1,000 for the maximum period of one month.
Check Into Cash may set the annual percentage rate or APR at 399 percent. This figure determines how much to charge borrowers for the duration of the loan. In this case, the repayment amount would be $1,250. Therefore, borrowers are paying $250 for the privilege of having disposable income.
Payday and title loans are risky. While the short-term loans are easy to receive, they can ultimately put you in a deep financial hole. According to , the average person ends up paying $520 in fees for borrowing $375 initially.
Criticism of payday lending tactics is not new. Many states outlawed the practice altogether. However, Check Into Cash Chairman and CEO W. Allan Jones made several strategic donations to state legislators in past decades as an incentive for more favorable laws.
That said, for all the payday lenders in the industry, Check Into Cash is one of the reputable ones. It has locations in most U.S. states and is one of the most well-known names in the industry. While the terms may not be in favor of the borrower, there are plenty of shady companies that will put you in even worse debt.
People that need money quickly look to their services, and with good reason. The company makes it simple to procure a loan without the requirements or inspection associated with the traditional loan process. Borrowers can have the money they need the same day they apply.
That said, there are some alternatives to payday lending. Even if you don’t want to sit down with a bank or credit union, you can find other sources of financing. The best place to start is with friends and family or organizations within your social network, like a sports team or church.
You may also consider payday loans & cash advance Michigan peer-to-peer lending. Peer-to-peer lending offers fixed interest rates and a set monthly payment schedule for people who don’t qualify for loans elsewhere. Some of the most popular platforms include Lending Club and Peerform. Other possible alternatives include asking your employer for a paycheck advance or using credit cards to pay off your current expenses.