Check Into Cash Overview.
Check Into Cash belongs to lending companies that get more and more popular nowadays. The company is a direct lender having providing its service since 1993 with its headquarters located in Cleveland, Tennessee and its affiliate branches based in 30 states. A well-developed countrywide network enables the customers apply for the service locally or over the internet that makes the process quick and convenient.
The company provides credit solutions to people for short-term, pay-day, and title-secured loans, pawns, Western Union transactions, bills payments, cashing checks, adding airtime to no-contract cell phones, opening prepaid debit cards, and even purchases new and partially-used gift cards from their customers. The company claims that their wide range of offered services, affordability, and a nationwide network made them the country’s leader in direct lending. Nevertheless, there are plenty of similar lenders available out there, so before you apply for a loan it could be useful to find out more about the service and how it’s different from its alternatives to be absolutely sure about whether it’ll be the best option for you or not.
Who Provides Check Into Cash Loans?
The company was founded by the businessman and philanthropist W. Allan Jones form Cleveland, TN. In course of 22 years of running service, his payday advances became a successful and profitable enterprise. Besides managing this particular company, Allan Jones is engaged in other businesses in his ventures like Jones Properties, LLC and Jones Management Services, Inc. The entrepreneur has also donated money into planting trees in his hometown to improve its appearance and help environment, and has built a wrestling arena called Jones Wrestling Center to encourage young people do sports and lead healthy life style.
Check Into Cash has been accredited by the Better Business Bureau since 09/18/2000 with the overall A+ rating and having only 18 complaints from the customers closed in the last three years.
How to Receive a Payday Loan from Check Into Cash?
The company offers many services we’ve listed in the previous sections; however the main thing they provide assistance with is the payday loans. These are usually small dollar sort of credits up to $500 that have to be short-term repaid.
The payday loans are quickly and easily obtained and a customer wishing to get one does not even have to be present during the process. All the obligatory formalities can be completed by phone or over the internet. However, despite its absolute simplicity, the majority of financial experts don’t approve it. The reasons for this lie firstly in the high interest rates that usually accompany these loans. Although the borrowed sums are not very large, the interest, which the customers have to pay for it is much higher than traditional banks’ programs offer. Combined with a short time provided for paying the loan off, there appears a good probability of the borrower to get trapped into debt. In addition to that, some of the payday loans include the fees in case when the promisor can’t repay the whole sum on time in this way perplexing the situation even more.
It’s important to note that from perspective of a borrower high interest rates charged in payday loans make this sort of credits unfavorable for them, so normally people would rather go to grand banks and large renowned lending companies to get more profitable terms, unless they have a bad credit history. The services that specialize mainly or entirely on payday advances as a rule view people with poor credit scores or none at all as their target customers group.
Anyhow, if you made up your mind to obtain a payday loan at Check Into Cash, it’s going to be a breeze. All you have to do to apply for it is simply filling a short inquiry form that you can complete online. After it’s done you’ll get a call from the company’s staff that is going to discuss all the rest details necessary to wrap up the process.
Along with the payday loans, the company provides its customers with title-secured credits and title pawns. We’ll dwell on these services in the next section.
How to Receive a Title Loan and a Title Pawn from Check Into Cash?
A title loan is the kind of secured credit when a lender provides money to a promisor using their car as a subject of pledge. The lien is being placed on the vehicle of the borrower who gives their car’s title in exchange for the received amount of money. Once the debt is repaid, the promisor gets their car’s title back, and in case when a borrower can’t pay off the loan, the lender gets the vehicle and sells it to return the borrower’s debt.
The title pawn loan is just the same thing; the only difference it has with the previous type of loans is its name. As in some states, like California or Texas the title loans are viewed as predatory lending, it’s illegal to provide this service there. That’s why some inventive lenders came up with the idea of offering the same thing under a different name and, therefore, beat a statute.
Regardless of the name, however, these loans are typically short-time offers that tend to have interest rates much higher than other sources of credit. The amount of money provided by the lender will depend on the state law, the value and condition of the borrower’s car, and their ability to pay off the loan. In order to ensure the latter, a customer would have to give the company proofs of residence and income.
As offering various money loans is a very popular business nowadays, you can find plenty of alternative options from different lenders available.
Each company provides own terms, conditions, and interest rates for their loans. On the other hand, the average satisfaction rate of their customers tends to be low with the most people evaluating the services with two points out of maximum five. The major part of complaints concerns inflated interest rates and poor customer service. We’d recommend making a little research on customers’ reviews about each separate lender you intend to address.
The company has been out there for 22 years, so in the course of time it managed to collect lots of reviews from their customers. The average ratings people give to the lender are various and differ from place to place.
According to the BBB, it holds A+ note, while it has obtained only 2.5 points out of maximum 5 on SiteJabber. The Yelp gave it only 3.5 points, and the ConsumerAffairs.com reported the lowest rating among other websites in our research with 1.8 points out of five.
The customers were unsatisfied with overwhelming and excessive phone calls from the company, long time waiting for the approval, and inflated interest rates. It’s necessary to note that although the lender got high estimation by BBB, there was one complaint from a customer who claimed that the annoying phone calls happened not only in the process of getting the loan, but continued even after it was fully paid off. Also one review reported that the company proceeded with collections after the loan was repaid. The latter complaint was closed by the lender on the BBB website.
Conditions and Obligations for Payday Loans.
The amount of borrowed money that the company can provide varies from $50 and $1,000. In order to apply for a loan, one has to fill in the short form online and expect a call from the lender for completing further formalities. The approval time for this kind of loans should be short, and can take just about 30 seconds to have the money dropped directly on the customer’s bank account. The procedure of repaying the debt will be automatic with the company’s taking off the necessary amount from the customer’s card on the next payday. In the case a person changes their mind and wants to cancel the loan, the lender provides the opportunity to get the money back within one business day with no fees.
The company demands all their customers to be citizens of the US who are aged 21 or more, have a valid phone number, e-mail address, and the active checking account that is opened not least than 90 days.
Conditions and Obligations for Title Loans.
Unlike the payday loans for getting which it’s not necessary to be physically present, obtaining title loans or pawns requires the customer visit one of the company’s affiliates together with their car and its title, government-issued ID photo, and proofs of one’s income and residence. The company provides loans up to $25 K per one vehicle.
There is also an option for people who want to get a pre-estimation of their possible loan, according to which it’s enough to fill in the necessary documents online before visiting the lender. As the company provides its services in 30 states, it stays unavailable in the rest ones. For that reason they put the eligibility list on their website so any potential customer can easily define whether the service is offered in their location or not.
The Interest Rates.
As we’ve mentioned earlier, you should expect high interest rates from the lender. First of all they are going to depend on the state laws, but in average they’ll range from 153% up to 782%. There is a customer service phone number on the website for people having any questions about interest rates in every particular case.
The lender seems to have a solid reputation among similar services; however the high interest rates they charge for their loans make us recommend some other more favorable credit options. Unless you experience very tough financial difficulties and your credit history is frankly poor while you need money urgently, try to look for another option or consult with a financial expert before applying to Check Into Cash.