About Check Into Cash
In business since 1993, Check Into Cash is a direct lender that provides customers with payday and title secured loans (no credit checks and you get to keep your vehicle), cash advances, installment loans, check cashing, bill pay and Western Union services, prepaid debit cards, and cell phone top ups for most major carriers. You can even sell your gift cards to Check Into Cash.
Check Into Cash currently has 1,000 branch locations in 30 states, which means you can apply for one of their loans online or in store, and can obtain approval in a matter of minutes. Because of this, Check Into Cash claims to “make it fast and easy for you to get the cash you need now.”
Despite their convenience, should you apply for a loan through Check Into Cash? Are title or payday loans the best choice for you?
We’ll answer all your important questions shortly, but let’s first take a look at Check Into Cash’s application process.
How Do You Apply for a Check Into Cash Loan?
In order to apply for a Check Into Cash payday loan, you can complete their five-minute online application, after which a company representative will contact you to walk you through the remaining process.
On the other hand, if you’d like to obtain a cash advance or title loan/pawn through Check Into Cash, you’ll be required to visit an in-store location. Make sure you bring your photo ID and other required documentation, which we’ll cover in-depth in the Pricing section below.
Before you begin applying for a Check Into Cash loan, let’s first talk about the related advantages and disadvantages.
What is a Payday Loan? What Are the Pros & Cons?
As we outlined in Payday Loans & the Cycle of Debt: Your Guide to Staying Safe, a payday loan is:
A short-term loan, generally for $500 or less, that is typically due on your next payday. Payday loans generally have three features:
- The loans are for small amounts.
- The loans typically come due your next payday.
- You must give lenders access to your checking account or write a check for the full balance in advance that the lender has an option of depositing when the loan comes due.
Perhaps the most attractive feature of payday loans is their convenience, since you can often apply online, receive an approval in seconds, and have the money directly deposited into your bank account. Payday loans are also an easy way to borrow money for those with less-than-stellar credit, as direct lenders often have less stringent qualification criteria than those offering conventional loans.
Despite these advantages, most experts agree than the downfalls related to payday loans far outweigh their benefits. This is because payday loans come with extraordinarily high interest rates (again, more about this in the Pricing section) that are more likely to keep customers in a debt trap (a process known as “churning”) than they are to provide any tangible assistance.
On top of this, payday loans are often due in a short period of time (generally on your next payday—hence the term), which can make it difficult to repay, especially if you’ve borrowed a large sum of money. And if you can’t repay it in full, the lender will often extend the term of your contract while collecting a steep fee, furthering this process of churning.
What if you’re interested in a Check Into Cash title loan instead of a payday loan? This is what we’ll discuss next.
What's the Difference Between Title Secured Loans & a Title Pawn?
Comparing Check Into Cash’s Title Loans and Title Pawn pages, these two transactions are essentially identical; the only difference is that title loans may not be available in some states, including Alabama, California, Texas, and many more. As such, instead of offering title loans in these states, Check Into Cash offers title pawn services.
In other words, Check Into Cash has changed the name of their product in order to comply with state law, although they involve the exact same service.
Regardless of whether you’re looking for a payday, title, or other type of loan, is Check Into Cash the only game in town?
Direct Lenders Similar to Check Into Cash
There are literally hundreds of direct lenders similar to Check Into Cash, many of which we’ve reviewed here on HighYa. This includes popular options such as LendUp, CashAdvance.com, BetterLoanChoice.com, and many more.
Among HighYa readers, these companies have an average rating of 2.5 stars. While some appear to have been pleased with their experience, the most common complaints often cite high interest rates, difficulty repaying on time, and difficult customer service experiences.
But can you expect to experience the same with Check Into Cash?
Customer Feedback for Check Into Cash
Since Check Into Cash has been in business for more than 20 years, there are many online reviews for the company.
Check Into Cash had an average rating of 2.5 stars on SiteJabber, with common complaints citing excessive harassing phone calls, high fees, and long approval times.
Elsewhere online, Check Into Cash had an average rating of 3.5 stars on Yelp, where except for long approval times, customers seemed to be mostly pleased with their experiences. Check Into Cash also had a 1.8-star rating on ConsumerAffairs.com, where the most common complaint revolved around harassing phone calls (even after a loan had been paid in full).
From a company perspective, Check Into Cash is based out of Cleveland, TN and held an A- rating with the Better Business Bureau, based on just 1 closed complaint (as of 8/7/15). There, the single complaint referenced continuing collections after the loan had been paid in full.
Check Into Cash Fees & Eligibility Requirements
Check Into Cash Payday Loans
In order to apply for a Check Into Cash payday loan, you can initially complete a 5-minute online application for amounts ranging between $50 and $1,000, although you’ll need to visit one of the company’s 1,000 physical location for cash advances or title loans.
In either instance, there are no application fees for payday loans, and your credit will not be pulled. However, you will need to have an active checking account that’s been open for at least 90 days, be at least 21 years of age, be a US citizen, have a current home/cell and work phone number, as well as a valid email address.
For these types of loans, you can receive a pre-approval in as little as 30 seconds, have the money electronically deposited directly into your active checking account in 1-2 business days, and then automatically repay the loan on your next payday. If you change your mind, you can return the money within 1 business day without fees.
Check Into Cash Title Loans/Pawn
On the other hand, you can get up to $25K for your vehicle through Check Into Cash’s title loans or title pawn. Here, you’ll need to bring your vehicle to a physical store location, as well as your clear title, a government-issued photo ID, proof of residence, and proof of income. However, you can start the process online and receive a no-obligation appraisal estimate before filling out an application.
As you might imagine, all of Check Into Cash’s services may not be available in all states. In order to check your state’s eligibility, be sure to take a look at the company’s Information by State page.
Check Into Cash Interest Rates
Because of these state regulatory requirements, the interest rates you’ll pay with Check Into Cash will vary, although we found APRs ranging anywhere between 153% and 782% (yes, you read that right!) at the time of our research.
In order to ask questions or apply for a loan, you can call Check Into Cash’s customer service department at 877-577-7977.
Is a Check Into Cash Loan Right for You?
Overall, unless there is no other option, most financial professionals recommend avoiding payday and title loans, whether through Check Into Cash or another direct lender. Sure, they might provide a short-term solution, but the extraordinarily high interest rates and fees can trap you in a cycle of debt for weeks (or even months) to come.
Instead, you might want to try applying for a short-term loan through a credit union, asking your employer for a payday advance, using peer-to-peer lending services, negotiate with your creditors, and more. In fact, if available, using a credit card is often preferable to taking out a payday or title loan.
Considering this, we’d recommend exploring all your options and weighing the pros and cons (HighYa is a great place to start!) before applying for a Check Into Cash loan.
I think you have to understand that these kinds of lenders are very expensive, but that doesn't mean they don't serve a purpose and can't be a useful tool when used wisely. These are short term loans, and there is a small limit to what you can borrow, but in this post economic recession, many people simply don't have access to other forms of credit or would prefer not to have credit cards. I've used the occasional loan in a pinch, but not often. The high-interest rate and the fact that the entire loan is due on your next payday, is for me a positive thing, as it keeps me from using credit impulsively. I like the business and am glad for it when I have a need. But used unwisely I can see how it could be a trap for those who perpetually re-loan.
Bottom Line: Yes, I would recommend this to a friend