After comparing payday lenders on the basis of a variety of factors, including availability and pricing, we found that Check Into Cash was the best lender in general. We must be careful, however, that this does not make it safer than any other provider. These loans are still expensive and risk trapping you in a debt cycle in which you take out a new payday loan to repay your existing loans.
Check Into Cash has locations in 32 countries, more than just lenders such as Check City. Check Into Cash only offers online loans in certain states and can offer various loans in its stores, depending on the state in which you live. If you plan to apply, check the state center of Cash to see which options are available where you live.
You can claim loans in the stores or online. Each application requires your social security number, a photo identification, an active checking account and income proof. Whether you apply in a physical store or online, the loans have the same fees and applications. The only big difference is the speed you get your money.
You get your money immediately when you apply in person. You have to wait one to two business days with an online loan. Loans from Payday do not charge interest rates. Instead, the amount you borrow is charged with a financial charge–usually a fixed amount for every $100 you borrow. The financial burden varies depending on the state in which you live. California and other countries have regulations.
Since each state has different regulations, we examined how much to charge cash in states such as Wisconsin and Texas, where the laws are less stringent. In those countries, we have seen the highest fees, with a financial fee of $25 per $100. Although expensive, there were more expensive lenders. The lowest fee we saw was $13 per $100 borrowed from Check Into Cash.
In some cases, you may need more money than a payday loan can give you. In these situations, you can apply for an installment loan that provides a longer repayment period for more funding. Deposit loans are even more expensive than payday loans–you will pay more than twice the amount you borrowed during the life of the loan.
Credit lines are as close to a safe option as you can find by a lender such as checking in cash. Credit lines work like credit cards-only what you use is paid back and you can make minimum payments. The minimum payment is usually a membership fee of $10, about 5% of the principal and any interest applicable, but the interest rate is high.
PROS / Loans are provided in 32 countries–more than any other lender.
CONS / The service fees are not particularly low.
VERDICT / check in cash is one of the best payday loan options. It has many venues and additional financial services.