10 Payday Loan Benefits and How They Can Work For You Tom Hartford, Senior Editor January 8th, 2021 Affected by COVID-19? We've pulled together a few resources to help during this unprecedented...
Tom Hartford, Senior Editor
October 9th, 2020
Affected by COVID-19? We've pulled together a few resources to help during this unprecedented situation. Learn more about how to handle COVID-19 here.
You deserve to hear the truth, no matter how terrifying it may seem. But guess what? Sometimes things seem scary on the outside, but when you get to know more, they’re not so bad.
This is true especially for our products, our business, and our entire industry. So let’s talk about a few common fears about doing business with Check Into Cash.
We’ve investigated some common negative perceptions about our business that we’d like to put to rest. Here are a few myths and facts about small-dollar loans.
Check Into Cash conducted a recent survey to ask people what scared them most about small-dollar loans. Survey results are calculated from responses of 6,451 participants voting via email.
Well, well, well— this is the one we hear the most often. We’ve been called Price-Gougers, Loan Sharks, and Thieves. You name it, someone has probably said it. It’s understandable, because seeing an interest rate in the triple digits may look outlandish at first. However, the reason why just may surprise you.
Most people don’t know it, but regulators require payday lenders to display their interest rates as Annual Percentage Rates (APR). This is measured over a 12-month span. But wait, a typical Payday Advance usually only lasts two weeks. Despite this, we’re required to display rates as yearly percentages.
For a simple example, imagine going to a hotel and asking the front desk clerk “How much is a room for the night?” Then, the clerk responds, “Our rate is $54,750 per year”. Say what!?
While that hotel room is only $150 per night, explaining the amount in yearly terms makes it look and sound much larger. In fact, the average fee for a single payment small-dollar loan is about $15 per $100 of the loan, according to the CFSA. Rest assured, Check Into Cash always lets you know exactly how much you’re going to pay based on your specific loan.
Plus, short-term and small-dollar loans offer lower amounts, but with much higher risk. So, in order for us to support customers and continue offering these loan products, it’s necessary that we charge higher rates than you would traditionally see for larger, lower-risk bank loans.
It’s obvious, no one wants to be in the position where they need to use our services. However, life happens. And when it does, we are here for you.
Let’s be real— creditors and bill collectors can sometimes be like blood-sucking vampires, relentlessly holding out their hands while you’re sporting empty pockets. However, Check Into Cash offers relief to help you get back on your feet and silence the noise. We don’t want anyone getting stuck in a cycle of debt. Plus, we strive to promote a healthy financial lifestyle for all our customers and employees, too.
This is the main reason why we started introducing more types of loan products to fit the financial needs of each individual. For instance, a Payday Loan offers low amounts and very short terms; it’s a quick and simple solution. However, the addition of Installment Loans lets you borrow higher amounts and pay back over months instead of weeks, all while rocking a lower monthly payment.
So, whether you need a quick easy boost, or you want to consolidate other debt into one monthly payment, we have your back. Let us help get you out of the dreary tomb of debt.
Trust isn’t granted, it is earned. We are aware of the extreme negative perceptions floating around against businesses like Check Into Cash. In fact, we’ve been fighting the angry mob with our good deeds ever since they first chased us with torches and pitchforks.
With many businesses out there trying to abuse or take advantage of customers in need, this is a very classic case of the few ruining it for the many. To combat unethical procedures of these greedy monsters, Check Into Cash has taken business ethics to the next level. That’s why we joined together with other small-dollar lenders to create a new standard to protect customers like you.
You may not have heard of it, but Check Into Cash is proudly one of the founding members of the Community Financial Services Association of America (CFSA). Launched in the year 2000, we’ve been a leading member ever since. The CFSA requires higher standards and best practices for small-dollar lenders, all while keeping the financial safety of the customer at the forefront. We believe in full disclosure of our loan products and truthful advertising.
Hopefully this helps to clear up a few myths and facts about small-dollar loans. So, when you’re in a financial bind, know that Check Into Cash is a trustworthy lender with your best interests in mind.
Did you know Check Into Cash provides more than Payday Loans? That’s right, we also allow Check Cashing, Money Transfer, Bill Pay, and more. Discover all we have to offer by clicking below.
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For rates and terms in your state of residence, please visit our Rates and Terms page. As a member of CFSA, Check Into Cash abides by the spirit of the Fair Debt Collection Practices Act (FDCPA) as applicable to collect past due accounts. Delinquent accounts may be turned over to a third party collection agency which may adversely affect your credit score. Non-sufficient funds and late fees may apply. Automatic renewals are not available. Renewing a loan will result in additional finance charges and fees.
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Customer Notice: There are a wide variety of loan products available in the marketplace, so your choice of lending products should match your financial needs. Small-dollar loans used over a long period of time can be expensive. To view a list of the states we service online, please visit our Rates and Terms page. For our privacy policy, please visit our privacy policy page. Notice to California customers: Check Into Cash is licensed by the Department of Financial Protection and Innovation pursuant to the California Deferred Deposit Transaction Law. Notice to Utah customers: For questions or complaints please call the Utah Department of Financial Institutions at 801-538-8830 (Utah customers only). Notice to Louisiana customers: If you cannot make payment when due, you can ask to enter into an extended payment plan once in a twelve-month period, but the request must be made before payment is due. Should your lender (Check Into Cash) refuse to enter into an extended payment plan upon your request before the due date, contact the Office of Financial Institutions at 1-888-525-9414 (Louisiana customers only). Notice to Texas customers: In Texas, Check Into Cash operates as a Licensed Credit Access Business (CAB). The actual Lender is an unaffiliated third party.Notice: An advance of money obtained through a Small Loan or Auto Loan is not intended to meet long-term financial needs. A Small Loan or Auto Title Loan should only be used to meet immediate short-term cash needs. Refinancing the loan rather than paying the debt in full when due will require the payment of additional charges. Check Into Cash engages in the money transmission business as an authorized delegate of Western Union Financial Services, Inc. under Chapter 151 of the Texas Finance Code. Notice to Delaware customers: There are a wide variety of loan products available in the marketplace, so your choice of lending products should match your financial needs. Small-dollar loans used over a long period of time can be expensive. A payday loan is not intended to meet long-term financial needs.