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Check city is a payday online lender which additionally has various stores at 4 regions within the US. It was launched in 1986 and it has since then increased its services and it currently offers some good services that include gold purchasing, money orders and more.
Details about the Company
Applying
Unlike in other lending companies where requesting for loans entails several steps, Check City application is a single-step process. All details for requesting for the loan are found on a single page. A person can choose to apply online or go to the lender’s office. And whether the application is done online or in an office, a borrower should provide personal details, income details, job details, bank details, identity proof, and others. When applying online, a person will fill in a form then send it to be reviewed.
Approving
Applicants get a feedback within some few minutes after submitting their application. After the applicant gets approved and signs the loan agreement, the money will be transferred to his/her account the following day. If a person’s application gets approved on a weekend, he or she will get sent the money on the coming Monday.
Those applying in person are required to present their personal check. After getting approved and agreeing to requirements, a person can make out a check to the lender for the owed amount, charges and the interest rate. That check gets cashed on the specified repaying date and the money gets paid in full. When repaying the debt, in-store applicants do not need to go back to a lender which saves them time. Those who apply online get placed in automatic repayment and the money is debited out of their accounts on the specified date.
Extension plan
All in-store clients that are not able to repay within the specified time qualify for the extended repayment option. The lender divides all payments into 4 sections without adding any interest. This lender is actually one of the few payday lenders that provided extended repayment option without any additional charges.
A person can request for the extension plan only once per year. The term for paying back varies per state however in many instances; they are seven, fourteen or thirty-day terms. These terms are based on the borrower’s state requirements, so one should find out the charges, terms and APRs for his/her region. Such details can be found on the lender’s site.
Disadvantages of the available loans
- APR The APR charges and rates are quite high compared to other lenders. It ranges from 214.71 percent to 1173.21 percent depending on the sum of funds a person borrows, repayment plan and the region.
- Extra charges There are some regions which charge fee of between 15 to 30 dollars per 100 dollars borrowed. Besides that, they also charge the verification fee. This implies that the accrued debt can be more than the exact total a person intends to borrow. It is good for borrowers to confirm the APR costs and charges they are agreeing to before signing any agreement.
- Delayed payment Besides the specified interest and additional charges on a loan, if a borrower fails to pay or his/her payment gets cancelled because of inadequate funds, he/she will incur more charges. The company will try contacting the borrower first and plan how the payments will be made. Delinquent accounts can be purchased by 3rd party agencies. Delayed repayments and delinquent accounts are again forwarded to credit agencies and this will affect one’s credit score and eligibility when requesting for loan in future.
Conclusion
This lender having operated for a long time is experienced. The client support team is supportive. Besides that, people that wish to get a loan should rest assured that they will get approved within a few minutes and will receive their funds within one day after applying. Sadly this lender only operates in 4 states and its interest rate is really high. This is so discouraging to most customers. But there are other lenders who operate in many states and have low-interest rates that people can consider. So, make sure you check as many options as you can before you choose where to get your loan from.
Frequently asked questions
- Where do Check City loans operate? Check City is situated in Provo, UT. It was established in 1986 and it provides payday loans in some few states in America.
- What are the charges and rates for the loans? The loan charges range from twenty dollars to one hundred dollars. The loans are referred to as short-term credit source. However, if the annual percentage charges rate is checked, it will be found that the rates range from 182.5 percent to 912.5 percent.
- What amount can one borrow from Check City? The amount to borrow ranges from one hundred dollars to two thousand five hundred dollars.
- What is the maximum loan term that a borrower can be given? Sixty two days.
- What are the requirements for getting the available offers?
- The borrower’s credit score must be at least 300.
- The borrower must be above eighteen years old or as required by the state where he/she resides.
- It is only the United States citizens who are eligible for the loans.
- The company does not discriminate people who are not employed.
- Service members who are still active and those who depend on them are not eligible for the loan. The Military lending act does not allow lenders to charge them an APR that is above thirty six percent.
- Does the lender review credits? Check City does not check the borrowers’ credit with the credit reporting companies. But, they might check the files to see a borrower’s financial history.
- What is the average funding duration for the loans? After applying, the application gets approved within sixty minutes and the money can be sent to the borrower’s account within three working days.
