Pros / It lends in 28 states.
Cons / In some states, it charges a $30 fee.
Verdict / Check ‘n Go is one of the most widespread payday lenders, but it can be more expensive than others.
Check ‘n Go lends in 28 states, which seems like a small number, but payday loans are only legal in 34 states – this makes it one of the lenders with the largest reach. It doesn’t have store fronts in every state, so in some places you can only get loans online.
Applying for an online loan is very similar to applying in a store. You need ID, proof of income and a checking account. Approval is quick, and the only significant difference between an online loan versus an in-person loan is how quickly you get your money. Online loans take one to two business days to deposit, while in-person loans get you access to the money immediately.
Each state regulates payday loans differently. In some, there is a cap on the fees lenders can charge. California, for example, caps fees at $17 per $100 borrowed, and Check ‘n Go complies with these regulations. Some states, like Wisconsin, have no regulations on payday lending. It’s in these states you find the highest fees.
The highest fee we saw Check ‘n Go charge was $30 per $100 borrowed, which is among the higher fees we saw overall. The lowest Check ‘n Go fee we saw was $10 per $100, which is one of the lower amounts we saw, even less than Cash Central and Check Into Cash. If you’re interested in borrowing from Check ‘n Go, look at its website to see what rates are available in your state.
In some states, Check ‘n Go offers installment loans, either as another option or its primary loan type. With an installment loan, you can borrow larger amounts and have longer to repay them. However, they have the same effective rates as payday loans and can end up being very expensive over their repayment terms.
The Choice Loan is another option Check ‘n Go offers. It’s like an installment loan, but you choose how long you want to pay back the load and how much to make on each payment. Unlike other installment loans, the Choice Loan has more flexibility and can be customized to your financial situation. It’s only available in 10 states though.