wide range of services, interest rates transparent on pay day loans, good customer service & FAQs
Installment loan rates not stated, not in 'top ten' of pay day loan companies
A reasonable option for short term loans as long as you meet the terms & conditions
Check N Go (PayDay Loans) Review - How do the rates and service terms compare?
But the reality is that in these days of credit card fees, mortgage arrears and already-expensive overdrafts, there may come and time when you have to consider it. The circumstances replicate themselves across the world: car breakdown, utilities payments, medical bills - if you don't see to these urgently then you can't get to work, heat your house or afford a doctor. A nightmare; but easily fixed with a short term loan.
And they couldn't be easier to get.
Online, 'faxless' or through one of many neighborhood storefronts, all you need is a regular paycheck. No credit checks, references or endless forms, and, most importantly, no waiting. A Check ‘n Go payday loan gets you cash instantly through a store or as soon as the next business day online, hassle-free. All payday loan fees are stated up front, so you know exactly what to expect and when the repayment is due.
And Check n' Go offers further financial services; they are somewhat of an innovator in the pay day loans business (one review called them the Apple of pay day loans). You can take out an installment loan, a car title loan, a cash advance or cash a check. These services are offered through partner organizations, so that customers can 'discover your best financial solution, no matter the situation.'
So down to the nitty-gritty. What loan rates do Check n'Go offer and how do they compare with the competition?
This is not so immediately simple because every state in the US has it's own legislation covering pay day loans and interest rates vary from state to state. However the Check n' Go website does offer an instant calculator for each state, you just enter the amount you want to borrow and it states the interest rate, amount and repayment schedule.
I checked a $400 loan for Alabama and Idaho (completely randomly chosen...) and found that the 'finance charge' (i.e. interest) with Check n' Go was $79 payable in 14 days at an interest rate of 456.25%. In Idaho $400 would cost $100, an APR of 651.79%. Identical loans from another supplier were one dollar ($1) more expensive for Alabama and $20 cheaper for Idaho: ($80 fee = 521.43 APR). So if you're looking for a short term, one-off loan then the answer seems to be shop around depending on where you live.
Further factors to consider are customer service, security (for online purchases) and full disclosure of terms and conditions. Check n' Go provide some useful FAQs on what to look for - for example check that the provider has a physical address and phone number and that it follows the financial laws and regulations of your home state. In these areas, the indications for Check n' Go are good.
'They seem to be more aware of what their customers want, and how to continually advance their company' says one reviewer.
And they continually bring new products and services to the market such as pre-paid debit cards and tax services.
However, it will pay to be careful with these newer services. I couldn't find any interest rate stated for their installment loans, which offer bigger loans with regular repayments. There are also some doubts about the legality of installment loans in some states so check carefully.
Feedback on debt consolidation forums is that there is little or no flexibility with the repayments. One customer asked if they could negotiate a repayment plan and was told that, 'the repayment plan is only for payday loans, not installment plans.'
So caution is the by word.
There is, of course a role for pay day loans services and many payday lenders believe that their services offer great alternatives to bank overdraft fees and returned checks. Do the sums.
Will your pay day loan cost more than your credit card interest or overdraft fees? Is your credit rating clean and do you want it to stay that way?
Many people are very happy with a quick, easy loan which gets them out of a hole with a minimum of bother.
For people who can pay back their loans next week Check n' Go are as good as any other company.
Avoid the installment loans unless you are quoted an interest rate that is favorable. And check the debt consolidation forums for real advice from real people on this industry and its products.
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