Looking for emergency funding can be challenging, as there are several options to consider.
However, not every company is honest or legitimate. Obtaining fast cash via a loan, payday loan, title loan, or other methods can be daunting. Several loan companies operate in-person and online, and one of those is Check ‘n Go.
The process is usually quick, as you provide them with the necessary information and get emergency funding in one business day. However, one issue with such companies is high-interest rates and fees, as you may end up paying more than the original principal.
Having bad or poor credit can be an obstacle for those trying to get a bank loan, leading people to cash advance companies as a last resort.
Read on to uncover our ChecknGo.com review, the pros and cons, reputation, and any other questions you may have about the company.
General Information About Check ‘n Go
Check ‘n Go is an Ohio-based cash advance company that has almost 1,000 physical stores. The company provides financial services, such as:
- Payday Loans: Maximum amount depends on the state
- Installment Loans: Get up to $5,000 to help pay for expenses
- Cash Advances: Short-term, unsecured loan, similar to payday loans to help with upcoming expenses
- Netspend Prepaid Mastercard: Receive a debit card, which other cash advance companies do not offer
- Check-Cashing: Cash your check in select states
- The Choice Loan: A customized loan where you choose the amount, number of payments, and payment amount
- The Select Loan: An exclusive $1,000 loan for Ohio-based residents, where you may receive funds on the spot if qualified
Check ‘n Go also operates online in select states, where you can apply and get a quote in a few minutes. From there, they will determine if you qualify and how much.
As a result, Check ‘n Go is an option for many for emergency funding with various choices.
The Pros of Check ‘n Go
Check ‘n Go has quite a few pros, including:
- Lenient on credit history
- Fast funding with no collateral
- Physical stores for more assistance
- Several options online and in-store
Lenient on Credit History
Check ‘n Go states that poor or bad credit is just one factor in their application process and does not deny you their services. As a check-cashing company, they understand not everyone has good credit and doesn’t believe it should deny them a loan.
If you were to get a bank loan, your credit history is considered, giving you less chance to obtain money quickly.
For many, this is a great opportunity without having their credit history hold them back.
According to Experian, the average FICO score in the United States is 711, deemed “Good.” However, those who fall into the other categories, such as “Fair” and “Very Poor,” can apply for a Check ‘n Go loan without being rejected.
Check ‘n Go will consider a minimum FICO score of 500, which is in the “Very Poor” category. Other factors include your salary and if you can pay the loan on time.
Fast Funding With No Collateral
When you apply for a bank loan, those with good credit or better get approval in one to three days. However, those with poor or bad credit will take longer as they consider other factors, such as salary. For many, they are denied a loan because the bank believes they cannot pay on time.
However, Check ‘n Go allows you to receive money in one business day. For their select locations in Ohio, you can receive same-day deposits or cash.
In some states, Check ‘n Go is a direct lender that cuts out the middleman for faster approval. The amounts are from $150 to $5,000, depending on the service and state.
Lastly, Check ‘n Go provides primarily unsecured loans, which means there is no collateral, such as your home or vehicle. Collateral and liquid assets can be detrimental, making matters worse. Collateral also hinders those from obtaining a loan, as some may not have any.
Physical Stores for More Assistance
If it’s your first time approaching a cash advance service, it can be overwhelming, prompting you to ask questions and speak with a representative.
Check ‘n Go has approximately 1,000 physical stores in the United States where you can apply and receive funding and speak with an individual.
If you apply online and have any issues, you can go in-store and have issues resolved without having to wait over the phone.
There are many online cash advance companies or lenders based solely on the internet, and they tend to have more subpar customer service relying on chats or phones.
A quick search reveals that many Check ‘n Go stores have roughly five-star ratings. The high ratings are consistent within every state, citing that Check ‘n Go has reliable customer service in-store.
Whether it’s in-store or online financial services you seek, it can be convenient for a company to have several customer service options.
Several Options Online and In-Store
Check ‘n Go provides multiple financial services, which are available both online and in-store. However, depending on the state, there are specific loans catered towards online and in-person, such as exclusive loans in Ohio called “The Select Loan.”
Most cash advance companies provide payday loans and installments. Check ‘n Go includes cash advances, payday loans, a debit card, and other loans up to $5,000.
While you can only apply and be approved for one loan at a time, having several options on the table for the future can be convenient.
In particular, “The Choice Loan” that Check ‘n Go offers is not available with other cash advance companies, which provides flexibility for those who are on tight budgets. It is an installment loan of up to $5,000, and you choose the number of payments and payment amount, even with a poor credit score and no collateral.
Overall, if you choose one service, you can continue using Check ‘n Go if you want more options.
VIDEO: Overview Of The Check ‘n Go Pocket360 App
If you were to investigate other check-cashing companies, you would find many of them not displaying their interests and fees. While it does change depending on the state, Check ‘n Go has a fee and interest rate schedule for every state.
Check ‘n Go displays licenses, products, terms, and financial schedules all in one place on the state center page.
For example, Florida has a maximum payday loan of $500. If you apply online, you have to pay between ten to 31 days. However, in-store in Florida, you must pay between seven to 31 days. The fee schedule shows an amount from $15 to $55, depending on the amount with an APR between 286% to 391%.
Displaying this information helps people to plan their finances accordingly. The ability to plan reduces your chances of defaulting, possibly going to a debt collector.
Licenses and disclosures are available for viewing, which can build trust that Check ‘n Go is a legitimate business.
The Cons of Check ‘n Go
While there are pros, in a ChecknGo.com comparison, it’s vital to consider the cons.
- High-interest rates and fees
- Limited states and funding
High-Interest Rates and Fees
One of the biggest cons for Check ‘n Go (and most check-cashing companies in general) is the high-interest rates.
These interest rates tend to be the highest on the market, more than bank loans and credit cards. For those who have issues paying off debts, getting a cash advance or payday loan may not be a good option.
The APR on some loans for certain states is reduced when you take out the max loan and at the max period, which can be viewed as an incentive.
The rates depend on the state. For example, in Alabama, they offer an APR of 456.25% on $500 payday loans. For Michigan, they offer an APR of 342.10% on $500 payday loans. Unfortunately, these are still incredibly high APRs compared to bank loans.
While Check ‘n Go may accept you for a poor credit score, they may increase the APR depending on other factors, such as salary and credit history.
VIDEO: Check n’ Go Explains Why They Have High Interest Rates
In a 2016 report, Check ‘n Go was the third highest amongst complaints within cash advance companies. In general, check cashing and their services have been seen as predatory since they target those who need fast cash and use inflated interested rates.
Also, there may be issues with repayments and additional fees if you are not careful. For instance, if you do not pay on time, you will get an additional late fee on top of your current APR and other processing fees.
There have also been complaints about customer service, such as not reaching someone for help or having their questions answered. In-store tends to have better customer service, but not everyone can drive to one of their locations.
Despite Check ‘n Go claiming you can have cash in one business day, their approval process can take several days.
Overall, many customers have expressed feeling frustrated with Check ‘n Go despite receiving their funds due to the follow-up.
Limited States and Funding
Unfortunately, Check ‘n Go is not available in every state. In some states, they only have online services, retail services, or both. Many states have banned payday loans due to past predatory accusations, which is not Check ‘n Go’s fault.
Their funding is also limited to small and medium amounts, making them undesirable with a huge APR attached. Currently, the highest loan Check ‘n Go offers is $5,000, but it is only available in select states.
Bank and business loans can amount to much more, although they may require collateral, whereas Check ‘n Go offers unsecured loans.
Payday loans and cash advances are heavily regulated with limitations attached, with payday loans varying from state to state. In California, the max payday loan is $255. However, in Florida, the max payday loan is $500.
Check ‘n Go cannot control these limits, but significant APR rates with small amounts make these types of loans risky. As a result, Check ‘n Go may be seen as a last resort for emergencies.
Overall Reputation & Reviews for Check ‘n Go
Overall, Check ‘n Go has mixed reviews.
On TrustPilot, the company has a 4.3 out of a 5-star rating. About 83% have had an excellent experience, with 8% having a great experience, with the other 9% having average or poor experiences.
However, despite not being accredited by the BBB, the Check ‘n Go BBB page has a poor rating with many customer complaints.
Consumer Affairs reviews are also poor, with a collective rating of 1.4 out of a 5-star rating.
In general, most complaints are about Check ‘n Go after approval and receiving funds. Customers complained that they saw increases in their payments or did not receive payment assistance after realizing they cannot pay on time.
For physical stores, most ChecknGo.com ratings are high and consistent amongst different states. People state that they received top-notch customer service at these locations. Some reviews also note better assistance in-store than online.
Overall, Check ‘n Go is a legitimate business, but everyone has a different experience.
Q&A for Check ‘n Go
Which States Does Check ‘n Go Operate In?
Check ‘n Go allows both online and retail in the following states:
- New Mexico
- South Carolina
Check ‘n Go allows online services only in these states:
Check ‘n Go offers retail only products in these states:
- Rhode Island
Which Type of Loans Does Check ‘n Go Offer?
Check ‘n Go offers four types of loans:
- Payday Loans: Payday loans require the least amount of requirements as ChecknGo gives the maximum amount available in select states. APR is high despite small amounts, which can be risky, but also fit for an emergency. Payday loans are best for those who need to pay bills but cannot way until payday.
- Installment Loans: Check ‘n Go offers up to $5,000 installment loans depending on the state. You can apply online, receive funds after approval in one business day, and receive free access to credit reporting. The installment loan is suitable for larger expenses with a more extended payment period.
- The Choice Loan: Check ‘n Go created a customizable loan where you choose an amount up to $5,000, the number of payments and the payment amount. Unlike their other loans, this is a long-term loan, best for those who want more flexibility. You can only apply for those loans in-store in select states.
- The Select Loan: Only in Check ‘n Go stores in Ohio, The Select Loan allows Ohio residents the chance for approval and funding on the spot, with flexible terms, lower rates, and lower payments. It is a short-term loan that is best for those looking to pay off or consolidate debt.
How Do I Qualify for Check ‘n Go Loans & Do They Require a Credit Check?
Check ‘n Go requires the following for approval:
- Full name and date of birth
- Mailing and email addresses
- Valid ID
- Social security number
- Verifiable income
- Active checking account
- Working phone
Check ‘n Go does require a credit check as the minimum FICO score to use their services is 500. However, a poor credit score may not deny you a loan with this company. Like most check-cashing companies, a higher credit score is desirable but not required.
Qualifications also depend on which loan, the amount, and the state. For example, The Select Loan is only available for Ohio residents.
Check ‘n Go is more concerned if someone can pay on time and may look at your current employment and income than your credit score. Their flexible and customizable loans are for qualified individuals who exhibit a strong history of paying debts. In contrast, their payday loans require an ID, active checking account, SSN, and working phone number for approval.
How Much Does Check ‘n Go Cost?
Check ‘n Go has a state page that shows what their charges are per state to find current rates and fees. The APR is reduced if you take out the maximum amount and payment period. However, more significant amounts also mean larger transaction fees.
Also, depending on the location, the maximum period can change, requiring more fees.
Check ‘n Go offers transparency, showing their rates and fees depending on the amount. For example, they provide online payday loans in Texas up to 1,250. They reveal that a 14-day pay period for a $1,250 payday loan will incur a $317.29 finance charge and 661.78% APR.
For a 30-day online payday loan in Texas, there will be a 314.16% APR with a $322.77 finance charge for a $1,250 amount.
The APR on their payday loans is among the highest in the industry, while their installment loans are much lower.
If you do not pay on time, your APR can inflate up to 1,850%.
If you’re looking for emergency funds, Check ‘n Go may be an option for some who need flexibility. However, it’s not the best option for everyone. Particularly, cash advance, payday loans, installment loans, and others from check-cashing companies are risky and not for those in heavy debt. Instead, they should be temporary solutions when cash is tight.
That being said, if you are looking for a loan with poor credit history, Check ‘n Go may approve you quickly, as long as your FICO score is above 500.