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Frequently Asked Questions


The Facts about Payday Advances or Payday Loans

Welcome to Check Into Cash. Thank you for selecting us to assist with your short-term credit needs. As a consumer, you need straightforward answers to your questions in order to make an informed decision about using a payday advance or payday loan service. Please take a moment to look over the questions that are frequently asked by new cash advance or payday loan customers. We want you to have adequate information before you decide to use a cash advance or payday loan. And, of course, if you have additional questions, just ask your Center Manager or call our Customer Comment Line toll-free at 1-800-504-9101. It is our privilege to serve you.

GENERAL QUESTIONS

GETTING A PAYDAY ADVANCE LOAN IN A STORE

GETTING A PAYDAY ADVANCE PAYDAY LOAN ONLINE

UTAH SPECIFIC QUESTIONS

GENERAL QUESTIONS

What is a payday advance or payday loan?

A cash advance or payday loan is a short-term loan that covers unexpected expenses until your next payday. You simply write a check for the fee and the amount you want to borrow, and we advance you the cash you need. We hold your check until your next payday, at which time you can come in and pay back the advance.

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How much will I be able to borrow?

State law generally regulates the maximum advance amount available. Within the allowed range, you will qualify for a particular advance amount based on your current income or additional state requirements. Sometimes you may not be able to get as much as you'd like; but a payday advance or payday loan may be part of your financial solution, if used responsibly. We won’t really be helping if you borrow more than you have the ability to repay.

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Do most people use a payday advance or payday loan for the same reason?

More than likely. An increasing number of consumers choose a payday advance or payday loan to cover unexpected expenses or to bridge a short-term cash crunch between paydays, without incurring revolving debt. A cash advance or payday loan is a short-term credit option that may provide a sensible alternative to costly bounced checks (from other merchants), late payment charges from other creditors and tarnished credit ratings.

However, you should evaluate the costs and benefits of alternatives before borrowing. Some other forms of short-term credit may be less expensive such as a loan from another institution or from family or friends, a credit card payday advance, account overdraft protection or a salary advance from your employer.

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What happens if I change my mind after taking out a payday advance or payday loan?

As a founding member of CFSA, Check Into Cash follows a set of Industry Best Practices (and in some cases, state law) that enables you to rescind the transaction at no cost before the end of the following business day, by returning the full amount of the advance.

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How often do most people use cash advance or payday loan services?

Statistics vary, but according to CFSA, researchers and state regulators consistently report that 70-80% of customers use payday advances between once a year and about once a month. However, a payday advance or payday loan, like other forms of credit, is a financial option that should be used responsibly, and only when needed for unexpected expenses. It is not intended to be used as a long-term budget solution. Should you need help with budgeting or debt management, call the National Foundation for Credit Counseling at 1-800-388-2227. NFCC is a national network of nonprofit Financial Care Centers TM, dedicated to helping people learn how to budget and use credit wisely. With one toll-free call you will be connected to the Center nearest you.

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Will my cash advance or payday loan transaction be confidential?

Please see our Privacy Policy for more information.

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How much does it cost?

The fee is competitive and in compliance with applicable state or federal law. It is our goal to offer you the best service at the most competitive fee possible.

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Are payday loans outrageously expensive?

No. A typical payday loan can be less expensive than many other alternatives.*

  • $100 payday advance with a $15 fee = 391% APR
  • $100 credit card balance with a $37 late fee = 965% APR
  • $100 utility bill with $46 late/reconnect fees = 1,203% ARP
  • $100 bounced check with $54 NSF/merchant fees = 1,409% APR
    • * Other costlier alternatives to a two week payday advance were obtained from bankrate.com.  APR was calculated by taking the fee dividing it by the 14 day loan period and then multiplying it by 365 days. 

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GETTING A PAYDAY ADVANCE LOAN IN A STORE

How do I qualify for a payday advance or payday loan?

Typicaly, all you need to bring into one of our payday advance stores is:

  • A current pay stub
  • A state or federally issued photo ID
  • Your most recent active bank checking statement

*Oklahoma and Indiana residents must bring proof of a Social Security Number

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Is my credit rating checked before I receive a cash advance or payday loan?

No.  Check Into Payday Advance stores does not use traditional reporting agencies when reviewing applications.  In some of our stores we use TeleTrack and/or Veritec (state database) during the underwriting process.   So even if you have bad credit or have had a bankruptcy, we still may be able to help you.

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Getting a Check Into Cash payday advance or payday loan is such a simple and easy process, why is there so much information in the Customer Agreement?

The Agreement you read and sign prior to receiving a cash advance or payday loan is a contract that complies with all applicable state or federal disclosure requirements. It fully outlines the terms of the cash advance or payday loan transaction, including the cost of the service fee both as a dollar amount and as an annual percentage rate (APR). Although a payday advance or payday loan is a short-term financial solution and is not intended as a long-term source of credit, we provide you with the APR in the interest of full disclosure. We want to provide you with all the information you need to make an informed financial decision.

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Can I renew, or extend, my payday advance payday loan by paying just the fee again on my due date?

Though some state laws allow rollovers, most do not. Even in states that permit rollovers, CFSA member companies, like Check Into Cash, limit rollovers to either four, or the state limit, whichever is less.(The limiting of rollovers is a consumer protection designed to ensure responsible, short-term use of the service. It is important that you fully evaluate the cost versus the benefit of rolling over a payday advance or payday loan.)

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What happens if I don't have the funds necessary to repay the payday advance or payday loan on my due date?

Like you, we hope this doesn't happen. But if it does, Check Into Cash is committed to collecting past due accounts in a professional, fair and lawful manner. If we deposit your check and it is returned by your bank due to insufficient funds, you may be charged a returned check charge if permitted by applicable law. (You should be aware that most financial institutions will also charge an NSF fee for a returned check and in some circumstances might revoke your checking account privileges.) You will be responsible for payment in full of your account, including the returned check charge. We will contact you to collect the amount due. (If necessary and appropriate, your account may be turned over to a collection agency.)

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If my Check Into Cash account becomes past due, will I face criminal prosecution?

No. In accordance with CFSA's Best Practices, our company policy is not to pursue criminal actions against a Check Into Cash customer as a result of the customer's check being returned unpaid. (If it becomes necessary and is appropriate, however, we may seek civil remedies to collect past due accounts.)

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What can I do if I'm ever dissatisfied with the service received from Check Into Cash?

We strive to provide friendly and professional customer service and receive very few customer complaints. But occasionally a problem will arise. If you have a concern that is not resolved to your satisfaction by your Center Manager, we invite you to call our Customer Comment Line toll-free at 1-800-504-9101 or email us at askbob@checkintocash.com. We welcome the opportunity to address your concerns.

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GETTING A CASH ADVANCE PAYDAY LOAN ONLINE

Does Check Into Cash offer payday loans online?

Yes, Check Into Cash presently offers payday advance payday loans through its online subsidiary Loan By Phone. Our application is protected with 128-bit encryption. While we accept applications from all 50 states and the District of Columbia, we only offer payday advances or payday loans online in many states. If we are unable to fulfill your online credit needs, we will work with other online credit providers who may be able to assist you if you choose this option. To view our privacy policy and opt-out process, please visit Check Into Cash online Privacy Policy.

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Does Check Into Cash work with other payday lenders?

We know that in unexpected situations getting emergency cash quickly is important to you. In the event we are not able to complete your loan request, we will work with a network of lenders to get you your money if you choose this option.

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What is an online cash advance or payday loan?

It's a short term loan that helps give you some extra cash when you need it before payday! The amount is usually between $100 and $800 depending on credit criteria and state law limitation

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Can I qualify for an online payday advance payday loan?

Yes, it's easy! To be approved for a payday advance, you only need:

  • To have had your current job for at least 90 days
  • Be 18 years of age (19 years of age in Alabama and Nebraska) or older and a citizen or permanent resident of the United States
  • To have a take home pay of at least $1000/month after taxes
  • Have a current home and work phone number and valid email address

*Oklahoma and Indiana residents must bring proof of a Social Security Number

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Does Check Into Cash offer no document or faxless payday loans?

Yes, through its online subsidiary (Loan By Phone.com), Check Into Cash offers no fax payday loans online. No fax loans are available in states that allow no documentation loans. See www.loanbyphone.com for a list of states that allow faxless cash loans.

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How much can I get?

You may qualify for a quick payday advance payday loan from $100 to $800.  Loan amounts are determined during the credit decision process and state maximum limits.

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How do I get the money?

After your cash advance is approved and your service representative has contacted you, the money is electronically deposited directly into your active checking account.

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Can I still get a loan if I have bad credit or a bankruptcy?

Yes! Even if you have had credit challenges in the past, you may be able to get the money you need, so don't hesitate to apply now.

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How long does it take to get an online cash loan?

It takes just minutes to fill out our online payday loan application! We give you an online decision and if approved, you can have your funds on the next business day in most cases! A Check Into Cash telephone representative will then call you to verify your application information.

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Do I need a fax machine or printer?

Yes. In the event we need additional information (such as a bank statement and/or pay stub), you need access to a printer to print the loan documents and a fax machine to send the sign documents back in some cases. The lender assigned to your application may require that you fax in additional information, such as a copy of your recent pay stub or bank statement. Kinkos, Office Depot, Office Max, Staples, Mail Boxes Etc. and other stores offer fax services if you do not have access to a fax machine.

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How much does it cost?

The fees will vary depending on the amount of your payday advance and your state of residency.  If you receive a loan from a lender other than Check Into Cash, your lender will notify you of the exact fee for your loan at the time your application is submitted. It is worth noting that cash advance loans are designed for your emergency cash needs and are frequently less expensive than check fees, late charges and other costs you might incur due to late payments to other creditors.

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If I already have a payday loan outstanding, can I still qualify?

Of course you may!  Even with another loan outstanding, that is not with Check Into Cash, you may still qualify for a payday loan.*

* In some states that require lenders to report to a statewide database, this may not be the case.

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How and when do I repay the loan?

The loan amount and loan fees are withdrawn from your checking account automatically on the due date of your loan. You don't even need to think about it! You don't need to make any payments or visit any store. You can also request a renewal (if permitted by the state you reside in) if you need it by contacting us (if we are holding the loan) or your lender before the due date. Additional fees do apply to loan renewals.

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What States are you licensed for business?

Check Into Cash is licensed to operate payday advance centers in numerous states and online in as well. Our services may or may not be available in your particular State. To view a list of the states we have an online payday lending license for, please visits our license page.

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How long does it take to get a loan approved?

With our online processing you will know within 60 seconds if your loan request is accepted by Check Into Cash or another online lender if you chose this option. Approved requested are proceed within minutes of receipt during normal business hours and funded the next business day in most cases.  See example of next day funding under "What Bank Holidays will affect my loan?".

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What hours is the service available?

We accept requests for payday advance payday loans 24 hours a day, seven days week, 365 days a year. Our Loan Processing Staff are available from 9 am to 7 pm Monday-Friday (EST) and 10 am to 3 pm on Saturdays. We can only electronically fund loans to your checking account on days (Monday–Friday) when your bank is open. Other funding options may be available. You will need to contact our office.

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What Bank Holidays will affect my loan?

The following holidays are observed each year by all Federal Banks and their branches:

New Years Day
Martin Luther King, Jr. Day
Washington's Birthday
Memorial Day
Independence Day
Labor Day
Columbus Day
Veterans Day
Thanksgiving Day
Christmas Day

Holiday Policy:
For holidays falling on Saturday, Federal Reserve Banks and branches will be open the preceding Friday. For holidays falling on Sunday, all Federal Reserve Banks and branches will be closed the following Monday.

We complete application verification at 7:00 PM EST. If approved, your money will electronically transfer (ACH) to your bank that day (assuming it is Monday - Friday and is not a bank holiday). The funds should arrive at your bank the following day. You can contact the ACH department of your bank to verify that the funds have been credited to your account.

Loans received after 7:00 PM EST are processed the next business day.

What does "Take Home Pay" or "Net Pay" mean?

The net total paycheck amount after any taxes or deductions has been taken out.

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What is a Bank Routing number?

The bank routing number is the nine (9) digit number on the bottom of your personal checks and is used to identify your banking institution. The routing number begins with 0, 1, 2 or 3. Some credit unions have a separate routing number for ACH transactions. If you bank with a credit union, check with your bank staff if you suspect this number is different from the one on your personal checks. If this number is not entered correctly during the online application process, it will delay the approval and funding process of your loan request.

Bank routing Code

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How do I find my Bank Account number?

Your bank account number is located at the bottom of your personal checks. Sometimes your check number is also found on the bottom of your check. Don't include your check number with your bank account number. If this number is not entered correctly during the online application process, it will delay the approval and funding process of your loan request.

Bank routing Code

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UTAH SPECIFIC QUESTIONS

How are payday loan fees established?

Our Payday advance fee is competitive and in compliance with applicable state or federal law. The interest under the loan agreement is calculated using the simple interest method, is earned on the disbursement date and continues to accrue on the outstanding balance owing until the payment date. Examples of our fees per $100 amounts financed for a specific number of days can be seen on our fee schedule (click here). It is our goal to offer you the best online loan service at competitive fees.


Can I pay my loan off before the payment date and if I do will I get a refund of interest?

Yes. You can pay off your loan earlier than the payment date and possibly receive a refund of the pre-calculated interest. If you would like to pay your loan off early you may call Loan By Phone at 1-877-577-7977 and we will be able to give you your early pay off amount. You may then send the payment by Western Union, use your debit/credit card or submit a letter authorizing Loan By Phone to ACH your checking or savings account on a specific day.

Important Note : In some states, Check Into Cash Cash payday advance or payday loan Centers operates only as a marketer and servicer for a federally insured financial institution. In those states, the financial institution, not Check Into Cash, decides whether or not to make the payday advance or payday loan, sets the terms and conditions applicable to the advance, and funds the advance. As a member of the industry's national trade association, the Community Financial Services Association of America (CFSA), Check Into Cash acts as a marketer and servicer only for those financial institutions that comply with CFSA's Best Practices.
Customer Notice: Payday advances and payday loans should be used for short-term financial needs only,not as a long-term financial solution.
Customers with credit difficulties should seek credit counseling before considering cash advances and payday loans.
Services or products displayed may or may not be available in your particular state.
To view a list of the states we service online, please visit our license and fees page. For our privacy policy, please visit our privacy policy page.
Notice to Utah customers: If you have QUESTIONS OR COMPLAINTS please click on the link.
Notice to TX customers: In Texas, Check Into Cash Operates as a Registered Credit Services Organization (CSO). The actual Lender is an unaffiliated third party.
Notice to CA customers: Check Into Cash is licensed by the Department of Corporations pursuant to the California Deferred Deposit Transaction Law.
Please read through the Articles on Cash Advance, Payday Loan, & Fast Cash.