CheckSmart Loans Review

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Searching for a loan is a tiresome process if you don’t know where to start. With so many companies, it can be frustrating to find one that will accept your credit score. An excellent choice for payday loans is CheckSmart. It’s a quick payday loan that can get you the money you need in an emergency. Life is unpredictable at times, so having a backup to extra funds can help get you where you need to be. Whether it’s bills, rent, or even a small project, you can quickly get approved.

That being said, not all loan services are perfect. While CheckSmart does have excellent processing speeds, we want to make sure that it’s your best choice. So, we’ll be reviewing the CheckSmart company and comparing it to other loan companies.

Payday Loans

CheckSmart provides its customers with payday loans. Payday loans are short-term loans that are expected to be repaid by your next paycheck. They generally don’t hand out more than $1,000 for payday loans, unless you have a high income. A good benefit of choosing a payday loan over other types of loans is that interest doesn’t build.

Installment Loans

Installment loans can be worked out with CheckSmart. In most cases, they usually only approved payday loans. However, if you need a more extended repayment schedule, they can provide you with 12-month repayment options.

In the long run, this will increase the interest that you have to pay back throughout repayment. However, it works well for those who can’t afford to pay back within 10-30 days.

What Do You Need to Get a Loan From Checksmart?

There are three steps to getting approved from CheckSmart. First, you will need to fill out an online application. This will just check for essential criteria to see if you have verified income and a checking account.

Secondly, you will need to wait until you get approved. If you do get approved, you need to read over the terms of the loan before you sign. Read the proposed rate, check to see if the amount is correct, and make sure you understand the APR rate.

Lastly, eSign the documents that have been sent to you. After you sign, you can expect to get funds deposited into your account by the next business day.

How Much Can You Get From CheckSmart?

CheckSmart is designed to be a short-term solution to quick cash. While you can use the funds for anything you want, it’s best only to use them when necessary. You can get a maximum of $1,000 as a payday loan.

However, this amount doesn’t mean you can be approved for this maximum. You will need to make the minimum income requirements, along with being approved. The minimum amount you can borrow is $100.

What Are The CheckSmart Payday/Installment Loans Rates & Fees?

The CheckSmart payday loans do come with a high APR rate. The minimum APR rate is 354.86%, and the maximum is 638.75%. There are no processing fees, but you could be subjected to late fees if you miss a payment.

When you get approved for an installment loan, you will face extra fees. They have a $75 origination fee. This is a processing fee that helps them pay for processing your application. Aside from that, you will be charged an APR percentage on your loan.

What Happens For Non-Payment At CheckSmart?

Non-payment can result in multiple fees and increased interest rates. Aside from that, it can also ruin your credit score. You want to ensure that you have enough money to repay the amount.

If not, try and contact the company as soon as you think you may miss a payment. There’s always the off chance that they will work with you or get you forbade or an extended loan.

However, if you don’t pay the loan and the interest amount by the agreed-upon date, you will be charged extra finances. The late payment policy is highlighted in their terms and conditions. If you ignore the payment, you will be contacted via email, phone, and mail.

If you miss all payments, there’s a high chance they will report to the creditors. Your debt will also be sent to collections, and they will now be in charge of collecting your debt.

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Borrower requirements
  • Age 18years or older
  • Have regular income
  • US citizen or permanent resident
  • Have a valid bank account
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  • Credit or Debit card
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Is CheckSmart A Legit Loan Company?

Yes, according to the Better Business Bureau, CheckSmart is a legitimate loan company. They focus on providing loans, check cashing, and prepaid debit cards. Additionally, they have in-store locations. With plenty of positive user reviews, you can rest assured that they are a legitimate company.

Applying For A Loan At CheckSmart

Applying to a loan is relatively simplistic. All you need to do is apply either in stores or online. To apply online, you will need to head to and fill out their “apply now” application.

You will be asked to provide some basic information. After you apply for the loan, you will need to wait for the approval. Approval can take up to one business day. However, you can expect a contract to be sent to you the same day, mainly if you apply in person.

CheckSmart will propose a loan contract to you. You will be responsible for reading over the terms and eSign the documents. Make sure you fully understand what they are asking of you. If you don’t, please contact one of their representatives.

CheckSmart Payday/Installment Loan Requirements

To even apply for CheckSmart, you will have to meet specific criteria. For starters, you must be over the age of 18. Your monthly income paycheck should also be over $1,000 to qualify. Proof of income such as pay stubs, bank statements, or CPA certified profit and loss documents would work.

Aside from those, you must be a US citizen or a permanent resident. If not, you will not be eligible for the loan. Lastly, you will need a valid bank account. The account can’t be newly created and must have at least 30 days minimum of transactions.

States Where CheckSmart Offers Loans

CheckSmart operates in 17 states nationwide. They also have more than 261 locations within those states. This makes them an ideal loan company with decent coverage. The following states are eligible for loans; Alabama, Arizona, California, Florida, Illinois, Indiana, Kansas, Kentucky, Michigan, Missouri, Nevada, Ohio, Oklahoma, Tennessee, Texas, Utah, and Virginia.

What Do You Need To Get A Loan Online?

To apply online, you will need to head to and fill out their online application. All applications are secured and allow you to fill out basic information. Provide the details before selecting the loan amount.

Once approved, a store representative will contact you. They will give you a contract which you need to read and understand. If you don’t understand, contact their customer support.

After signing the contract, your funds will be distributed into your account by the next business day. You can expect the loan repayment to be anywhere from 10-30 days after getting your funds.

Advantages of CheckSmart Loans
  • Safe;
  • Quick Approval ;
  • Works With Bad Credit ;
  • Multiple Locations ;
Disadvantages of CheckSmart Loans
  • Reports to Credit Bureau ;
  • High APR Rates ;
  • Small Loan Amount ;
  • Short Repayment Schedule ;

What Do You Need To Get A Loan In-Store?

In-store walk-ins are welcome in certain states. Head to a physical CheckSmart Loan store. They will ask you to provide certain information about yourself. You should be prepared to give them official documentation of the following:

  • A valid identification card and your SSN
  • Proof of residency and mailing address
  • An active checking account with the checking number (checks work too)
  • Your driver’s license number
  • Verified income and proof of income

The representative can walk you through the contract, and you can expect to get the funds within an hour or so. Overall, the process is pretty hassle-free, and it’s easier to understand loan contracts.

What Time Does CheckSmart Open & Close?

CheckSmart locations will have different opening and closing times. The best way to check when they are open is to contact the store during business hours. If you can’t find a location, head to their webpage and fill out their “Contact us” forum.

As a standard, most CheckSmart locations have the following schedule:

  • Monday through Saturday, they are open from 8 am to 8 pm.
  • Sunday, their hours change to 11 am and close at 5 pm.
  • They are opened seven days a week and can be contacted via phone or through email submissions.

Bottom Line

CheckSmart can be an excellent solution for short term loans. If you have an emergency or need quick cash, you’ll likely be pleased with their experience. They can approve you same-day or at most the next business day. Plus, their funding amounts are high enough to cover rent or other expenses.

You can still apply for people with bad credit as long as you meet the minimum income requirements. The higher your income, the more likely you’ll be approved for a higher loan amount. Although, remember that the APR rate is increased the higher the loan is.

Overall, you will only have 10-30 days max to pay off your loan and the interest. This company should only be used if you have the income to pay it off quickly. They are not a good company for getting extensions on your loan or long-term loans. If you have the funds and can afford the higher APR rates, then we highly recommend them.

( 233 votes, average: 9.6 out of 10)