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.
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 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.