This review for Check ‘N Go Pay Day Loans company will try to determine whether people who are disabled, unemployed and on benefits can apply for this loan. Check ‘N Go claim that anyone can get approved for a payday loan instantly. The company also boasts quick approval times for people with less than perfect credit, you can borrow up to $1,500 directly from the company and applications are normally completed online.
When I tried to apply for the loan the process was relatively painless, the online application was convenient and secure and cash could have been deposited the very next business day, another great feature about the company was 24/7 customer support. These short term loans could help borrowers to stretch their monthly budgets when the unexpected happens. The Check ’N Go service is available in the following States.
What Do Check N’ Go Offer?
Check ‘N Go offer a variety of services from payday loans online, check cashing, in-store loans, title loans, prepaid MasterCard and installment loans. I also found some very useful resources on financial planning; these resources include financial advice, financial security, financial education and learning how to budget.
You can sign up for special loan offers and updates, if you've got any questions about the application process you can have your questions answered by sending them a quick message, if you’re looking for loans for people on benefits then you could send a quick message explaining your circumstances to see if you’re eligible which is quite handy.
What is the Interest Rate on Pay Day Loans?
The Check ‘N Go’s loan fees are regulated and mandated by the State they operate in, all fees and charges as well as interest rates are compliant within and competitive compared to other companies in that particular State. You can find the interest rates by choosing the State you reside in, the loan rates for people on benefits are exactly the same as people who are not on benefits which makes everything far simpler.
If for example you want to take out a pay day loan in Alabama the maximum that you can borrow at one particular time is $500, there are 36 pay day loan companies in that State and the offices have been offering loans since 2003. If you were to borrow $500 the finance charge would be $87.50, you would pay back $587.50 which amounts to an interest rate of 456.25% APR. You can find all the information for your own particular state by checking here.
What Are The Charges on the Pay Day Loans?
If you fail to make payment for the pay day loan on the due date you can refinance your loan and extend the time until the next month, you must pay off your existing finance charges and then more interest will be accrued for the next month. If you too out $500 and failed to make payment your amount of $587.50 would be the principal amount now and you would have to pay 456.25% on this. It is not advisable to keep rolling a payday loan by refinancing them because this will lead to your debt spiralling out of control.
Do Check N’ Go Offer Loans to Disabled People
Check ‘N Go accepts social security and disability payments as income and can be used as sources of income when you apply for a pay day loan. When you apply you need to state that you are on social security and may need to fax a copy of your award letter, this process depends on the regulation of your state of residence.
Do Check N’ Go Offer Loans to Unemployed People
To qualify for a faxless online payday loan the borrower must have a reliable source of income, this can either be from a payroll or government welfare benefits. You must be in full time or part time employment, social security, disability, employed through a temporary agency, sub contractor, self employed, commission sales, alimony, child support income and children’s social security income. The eligibility does not include unemployed people, this means that if you don’t have a job you can’t take out a payday loan. Even if you’re unemployed and have substantial assets you won’t be able to apply.
Do Check N’ Go Offer Loans to People on Benefits
To qualify for a loan you must have a source of income that’s greater than $300 per month, you must have proof of income such as bank statements and pay stubs. You can apply for Check ‘N Go payday loan if you’re receiving benefits that exceed $300 per month.
Verdict
The Check ‘N Go loans are reasonable, the rate of interest in not too excessive and after comparing several states the APR does not exceed 500%, bearing in mind that some short term high risk loan companies charge over 1000% this is quite reasonable. The ability to refinance your payday loan for another month is also quite handy if you can’t pay off the entire balance.
It’s important to bear in mind that refinancing pay day loans can be dangerous and could make the debt spiral out of control. These loans are available to people on benefits as long as your income is $300 or more, unfortunately no service is offered to unemployed people. Overall this is a satisfactory service with the only drawbacks being that no service is offered to people who don’t have a job.
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