What is a Payday Loan? Debunking the Myths
Have you ever wondered, what is a payday loan? Keep reading to learn about what payday loans are and payday loan myths.
If you need fast cash the very same business day, then try our in-store loans. By getting a loan at one of our 50+ locations nationwide, you can walk out with cash the same day. For online loans, you should receive your proceeds by the next business day if your agreement is signed prior to 7:00 pm Mountain Time (MT).
The cost of an online payday loan depends on your state, the amount you borrow, and the terms of your loan. Before you accept an offer, review the finance charge, annual percentage rate (APR), total amount due, and repayment date in your loan agreement. These details show what you will pay and when payment is due.
View Check City’s rates and fees by state to see the terms that may apply where you live. Your specific costs and repayment terms will be disclosed before you sign a loan agreement.
Payday loans are designed for short-term needs. Borrowing repeatedly can be expensive, so consider the full repayment amount and whether it fits your budget before applying.
If your application is approved and you accept your loan agreement, the time it takes to receive funds depends on the funding option available to you, when you complete the process, your bank, and applicable state requirements. Review the funding details presented with your offer before you sign. Approval does not guarantee that funds will arrive on a particular day.
Your loan agreement will also explain when payment is due and how repayment works. Depending on your loan and state, available methods may include an authorized withdrawal from your bank account or another option described in your agreement. If you expect difficulty making a payment, contact Check City as soon as possible to discuss your account.
With a short-term loan from a reputable lender, you can avoid paying late, overdraft, over-the-limit, and reconnection fees. Avoiding these fees might even help protect your credit score from the negative impact these fees can have.
A payday advance also gives you access to fast cash, so you can take advantage of great sales or limited-time offers that you would otherwise miss if you waited until your next paycheck.
Check City lets eligible customers apply for a payday loan online and review their loan terms before accepting an offer. The site also provides state-specific rates and fees, so you can look at potential costs as part of your decision.
Check City is the direct lender for its loans where applicable. In Texas, CheckCity.com acts as a credit services organization or credit access business and arranges loans with an unaffiliated third-party lender; it is not the lender. Product availability and the entity providing your loan depend on your state. If you have questions before applying, contact Check City.
A payday loan may help cover a short-term expense, but its cost and repayment date deserve careful review. Before applying, ask whether you can repay the full amount due on time while still covering your other essential expenses.
If repayment would be difficult, compare other available options before borrowing. You can also read about the differences between payday and installment loans and review Check City’s responsible lending statement. Payday loans are not intended as a long-term financial solution.
One of the primary aspects of the Check City Difference is impeccable customer service. We believe in treating our customers with respect and care. We want to foster healthy relationships with our communities and do whatever we can to help you and your family.
Get a discount when you opt for an automatic ACH repayment plan. Customers who use automatic ACH payments, a method of electronically depositing or withdrawing funds from an account, will have their origination fee waived. ACH payments will also set up your loan payments to be automatic and easier to remember.
Here at Check City, we want to have a working relationship with the states we operate in by adhering to all state laws. That is why we are a state-licensed and registered lender and not an offshores lender or tribal model lender.
Having a state license lets our customers know we are a responsible and safe lender. So you can have peace of mind knowing that we are doing everything right by your state. For more information about licensing, rates, and fees specific to your state, check out our Rates and Fees Page.
Check City has been in business since 1986. In this time, we have helped many people meet their financial needs. With thousands of 5-star reviews from our happy customers, you can rest assured Check City is friendly and here to help!
When taking out a loan, borrowers want to know they are safe and that their information is secure. Check City sets security measures in place to keep our website and your information safe.
Payday loans should be used for short-term financial needs only, not as a long-term financial solution. If you are experiencing credit difficulties, we encourage you to seek credit counseling. Although we strive to assist every applicant, not all loan applications will be approved.
