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Wednesday, October 20th
Check Into Cash is the most reliable, trustworthy option available for cash advances. The company has been in business for nearly three decades and is the only lender in our review to get a perfect "A+" rating and accreditation from the Better Business Bureau. That's a big deal, especially in an industry known for having some shady operators.
Online and in-person options
Check Into Cash gives you the option to apply for a cash advance either online or in a store, as long as they have a brick-and-mortar location near you. We appreciate that the company offers that, especially for anyone who might not have easy internet access or who doesn't want to submit sensitive personal information online. Having face-to-face locations also means that you can pick up your loan funds in person if you prefer, another solid option for anyone that might not have a bank account that they want to connect with their cash advance money (though an active checking account is still required to apply).
Extra verification step required
The online cash advance application only takes a few minutes and asks all of the usual questions: name, address, birthdate, employment and pay date details, and banking information. Once your application is completed, a representative will reach out to verify your application - an extra step you don't get with rival cash advance lenders. Once that's cleared, your loan money will typically be available the following business day.
Check site for your state's rates and fees
What will you pay in fees and interest when you get a cash advance from Check Into Cash? That depends on where you live and how much you want to borrow. You can find that information clearly displayed on their Rates and Fees page. We recommend that you do that first, because your state may not even be eligible for cash advance loans here. For instance, we clicked on Minnesota and found that there are none available there.
Transparent about what you'll pay
But, as an example, Florida residents can get cash advance loans up to $500 and installment loans up to $100, with APRs ranging from 287% to 391%. Those rates aren't fantastic, but at least they're transparent! And, if you consider that, for those quoted rates, it equals a $115 payment on a loan of $100, it's not quite so scary.
Most reputable, reliable place to get cash advances
No one wants to be in the position of needing a cash advance, right? But, if you find yourself needing quick money and want a lender you can trust, your first stop should be Check Into Cash. The company has been around for a long time, has plenty of options for getting your money online or in person, and has the highest possible recommendation from the Better Business Bureau. Check Into Cash is the obvious first-place winner among cash advance loan providers.
Good question. "Cash advance" and "trustworthy" don't tend to be said in the same breath. Unfortunately, there's a lot of truth to that: cash advances often come with extremely high interest rates and short payback periods. They should be the last resort you consider if you're strapped for cash.
You may spend much more in interest than you borrowed to begin with. But, with more than 2.5 million Americans each year who take out a cash advance, it's important to know how to find a lender that's reputable.
How do cash advances work? They're meant to be short-term loans to hold you over until your next paycheck. You'll either have to repay the cash advance and all of the interest right at the time of your upcoming, scheduled payday, or you may be able to set up your loan with weekly, biweekly or monthly repayments. If you happen to get paid earlier than you expected, or come into extra money, most cash advances can be repaid ahead of time, which will save you some money in interest fees.
Why are cash advances so popular? First off, you rarely have to have good credit; many cash advance companies only ask for identification, a bank account number, and proof of a steady paycheck. Cash advances are also easy to get: some states have more in-person loan "stores" than McDonald's locations!
What are the downsides of a cash advance? Besides extremely high interest rates, many borrowers find these loans hard to pay back. Up to 20% of cash advances go into default, and as much as 80% of these loans are "reborrowed" again within 30 days. As you might imagine, that racks up huge fees - translating into big profits for the cash advance lender and less money in your pocket.
Now that you know the drawbacks of cash advances, how can you increase your chances of getting the money you need from a lender you can count on? Look for these things when you're choosing a service for a cash advance:
TopConsumerReviews.com has evaluated and ranked the most popular sources of cash advances available today. We hope this information will help you choose a lender that will get you the money you need with terms you can afford.
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