A payday loan works very simply. The payday loan application typically requires just a few simple steps, the fees are straight forward and stated upfront, and most borrowers experience fast approval time. For occasional cash shortfalls and unexpected expenses, a payday loan can be a good source for fast cash when you need it. Here are the basics:
After filling out a payday loan application and getting approved, the borrower signs a contract with the payday lender;
Because of requirements by the Truth in Lending Act (TILA), payday loan contracts eliminate the possibility of any hidden fees or terms. Under TILA the contract will clearly state the terms of the agreement, including a repayment date, the full amount required for full repayment, and the APR that applies to the amount borrowed. As with any legal document, be sure to look over and understand the terms of any payday loan contract before signing.
After signing the payday loan contract, receipt of payday advance loan funds depends on whether the borrower applies online or in-store:
If you apply for payday loans online and are approved, your funds will be directly deposited into an active checking account. Your payday loan will be available to you on the next business day.
If you apply in-store and are approved, your payday loan funds will be available immediately. You will typically need to provide your payday lender with a check, post-dated for when your repayment is due, for the full repayment amount plus the stated payday loan fee. The payday lender will then holds that check until an agreed upon repayment date, which typically falls around your next payday.
Payday loan repayment terms also depend on whether the borrower applies online or in-store:
For online payday loans, you will repay with a pre-authorized electronic withdrawal from an active checking account for the amount borrowed plus the stated payday loan fee.
For in-store payday loans, you can return to the store on the scheduled due date to repay the loan for the amount borrowed plus the stated payday loan fee. You can also simply let the lender deposit the check that had been post-dated at the time the loan originated.
That's all there is to it; a payday loan is just that simple. Keep in mind that payday loans only work well when used for occasional, short-term expenses. To find out more information about using payday loans the right way, take time to explore more of our payday loan FAQs.
Hours of Operation for Online Customer Service
Monday – Friday 8am – 8pm (ET) Saturday 8am – 2pm (ET) Sunday Closed
7755 Montgomery Road Cincinnati, OH 45236
Customer Notice: Payday loans / cash advances are typically for two- to four-week terms. Some borrowers, however, use them for several months. Payday advances should not be used as a long-term financial solution, and extended use may be expensive. Borrowers with credit difficulties should seek credit counseling.
*Approval depends upon meeting legal, regulatory and underwriting requirements. Check 'n Go and third party lenders may, at their discretion, verify application information by using national databases, including but not limited to Teletrack, that may provide information from one or more national credit bureaus, and Check 'n Go or third party lenders may take that into consideration in the approval process.
†Check 'n Go Online is not a direct lender in Texas and Ohio, where instead it acts in the capacity as a Credit Services Organization in conjunction with NCP Finance Limited Partnership as the direct lender.
‡Check 'n Go and third party lenders may, at their discretion, verify application information by using national databases, including but not limited to Teletrack, that may provide information from one or more national credit bureaus, and Check 'n Go or third party lenders may take that into consideration in the approval process
Products or services offered to customers may vary based on customer eligibility and applicable state or federal law. Actual loan amounts vary. See State Center for specific information and requirements.
Check 'n Go is currently operating in: Alabama, California, Delaware, Florida, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Maine, Michigan, Mississippi, Missouri, Montana, Nebraska, Nevada, New Mexico, North Dakota, Ohio, Oklahoma, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Wisconsin, and Wyoming.
Check 'n Go OH License #SM.501663 and #CS.900077.000, and #CC700416. Rhode Island licensed check casher. Licensed by the California Department of Corporations pursuant to the California Deferred Deposit Transaction Law. California loans other than deferred deposit loans are issued pursuant to the California Finance Lenders Law. Texas and Ohio-Loans originated by a third party lender, restrictions apply.
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