When you find yourself in a financial fix, payday lenders like Check City might come to mind. But before signing up for the services, it would be best to get more acquainted with the platform.
We have carried out a thorough analysis of the platform to help you along. In this review, we will take a look at its highlights and downsides. By the end of it, you should be able to make an informed decision on whether to sign up for the service or not.
- 1 What is Check City?
- 2 Pros and Cons of a Check City Loan
- 3 How does a Check City loan work?
- 4 What loan products does Check City offer?
- 5 What other store services does Check City offer?
- 6 Check City Account Creation and Borrowing Process
- 7 Eligibility Criteria for Check City Loan
- 8 Information Borrowers Need to Provide to Get Check City Loan
- 9 What states are accepted for Check City loans?
- 10 What are Check City loan borrowing costs?
- 11 Check City Customer Support
- 12 Is it safe to borrow from Check City?
- 13 Check City Review Verdict
- 14 FAQ
What is Check City?
Check City is a payday lender operating both online and in physical stores, in multiple US states. The direct lender has been operating since 1986 and has its head office in Provo, Utah. But online operations started in 2004.
They are accredited lenders with a Better Business Bureau rating of A+ and are members of the Community Financial Services Association of America (CFSA). They also belong to the Utah Consumer Lending Association (UCLA).
Pros and Cons of a Check City Loan
How does a Check City loan work?
Check City is a short term funding service provider offering loans ranging from $100 to $2,500. These are usually repayable within a maximum span of 62 days but the exact duration varies by state.
They are an unsecured form of credit and are usually available either on the same day as you make application or within 1 business day. Costs also vary from one state to the next, as different states impose varying statutory requirements.
One of the major benefits of the service is that you can access funding both in-person, at one of their stores and online. When you choose to make your application in-store, they will only take a few minutes to review your application and make a decision. And you get to walk out with the funds.
However, they only have physical stores in four states, and offer online only services in the rest of the states where they have operating licenses. But even when you apply online, the approval (or rejection) may only take 5 minutes. You can even make your application over the phone and receive a contract via fax if approved.
In-store applicants get funding against a post-dated check, which the lender will cash on the due date. But online applicants submit bank details and the lender withdraws the funds directly on the due date.
You may apply for a loan on the platform regardless of your credit, as it also accepts bad creditors and people with no credit at all. But considering that it is an unsecured loan, poor credit ratings attract a higher risk and therefore such applicants pay higher interest rates.
The lender charges higher than average rates for payday loan service provider. In fact, in states that have fee limit caps, they charge the maximum amount that the law allows. For instance, in California, the rate is $17 per $100 borrowed, which is the maximum that the state mandates.
Where the rules are a bit more lax, they at times charge as high as $30 per $100, which is one of the highest market rates.
What loan products does Check City offer?
Check City specializes in providing payday loans, which also commonly go by the name cash advance. These are little dollar loans repayable in a shorter duration than other short term loans. But in addition to these, they also offer a number of other loan products including:
- Installment loans
- Title loans
What other store services does Check City offer?
The lender offers multiple other store services such as:
- Check cashing
- Money orders
- Prepaid debit cards
- Prepaid wireless
- Gold buying
- Money transfer
- Tax services
- Bill pay services
Check City Account Creation and Borrowing Process
1. To make your application online, visit the official site (https://www.checkcity.com/) and click “Apply Now.”
2. You will get access to an online form where you need to fill in your name, email address, data of birth and zip code.
3. Next, fill in the other required details on the “New Customer Loan Application” form and then submit.
Application processing is quite fast and you may receive a response in a matter of minutes.
Eligibility Criteria for Check City Loan
Here are some of the requirements you would need to meet so as to qualify for a Check City loan:
- Be at least 18 years old, or state minimum
- Be a permanent resident or citizen of the US
- Reside in a state where the lender offers services
- Have an open checking account
- Have a regular source of income
Information Borrowers Need to Provide to Get Check City Loan
During the application process, you will need to provide the following information:
- Full name
- Date of birth
- Social security number
- Residential address
- Email address
- Phone number
- Employment information
- Income details
- Bank account details
What states are accepted for Check City loans?
Check City offers services in the following states:
Note that the lender only has stores in 4 states. These are:
What are Check City loan borrowing costs?
Payday loans are known to be a costly form of credit and loans from Check City are no exception. The actual fees and interest rates that you will need to pay for your loan will depend on the state of residence.
But here are some estimates of the range of costs:
- Fees – ranging from $20 to $100
- APR – ranging from 182.5% to 912.5%
Check City Customer Support
Check City has a great support team, based on the overwhelmingly positive reviews from existing customers on various online platforms.
Is it safe to borrow from Check City?
Yes. The lender is licensed in every state where they operate. They are also accredited by the BBB, with an A+ rating and more than 90% positive reviews. Their online platform makes use of advanced security protocols to protect user data.
Check City Review Verdict
Check City is a reliable lender with a good reputation and a wide range of services. What makes them a good choice is the fact that you can apply for a loan in one of their stores, online or even on the phone.
But they are limited in that services are only available in a few states. And their rates are higher than average.
Overall though, if you have no other way out of a financial fix, they could be a good choice.
No. Credit City does not perform credit checks with the three major bureaus. They may however check your creditworthiness on national consumer loan underwriting databases. The loan limit will depend on your individual circumstances. Some of the factors that will determine the amount include income, other loans and creditworthiness. State loan limits will also apply. The lender will attempt to contact you to get payment and may report you to credit bureaus and/or seek legal recourse. Late payment fees and other penalties may also apply. Yes. After making timely repayments on your first loan, qualifying for additional loans is easy. Go to the members section and make a request. Yes. There are no penalties for making your repayment ahead of time.
No. Credit City does not perform credit checks with the three major bureaus. They may however check your creditworthiness on national consumer loan underwriting databases.
The loan limit will depend on your individual circumstances. Some of the factors that will determine the amount include income, other loans and creditworthiness. State loan limits will also apply.
The lender will attempt to contact you to get payment and may report you to credit bureaus and/or seek legal recourse. Late payment fees and other penalties may also apply.
Yes. After making timely repayments on your first loan, qualifying for additional loans is easy. Go to the members section and make a request.
Yes. There are no penalties for making your repayment ahead of time.