Every person who at least once tried to take a microloan, came across such a microfinance organization like Check n Go. What it is, and how it differs from banks? These issues worth considering in more detail so as not to make annoying mistakes in future.
To know more, founded in Covington, Kentucky in 1994 this corporate offers its clients the next:
- APR – about 390%
- Min max loan amount $100 – $1,500
- Max loan term varies upon the state
- Number of states – 30 states
How ChecknGo Works?
To get a loan online in Check and Go, you must have a set of required documents. The borrower must be of legal age, but not older than 70 years. Citizenship and registration are prerequisites for obtaining a microloan on a card. It will be necessary to provide scans of the documentation that is attached to the application. The borrower is also required to provide his mobile phone and email.
Borrowers can choose a convenient way for them to obtain a loan without a statement of income. The following two methods of obtaining funds are distinguished:
- cash at the MFI office
- to the card online
The first method involves contacting the office, which is not very convenient. In addition, you can get money only during working hours on weekdays. Some organizations, for a fee, deliver money to their homes. This opportunity is provided to residents of large cities. Getting money on a card is a convenient method that has no drawbacks.
ChecknGo Loan Services
Being a short-term lender, ChecknGo offers the next loan products:
- Payday loans. The most common service that also may include cash advances. The amount to borrow depends on the state you live.
- Installment loans. This offer enables you to lend between $200 to $3,000. However, if you want to take more money, Check N Go loans have the Choice Loan. With it, you can borrow up to $5,000.
- Prepaid debit cards. This service offers more flexibility with your loan. And again the amount you are able to lend depends on your state laws. Plus, Check n Go also offers Mastercard prepaid debit cards.
Recall, all these services are at the arsenal of Check n Go online store. However, not all of them may be available at your state.
ChecknGo Loan Requirements
- You must have an active bank account
- You must have a regular source of income
- You must be a US citizen or permanent resident
- You must be at least 18 years old (varies by state)
You’ll need to provide the following information about yourself:
- Your name and contact details
- Details from a valid form of ID
- Proof of income
- Your checking account details
Is ChecknGo Legit?
Dealing from the year 1994, ChecknGo has numerously proven that their corporate and business is 100% legit.
Moreover, this status is easily checked by turning to their official website, where all the information for your calmness is placed.
Microloans are definitely entitled to life. The main thing Check n Go reviews tell us to be aware of is to be careful so as not to fall into the hands of high interest rates. Before entering into an agreement, you must at least read reviews and carefully study the organization’s website.
Before signing, carefully read the contract so that you do not bite your elbows later. You need to read everything, preferably several times. Don’t be afraid to ask questions to the MFI staff. If they are reluctant to answer and in a hurry, then with a high probability, they are scammers. In this case, it is better not to tempt fate, and politely refuse to cooperate.
The danger of dealing with Check n Go lays in the fact that this MFI offers an online loan option as the best option. On the sites of such organizations, there is an online calculator with which you can accurately calculate how much money will have to be returned at the end of the term. This is very convenient because you do not have to guess and roughly calculate the amount. And when registering and applying for a loan remotely in your personal account, information about all financial movements becomes available, so you can find out how much and when you need to pay without calling a consultant or a personal visit to the office.
But this feature only looks like it’s ok for clients. Usually their rates make us search for other companies.
- you do not need to go anywhere to apply and get a loan;
- loan without failure, well, or almost without failure;
- quick review of the application;
- practically every citizen can get a loan;
- relatively significant amounts of loans;
- provides the opportunity to get a credit on the card around the clock;
- the ability to repay the loan in advance so as not to pay interest;
- doesn’t care about the purpose for which microcredit is taken.
- interest, although small, but they can not be compared with the interest that banks offer;
- a small amount for loans (not for everyone, therefore this minus is controversial);
- a short period for the return of debt;
No, the lender does not run credit checks with any of the 3 top credit reporting agencies. However, they use other databases to analyze your credit rating.
Check N Go doesn’t call your employer as far as this method is out of date. People are able to pass this check in various ways. The staff only sees your income through paystubs.
The first thing that threatens the non-payer is getting into the blacklist of borrowers, after which he will not be able to take even a small loan in any MFI. It is worth noting that such organizations send data to the credit bureau, and any non-payment is reflected in the credit rating. When it is negative, a refusal when applying for a loan will be fully justified by the previous debt.
The second thing that will cause significant trouble is communication with collectors. With prolonged disregard for obligations, the loan case is transferred to the collection service, which makes every effort, including not particularly legal ones, to collect the debt. Often, employees of such services turn not only to the debtor but also at his place of work, as well as to friends and relatives. Of course, it is possible to deal with such an impact, but it requires really strong nerves and good knowledge of the law.
Third, microloan companies can apply to the courts. In case of non-payment of debt, the court appoints confiscation of property or other types of compensation for the costs of MFIs, as well as payment of legal costs. In general, the process will be quite expensive, and money will have to be returned in any case.
Therefore, it is definitely not worth going for fraud in cooperation with Check N Go. In any case, the debtor will be required to pay a certain amount with interest and penalties, and in the worst case, cover all costs associated with the trial.
It is most convenient to repay a loan on the site using a card that is attached to your personal account. All data is protected, you just do a normal transfer, confirming it using the SMS code that will be sent to the phone number you specified in the bank.
Yes, this is a short-term lender, providing solutions to citizens in money needs before salary, money transfer or something like this.
This option will depend on some factors:
– The status of your first loan
– What is your credit score
– The loan amount for both debts