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Check ’n Go installment loan unmasked: Is this payday loan alternative worth the high interest rates?

Check n Go

Check ‘n Go provides installment loans to persons in financial need. If you meet the requirements, the lender may be able to put money in your pocket right away. The company’s interest rates, on the other hand, are likely to be high. You may apply online or at one of its offices, depending on where you reside.


  • If accepted, funds might be available as soon as the following business day.
  • Even if your credit isn’t perfect, you could get accepted.
  • Payback period is longer than that of a payday loan.


  • Potentially high APRs
  • Loans are not accessible in every state.
  • Loan amounts are restricted.

What You Should Know About Check ‘n Go Installment Loans

Check ‘n Go is an Ohio-based storefront and online lender with approximately 1,000 locations around the US. Payday loans, installment loans, cash advances, check to cash, and other services are available through the firm.

Check ‘n Go installment loans are offered as payday loan alternatives, with periods ranging from three months to 18 months. That is a lengthier payback time than a payday loan, which is normally due within a few weeks. For instance, other firms provide installment loans with repayment terms ranging from 24 to 60 months.

Here are some more benefits to consider if you’re thinking about getting a Check ‘n Go installment loan.

High interest rates

Check ‘n Go claims the minimum FICO® credit score to be evaluated is 500 on a scale of 300 to 850 points, so you don’t need strong credit to be eligible for an installment loan.

Despite the fact that Check ‘n Go’s installment loans are touted as an alternative to payday loans, the interest rates are equivalent to the infamously high payday loan interest rates.

The loan rates and periods offered by Check ‘n Go vary by state, but the highest APRs we identified were 260 percent in South Carolina, 360 percent in Delaware, and 370 percent in Missouri. With the possibility of a triple-digit interest rate, you’ll need to decide if a Check ‘n Go loan is worth the hefty cost.

Fast financing is possible

Check ‘n Go promises to get you your money swiftly if you apply for and are accepted for a loan: Your cash may be placed into your bank account as soon as the next business day.

If you prefer to engage with someone in person, you may be able to apply for the lender’s “Choice Loan” by visiting a physical store.

Loan amounts are restricted

The lender’s maximum offer is $5,000, however, this varies by state. Online installment loans from Check ‘n Go are accessible in Alabama, Delaware, Idaho, Illinois, Missouri, New Mexico, South Carolina, Texas, Utah, and Wisconsin.

The loan amount you are qualified for is determined by variables such as where you reside, your income, and other characteristics.

An examination of a Check ‘n Go personal loan

Check ‘n Go first opened its doors in 1994, offering to assist underbanked customers who were unable to qualify for other bank products. Here are a few additional Check ‘n Go loan terms and restrictions to be aware of before applying.

  • Repayment periods — Check ‘n Go installment loans normally have maturities ranging from three to 18 months. On payday, electronic installment loan installments are deducted from your bank account. You may also pay by cashier’s check, debit card, money order, or MoneyGram.
  • Active checking account necessary — You will not be accepted unless you have a checking account that enables direct deposit.
  • Late and returned payments — Check ‘n Go has the right to levy a fee for a late or returned payment. Fees vary by state, so if you get a loan offer, read the tiny print carefully.

Who can benefit from a Check ‘n Go loan?

If you have an unexpected financial necessity, such as a vehicle repair, a Check ‘n Go installment loan may be a viable option for you if your credit isn’t perfect. However, your APR will most likely be high.

However, if you’re looking for debt consolidation loans, this is probably not the option for you. Check ‘n Go’s installment loans contain APRs that are likely greater than your credit card APRs, making it more expensive than staying with your current debt payments.

If you do decide to borrow from Check ‘n Go, strive to make additional payments to pay off the loan early – doing so may save you money in interest. Check ‘n Go’s website makes no mention of a prepayment penalty for paying off the loan early, but it’s a good idea to contact ahead of time to clarify whether this price is charged.

How to apply with Check ’n Go

Check ‘n Go loans are not accessible in every state. However, if they are accessible in your area, you may apply in person or online.

If you apply online, Check ‘n Go will ask for basic personal information. If you are accepted, you will get a loan offer and payment due dates to evaluate. You may easily submit supporting papers, such as pay stubs, to your online application. Online, final papers may be examined and signed.

What you’ll need to apply for a Check ‘n Go loan is as follows.

  • Name in full
  • Postal address
  • Contact information through email
  • Date of birth
  • Number on a driver’s license or state ID
  • Number of Social Security
  • Income from permitted sources that can be verified
  • Active checking account with direct deposit capabilities
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Toshiko Osaka

Toshiko Osaka