CheckSmart Reviews & Information

What Is CheckSmart?

CheckSmart is a service that points you toward a financial institution with locations near me that have exactly what you need. For example, if you need a short-term payday loan in a shorter time period than you could receive it from a traditional bank, CheckSmart is the option for you.

Other services that you can expect to obtain with CheckSmart include the following:

  • Installment loans
  • Check cashing
  • Cash advance

What Do You Need to Get a Loan from CheckSmart?

The platform will direct you to a lender in your state where you will be taken to the loan application page. The online application will ask you for the following loan requirements, and they include your name, social security number, address and mother’s maiden name. Next, you will be asked about your employment information and for three references. Lastly, you will offer your banking information, acknowledge that you received the company’s Privacy Notice Disclosure and Terms and sign the application.

How Much Does CheckSmart Charge for a Loan?

An installment loan is a loan that you will take several months to repay. For example, if you were to take out a $2,501.00 loan, you would pay $400.39 per month for 12 months. The annual percentage rate or APR would be 186.07 percent.

If you were to receive a payday loan, you would be required to repay the entire amount after you receive your next paycheck. With a 14-day term, your interest payment would be $44.98 for a loan of $255.00. The annual percentage rate or APR would be 459.88 percent.

What Do I Need to Get a Loan at CheckSmart?

Ordinarily, you will repay your payday loan when you receive your next paycheck. In the event that you cannot repay your loan in full on your due date, you have the option of refinancing your loan. When you refinance a loan, you will repay your first loan with the proceeds from a second loan. This allows you to pay the finance charges on your first loan on a new due date. You may also pay a sum of money to reduce the principle on your first loan.
An installment loan will require that you pay a $75 origination fee. The loan will be repaid in a two-year term with monthly payments. You can also choose to make a payment twice a week. Keep in mind that if you refinance your loan, you will be paying additional interest rate charges, so make sure that you really want to refinance your loan before you do it.

In order to obtain a loan from CheckSmart, you need to have a verifiable source of income. You must also have a valid checking account in your own name. You need to give two different and valid telephone numbers. You must have a social security number, and you must be at least 18 years old to apply.

How Quickly Can You Receive a CheckSmart Loan?

After you have been approved, you will receive your money the next business day if you receive approval before 7:45 p.m. EST. If you receive approval on Friday, Saturday or Sunday before 7:45 p.m. EST, your money will be in your bank account on Monday. Loans approved after 7:45 p.m. on Sunday will arrive in your bank account on Tuesday. If this is your first loan, there may be an extra delay.

Be aware that you cannot take out a second loan right after you take out your first loan. This policy is in place to protect you from getting into a situation where it will be difficult for you to repay all of your loans. CheckSmart practices responsible lending, and this does not include allowing its customers to borrow more money than they are able to afford to repay.

How Long Do You Have to Pay Back CheckSmart Loans?

Ordinarily, you will repay your payday loan when you receive your next paycheck. In the event that you cannot repay your loan in full on your due date, you have the option of refinancing your loan. When you refinance a loan, you will repay your first loan with the proceeds from a second loan. This allows you to pay the finance charges on your first loan on a new due date. You may also pay a sum of money to reduce the principle on your first loan.

An installment loan will require that you pay a $75 origination fee. The loan will be repaid in a two-year term with monthly payments. You can also choose to make a payment twice a week. Keep in mind that if you refinance your loan, you will be paying additional interest rate charges, so make sure that you really want to refinance your loan before you do it.

What Happens If I Don’t Repay a Loan with CheckSmart?

If you cannot repay your loan in full on the due date, the company suggests that you contact them at least one day before the loan is due to be repaid. If refinancing is not an option for you, the company has other payment plans to offer you. You will need to contact the customer service department to learn about these options.

What Is the Maximum Amount I Can Borrow from CheckSmart?

If approved, the most you will be able to borrow is $5,000.

CheckSmart can offer you installment loans, but the lender will not force you to submit to a credit check. That’s because CheckSmart can offer loans for bad credit whether you have a low credit score or not, so several people have obtained installment loans with lower credit scores. The only way to find out whether or not you will qualify for a loan is to submit an application.

CheckSmart can also provide you with a payday loan, and the lender will perform underwriting services to determine how much money you qualify to borrow. Your credit score will not necessarily keep you from receiving a payday loan either. You will know whether or not you will receive a loan within minutes of submitting the application.

If you decide for any reason that you do not need the money after all, you can rescind the transaction after you receive approval. You will not be charged a prepayment penalty if you return the money to the lender the day after you receive it.

Contact information:

Telephone: 855-920-9800

Fast Payday Loans
Up to $1000
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