A Tale Of Check Into Cash By Candida Eittreim on - Updated Oct 15, 2011
My darling husband had a fondness for ATM's and cash. I swear the big guy thought the ATM was his own personal slot machine. Then one day, I heard him rummaging round online, and nearly passed out. Here he is with a befuddled grin happily applying for Check Into Cash. When I asked him why on earth he wanted this abomination, he said, "well I can get an advance, won't touch the ATM and we'll be happy!!!" HA!!!!
The interest rate is 391%. That's sheer madness. The staff is polite (they loved David), and he had his pockets lined with money for frappucino's and other snackies. The extended hours and multiple locations are helpful. But that's about all the good I have to say about them.
These places are a trap for anyone with less than a hefty income. You are borrowing against your paycheck, and it must be repaid within 48 hours or less, of receiving your pay. Thankfully, we could handle it, most can't. So the $200-400 you get from Check Into Cash, comes straight out of your next check.
Unless you have a truly urgent situation, I do not recommend using any of the payday advance places. An APR of 391% is too steep a price to pay for a temporary fix.
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These places are one reason the poor get poorer. They should be outlawed. Thanks for the reminder.
Some states are trying to make these places unable to operate. Check Into Cash is in 31 states though. This translates into a multimillion dollar industry that preys on the needy.
Neko, what totally pissed me off is he didn't need to do it, while so many of the people I saw truly did. I felt by doing this with Check Into Cash, he was supporting usury. And I found that outrageous. Thankfully, he finally stopped, but it caused many an argument.
391%????!?!?!?!!? wowie...glad i have not had a need to wander in there
I'm sure your husband is a great guy, but don't you think that the staff would love anyone willing to pay 391% interest!!! That should be illegal! Thanks for the well written warning!
I have often wondered about this type of loan. Thanks for the warning about the amount of interest they charge. It's quite outrageous.
Intrest rate of 391% ???? OMG, that's crazy. Good thing you have to pay it back within 48 hours. Can you imagine if they gave you a month? My hubby has done some stupid things to get cash quick before but thankfully this was not one of them. Thanks for the warning.
I agree with you froggy. Those things are nothing but trouble!
Love the way you write, especially the part about the ATM being DH's own personal slot machine! Too funny! Very high interest rates, and he needs to stay away from this one!
It's so sad that places like this have flourished by charging such outrageous interest rates. I can't believe anyone still uses them!