CheckSmart is an Ohio financial services retailer offering check cashing, money orders, wire transfers, and access to short-term loans via unaffiliated third-party lenders.
Editorially reviewed by Harvey Brooks
CheckSmart is a brick-and-mortar financial services chain operating across Ohio, with multiple locations in the Columbus metro area and surrounding cities including Heath, Marion, Marysville, Reynoldsburg, Springfield, and Whitehall. The company positions itself as a neighborhood financial services hub for consumers who need in-person assistance with transactions and short-term financing, with extended hours on Fridays (8 AM–8 PM) and Sunday availability.
CheckSmart's core in-store services include check cashing, money orders, wire transfers, and bill payment. The stores also serve as distribution points for Green Dot Visa Debit Cards and offer a gift card exchange program that converts unused gift cards into cash. On the lending side, CheckSmart explicitly states it acts as a facilitator — connecting Ohio customers with loan products from an unaffiliated third-party lender rather than originating loans itself. The application process is in-person, though customers can schedule appointments online in advance.
What sets CheckSmart apart from a pure-play payday lender is its broad suite of non-loan financial services. The stores function more like alternative financial service centers, catering to consumers who are unbanked, underbanked, or simply need transaction services not offered at their primary institution. Online appointment booking is a notable convenience feature that reduces wait times and allows customers to prepare required documents in advance — government-issued ID, income verification, phone number, email address, and proof of address.
CheckSmart is an honest option for Ohio residents who need in-person financial services and cannot or prefer not to use traditional banks. However, consumers should be aware that CheckSmart is not the lender on its loan products — the terms, APRs, and approval decisions belong to an unnamed third party. Fee structures for check cashing and other transaction services are not disclosed on the store page. Short-term loan products of this type typically carry high annualized costs, making them best suited for genuine short-term gaps rather than recurring borrowing.
See which lenders actually approve borrowers with bad credit. We compared APRs, fees, minimum scores, and funding speed.
Yes. CheckSmart is a registered company headquartered in 4301 W Indian School Rd, Phoenix, AZ 85031. They hold a NR rating with the Better Business Bureau.
CreditDoc Diagnosis
CheckSmart is best suited for unbanked or underbanked Ohio residents who need in-person financial transaction services — check cashing, money orders, wire transfers — or want help applying for a short-term emergency loan with staff guidance. The key caveat is that CheckSmart is not the lender: loan terms, rates, and approval decisions are controlled by an unnamed third-party, so borrowers should ask explicitly about APR and total repayment cost before signing.
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Read guide →New to credit and lending? Here are the key terms used on this page, explained in plain language with real-number examples.
The total yearly cost of borrowing money, including the interest rate plus any fees the lender charges. Think of it as the 'true price tag' on a loan.
Lenders must show APR by law (Truth in Lending Act) because the interest rate alone can hide fees. Comparing APR across lenders is the most reliable way to find the cheapest loan.
Example
You borrow $10,000 at 6% interest for 3 years, but there's a $300 origination fee. The interest rate is 6%, but the APR is 6.9% because it includes that fee. You'd pay $304/month and $946 total in interest.
Interest calculated on both the original amount borrowed AND the interest that's already been added. It's 'interest on interest' — and it makes debt grow faster than you'd expect.
Credit cards and many loans use compound interest. If you only make minimum payments, compound interest is why a $3,000 balance can take 15 years to pay off.
Example
You owe $1,000 at 20% annual interest compounded monthly. After month 1 you owe $1,016.67. Month 2, interest is charged on $1,016.67 (not $1,000), so you owe $1,033.61. After 1 year without payments: $1,219.
A special APR calculation used for military servicemembers that includes ALL costs — fees, insurance, and add-ons — capped at 36% by federal law.
The Military Lending Act protects active-duty servicemembers and their families from predatory lending. Any lender charging above 36% MAPR to military is breaking federal law.
Example
A payday lender charges a $15 fee per $100 borrowed for 2 weeks. For civilians, that's technically legal in some states. For military: that works out to 391% MAPR — illegal under the MLA.
The maximum interest rate a lender can legally charge in a particular state. Charging above this rate is called 'usury' and is illegal.
Usury laws are your main legal protection against predatory interest rates. But beware: some states have weak or no usury caps, and federal banks can sometimes override state limits.
Example
New York caps interest at 16% for most consumer loans (25% is criminal usury). If a lender tries to charge you 30% in NY, that loan is unenforceable — you could fight it in court.
An asset you pledge to the lender as security for a loan. If you stop paying, the lender can seize and sell that asset to recover their money.
Secured loans (with collateral) have lower interest rates because the lender has less risk. But you could lose your home, car, or savings if you default.
Example
A mortgage uses your house as collateral. A car loan uses your vehicle. A title loan uses your car title. If you miss payments, the lender can foreclose or repossess.
A charge added to your account when you miss a payment deadline. Most credit cards charge $29-$41 per late payment, and many loans have similar penalties.
The fee itself hurts, but the real damage is to your credit score. A payment 30+ days late stays on your credit report for 7 years and can drop your score 60-110 points.
Example
Your credit card payment of $150 is due March 1. You pay on March 18. The bank charges a $39 late fee. If it's 30+ days late, it gets reported to credit bureaus and your 760 score drops to 670.
A fee your bank charges when a payment bounces because there isn't enough money in your account. Also called a 'bounced check fee' or 'returned payment fee.'
NSF fees hit you twice — your bank charges you AND the company you were trying to pay may charge their own returned payment fee. That's $50-70 for one missed payment.
Example
Your auto-pay tries to pull $350 for rent, but you only have $280 in checking. Your bank charges $35 NSF fee. Your landlord charges $25 returned payment fee. Total damage: $60 in fees.
The practice of charging interest rates higher than what the law allows. Usury laws set state-specific caps on how much lenders can charge.
If a lender charges usurious rates, the loan may be void, penalties can be reduced, or you may be entitled to damages. Know your state's limits.
Example
Your state caps consumer loans at 24% APR. An online lender charges you 36%. That loan may be unenforceable, and you might only need to repay the principal — no interest or fees.
Using your credit card to get cash from an ATM or bank. It's one of the most expensive ways to borrow — higher interest rate, immediate interest accrual (no grace period), and an upfront fee.
Cash advances are a debt trap: 25-30% APR with no grace period plus a 3-5% fee. Interest starts the second you withdraw, not at the end of the billing cycle.
Example
You take a $500 cash advance. Fee: $25 (5%). Interest: 28% APR starting immediately. After 30 days, you owe $536.67. After 6 months of minimum payments, you've paid $85 in interest on $500.
Want to learn more? Read our Financial Wellness Guides for in-depth explanations and practical advice.
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