Information
About lender
Ingo Money is a fintech company specializing in risk-free digital transfers and digital payments for businesses. It offers various services, such as mobile deposits and check cashing, cash deposits and payments, bill payments, and balance transfers. Ingo Money has also created an innovative cross-platform P2P money transfer network.
The company's main office is in Alpharetta, Georgia. To use the company's services and receive help from Ingo Money technical support, customers do not need to contact an offline office. They can use the company's website or mobile application to do this.
Drew Edwards founded Ingo Money in 2001 in Alpharetta, Georgia. Drew observed how money flows between businesses and individuals and noticed that such processes as transfers and cashing checks require a lot of time. The purpose of creating Ingo Money was to give businesses instant and secure access to digital transfers and digital payments and to provide frictionless money movement with risk-managed account funding, payments, and payment solutions.
Pros and cons
Pros
A wide range of services for businesses and individuals: from mobile and cash deposits to P2P transfers.
Guaranteed payments and constant security checks.
A simple check cashing process using a mobile app.
It is possible to get funds quickly and transfer them anywhere.
Cons
Cash payout has a limit on the amount available for cash.
High fees for a quick check cashing.
The need to make "void" checks.
Conclusion
Ingo Money is great for being a guarantor of security in large money transfers between businesses and personal account funding, and it is also suitable for those who do not want to waste time visiting a bank to make cash payout. However, for a quick receipt of funds, the client needs to pay a fairly high fee, and there may be problems with the "void" check process, and the check may become unsuitable for cashing. It is recommended that potential clients of the company take these points into account.
Terms and conditions
The Ingo Money client can make bill payments with over 15,000 billers. With the help of bill payments, the customer can make credit card balance transfers for debt consolidation.
Ingo Money allows customers to cash checks quickly for amounts from $5 to $5,000. If the borrower cashes 6 checks or more within 90 days, they are given access to Ingo Gold Preferred Pricing instead of Standard Pricing.
Standard Pricing offers a $5 fee for checks of $250 or less and a 2% fee for checks of $250 or more in pre-printed payroll and government checks. For any other checks, the fees are $5 for a check of $100 or less and 5% for an amount greater than $100. Ingo Gold Preferred Pricing in the pre-printed and government checks category has a fee of $5 for checks less than $500 and a 1% fee for a check of more than $500. For the remaining checks, the fee is $5 and 4% for checks of less than $125 and more than $125, respectively. The client cannot cash out more than $10,000 in monthly checks.
Funding a loan
A client of the company can transfer funds from a check to a bank account (ACH debit), debit, credit, or prepaid card, or to any mobile wallet like PayPal or Venmo. The customer can choose to receive funds within 3-5 minutes and pay a fee in accordance with the pricing category or with no fees, but within 10 days.
You can pick money at MoneyGram locations. The duration is 90 days, and there will be a fee of $5.
