Cash Central Payday Loan Review

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Cash Central

rating: 5
  • Maximum Loan Amount and APR vary by state
  • Uses an SSL Security Encryption Method
  • Customer Support is available via live chat phone, fax and email

Cash Central Payday Loans

BEST PAYDAY LOANS

Reasonable eligibility criteria with affordable and competitive fees and interest rates.

By Editorial Team | 20th December 2018

If you’re looking for the best place to get a loan, Cash Central should certainly be among your top picks. This company is a direct lender that provides both payday loans and short-term personal loans. They have been in business since 2006 and have served almost 500,000 customers to date. Cash Central has a business license to operate in 23 states in the USA with their Head Office located at North Logan, Utah 84341.

Here are some key details about Cash Central to help you decide if borrowing from them is right for you.

What Is Involved in the Application Process?

A payday loan is generally meant to be used in an emergency, eg: doctor bills, rental payment, credit support to meet payment obligations and any other reason you may need quick cash. Cash Central processes payday loan requests quite quickly after users fill out an easy application form, and money is quickly deposited into bank accounts.

Need to get a loan with no credit? Cash Central does not run credit checks – the only thing you need to provide is your cash flow through a means such as salary. So, for Cash Central bad credit is welcome and no guarantors are required. One can apply online or on the phone and if all goes well money is received within one business day.

While making an online application you need to give information in three steps. They are as follows:

  • Personal information
  • Employment information
  • Finish application
How much can you borrow and how long can you borrow for?

Cash Central decides on the instant loan amounts as per their underwriting criteria along with the state law where the loan is to be disbursed. The loan amounts typically vary between $250 to $2500. On average, payday loans are for $500.

As these are short period, emergency loans, they are payable within 2 to 4 weeks, but the duration can vary in accordance with the state laws and regulations where you are applying for the loan. The payment dates are usually the salary payment dates when the loan is recovered through electronic transfer from your checking account. It is possible to have up to 6-month loans for longer terms, but it is not advisable because of high APRs.

What is the monthly repayment, fees, interest rates, APR and total payable amount?

Annual Percentage Rate (APR) for the payday loans vary from 250% to 1000% depending on the state where the loan is being disbursed. The APR is higher for pay day loans because of the short duration and the risks involved due to the poor credit history of borrowers.

The interest rates and fees for instant payday loans from Cash Central vary among states. But the good thing here is that there are no hidden fees or charges. Depending on the amount that you intend to borrow and the duration of the loan, you can check the Cash Central website for applicable rates and fees.

For example, if you are in California, and want to take out a $100 loan, the APR will be 459% for 14 days, and a fee of $17.64 will be charged. For 30 days the APR will be 214.62%. For a loan of $200, the APR is the same, but the fees will be double.

As rates and fees vary from state to state, please check the applicable rules and laws where you live so you know what costs apply.

These quick payday loans allow for pre-payment with no early payment fees, and Cash Central borrowers can do so online through the Make a Payment tab. One can also pay through Money Gram or Western Union.

What do I need to get a payday loan?

As per Cash Central policies, you need to meet the following eligibility criteria to be eligible for taking out a payday loan:

  • Provide a verifiable source of income in the state where your loan would be received
  • Provide details of a checking account
  • Provide valid contact numbers
  • Provide Social Security Number
  • Be above 18 years of age

The above is the minimum information required, but the actual requirements can vary from state to state as per applicable rules and laws.

How long does the money take to reach your account?

Cash Central is known for fast cash transfers. If a loan application is approved by 07.45 PM, the payday loan amount is usually credited in one business day. Same day cash loans can be expected when you’ve submitted your application early in the morning and having it approved before noon. When you complete the pay day loan documentation, you also authorize Cash Central to credit or debit your checking account up to the loan amount.

Are there any additional features?

Cash Central provides customer support service from 9 am to 12 am Monday to Friday. Their support lines are also open on Saturdays from 9 am to 8 pm and on Sundays from 11.30 am to 8 pm. If need be, you can use the online contact tool.

The states catered to by Cash Central are Alabama, California, Hawaii, Kansas, Minnesota, Missouri, Nevada, New Mexico, Oklahoma, Rhode Island, South Dakota, Tennessee, Utah, Wisconsin, Wyoming, Alaska, Delaware, Idaho, Louisiana, Mississippi, North Dakota, South Carolina, Washington and Texas.

What are the terms and conditions?

The main terms when it comes to eligibility criteria, fees, rates and APR are already detailed above. Some other relevant terms are:

  • There are no late penalties, but the borrower will get the next loan only when the active loan is fully paid back.
  • One can extend or refinance the payday loan by calling the customer service on any working day before 07.45 PM.
  • One is not allowed to send the application and related information by fax.
Conclusion

Cash Central is a well-recognized name for quick payday loans. They have established a good reputation in business after serving thousands of customers since 2006. Though there may be some negative feedback about the company because of the financially weak client base served by them, even then Cash Central has continued to be responsible and responsive.

Some of the positives of dealing with Cash Central are fast loan processing, excellent customer service, and high loan approval rates. Negatives are the fact that they operate only in 23 states, interest rates are quite high, and the loan terms vary considerably from state to state.

Reviewed by
Editorial Team
Our Editorial Team is constantly watching for new and exciting services to report on. They aim to bring balanced, honest reviews to the site to give you the best comparisons and ensure you have the knowledge to choose the product right for you. Read more.
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