Reasonable eligibility criteria with affordable and competitive fees and interest rates.
Cash Central 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.
Payday loans are generally meant to be used in an emergency, eg: doctor bills, rental payment, credit support to meet payment obligations, etc. Cash Central processes payday loan requests quite quickly after users fill out an easy application form, and money is quickly deposited into bank accounts.
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:
STEP 1: PERSONAL INFORMATION
STEP 2: EMPLOYMENT INFORMATION
STEP 3: FINISH APPLICATION
Cash Central decides on the 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 loans are for a short period, 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.
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 payday loans because of the short duration and the risks involved due to the poor credit history of borrowers.
The interest rates and fees for 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 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.
As per Cash Central policies, one needs to meet the following eligibility criteria to be eligible for taking out a payday loan:
The above is the minimum information required, but the actual requirements can vary from state to state as per applicable rules and laws.
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. When you complete the payday loan documentation, you also authorize Cash Central to credit or debit your checking account up to to the loan amount.
Cash Central provides a 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.
The main terms when it comes to eligibility criteria, fees, rates and APR are already detailed above. Some other relevant terms are:
Cash Central is a well-recognized name for 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.