Cash Central payday loans review

Types of loans from Cash Central

• Payday loan. You can take out a cash advance and have the funds deposited into your bank account, usually by the next business day. Typically, your loan is due in full on your next payday. The APR for a short-term loan can be higher than 600%, so carefully review the terms and conditions before agreeing. Loan amounts are determined by Cash Central’s underwriting criteria in combination with your state’s laws.
• Installment loan. Unlike payday loans, Cash Central’s installment loan does not have to be repaid in full on your next payday. Installment loans are repaid monthly, semi-monthly or biweekly over a period of 6-24 months. They generally have a lower APR than payday loans but are still significantly higher than traditional loans. Loan amounts can be up to depending on your state’s laws and regulations.
• Line of credit. A line of credit allows you to draw only the amount you need at the time (any time) up to your available credit limit, with funds deposited into your checking account the next business banking day. You’ll only pay for your Cash Central line of credit when you use it. Funds will begin accruing interest on the day you receive them. As with the other short-term loans, a line of credit is accompanied by a high APR.

What are the benefits of a Cash Central payday loan?

• Quick and easy process. Completing and submitting the application takes no more than a few minutes, and Cash Central informs you of the application’s status almost immediately. Upon approval, you can expect the approved funds to be transferred into your bank account by the next business day.
• Loan funds onto a prepaid debit card. This provider allows eligible borrowers to have their approved funds loaded onto a Cash Central-provided debit card for added convenience.
• Money for any purpose. You can use the proceeds from a loan for just about anything.
• Easier repeat borrowing. Once you repay your first Cash Central loan completely, you can look forward to instant funding with applications you submit in the future.
• Easy access to account information. When you log in to the Cash Central website, you can go through your account history, make changes to your communication preferences, make payments and even refinance your existing loan.
• Resource center. The Cash Central resource center offers information about a range of topics that can help you handle your finances better.

Costs of a payday loan from Cash Central

The fees you have to pay depend on state-specific laws and the amount of money you borrow. For example, a payday loan of $500, repaid in 14 days with a 739.96% APR, would incur a $141.91 fee, making your final loan repayment amount $641.91.
Upon your application’s approval, Cash Central gives you a loan offer document for you to review and sign. This document gives you a clear picture of all associated fees and charges. You don’t have to accept the loan if you don’t find the fees acceptable, and until you sign the document, you don’t have any obligations.
As with all short-term loans, be sure you can repay what you borrow. Late or missed payments will result in fees, higher interest rates and a possible impact on your credit score.

Is borrowing from Cash Central safe?

Cash Central has all required state licenses viewable on their website. Cash Central is a member of the Community Financial Services Association of America (CFSA). The Consumer Financial Protection Bureau (CFPB) regulates all loans that Cash Central provides. Cash Central endorses accountability, loan transparency and fair loan transactions.

Compare alternatives to Cash Central

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How do I apply for a Cash Central payday loan?

Applying for a Cash Central payday loan is easy and takes 5-10 minutes.
Eligibility criteria:

• At least 18 years old
• A verifiable source of income
• An operational checking account
• Two valid phone numbers
• A Social Security number
• Reside in one of the following states: AL, AK, CA, DE, FL, HI, ID, KS, LA, MN, MS, MO, NV, NM, ND, OH, OK, RI, SC, TN, TX, UT, WA, WI, WY.

Required information:

• Your name, contact information, date of birth and Social Security number
• Employment-related information, like your employer’s name and phone number
• Details about your income
• Details about your bank account

Bottom line

Cash Central offers a variety of short-term loan options for borrowers throughout the US. And with the option of receiving your funds on a prepaid debit card — rather than directly into your bank account — you may be tempted to apply right away.
But there are still costs to consider. Before you sign up, compare sites like Cash Central and read up on the short-term loans so you can make a well-informed financial decision.

Frequently asked questions

Where is Cash Central located?
Cash Central’s headquarters is in North Logan, Utah.
How do I repay the loan?
Cash Central electronically withdraws the loan repayment amount along with applicable fees from your bank account on the due date.
What happens if I can’t repay the loan in time?
You can opt for an Extended Payment Plan (EPP) depending on the state you reside in, and this does not require you to pay any additional fees. You can also refinance your loan, in which case you will have to pay additional fees.
Can I repay the loan before the due date?
You can, and you can make payments online using your bank account details.
Can I apply if I have poor credit?
You can, but you should be able to demonstrate an ability to repay.

Are payday loans available in my state?

Cash Central Payday Loan is not currently available on Finder

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