Cash Central is a direct lending company that was founded in 2005. It’s been giving out loans to people with low income and credit. The good thing about Cash Central is that they have up to 22 states approved for loans. Compare this to the other companies, and they have almost double coverage. As a large span company, they also provide loans to people who only make a minimum monthly income of $600. Loan amounts vary, but they are designed for short-term bills or emergencies. The loan amount won’t cover any large purchases or projects, but it works well for some quick extra cash.
If you’re in a pinch, Cash Central can seem like a good solution. However, it appears that there are a few issues that you should consider before applying. We want to give you an overview of the company. Listed below is a review of the Cash Central Loans practices.
Cash Central only provides payday loans that are designed to be paid back right away. For those who have a low income, it may not be the best company to consider, although their approval rate is very high.
These payday loans also have a high APR, so apply at your own risk. Make sure that you have enough to make the repayment date. Otherwise, you may find that it will do more harm than good.
Line of Credit
If you don’t want to get a payday loan, the other option Cash Central offers is a line of credit. Their line of credit agreement allows you to withdraw as much money as you need necessary up until it’s the maximum amount. These are good for situations where you don’t know how much money you will need.
There are no minimum finance charges or annual fees for opening a line of credit. Once you’ve been approved, you can easily make payments each month. This will reduce the overall amount but still allow credit to build. You can pay off your credit line anytime, even if it’s early.
The amount you pay each month will depend on a few factors. First, you will have your monthly bill due, which depends on all your past due amounts. Aside from that, you will accrue interest charges for the previous billing (monthly). After that, a 5% principal will be added to the balance each month.
What’s the Borrowing Process Like for Cash Central Loans?
Borrowing from Cash Central is similar to other loan companies. They require you to meet specific standards. This includes being over the age of 18 and a verifiable source of income. Aside from that, they also need two current phone numbers and your SSN.
To apply, you must fill out an online application. You’ll first need to enter your personal information and then submit your current employment status. After that, you’ll have to confirm the details and submit your application.
Once you’ve submitted your application, you can expect to be contacted by the company within two days. A representative will approve your loan amount and give you a contract. You will finalize the details by eSigning the contract.
How Much Can You Borrow From Cash Central Loans?
The loan amount can range anywhere from $100 to $2,000. To get approved for a bigger loan, you will need to make a decent paycheck. While their minimum income is only $600, that doesn’t mean you will automatically qualify for a big loan.
What Are the Cash Central Rates & Fees?
Cash Central does have payday loan rates and fees. For the fees, you will be charged a loan fee ranging from $15 to $540. This amount varies depending on your loan amount and which state you live in.
Additionally, the APR/interest rates are very high. The company has APR rates of 214.6% to 2,463.75%. As you can see, the range for the payback rates range a lot and go extremely high.
There may also be an origination fee depending on the state you live in. To get a better understanding of this fee, you may need to contact Cash Central. An origination fee is a payment you make for the processing of your account.
We can only suggest this company if it’s your last resort. A small loan may not seem like a lot, but with the added rates, you may be paying back more interest than the loan was worth.