Cash Central Loans Review

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  • Website:
  • Phone number:
    1-800-460-4305, fax 1-800-460-4217
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  • Monday to Friday from 8 am until 8 pm (EST), On Saturday and Sunday - from noon until 5 pm (EST)
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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.

Payday Loans

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.

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Borrower requirements
  • Age 18years or older
  • Have regular income
  • US citizen or permanent resident
  • Have a valid bank account
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  • Bank account
  • Credit or Debit card
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What Happens in Non-Payment or Late Payments at Cash Central?

Every single state where Cash Central loans have a late policy. If you are even one day late on a payment, you will end up being charged a late payment. Cash Central will automatically try and withdraw the repayment and late fee from your account.

If this happens, you may be faced with additional bank fees. Insufficient funds generally charge $30 to $100 from your bank. Plus, you may be repaying anywhere from $25 to $75 for your late fee. Add on the fact that it’s reported to the credit bureau and you’ll understand why you should only use this company in emergencies.

Is Cash Central Loans A Legit Loan Company?

Technically, yes, they are a legitimate company that provides payday loans. You can get approved easily, and the loan process is almost hassle-free. However, the company itself is generally not recommended.

After going through previous customer reviews, almost half of them state that they would not use Cash Central again. This is because the APR rates are overly high. Plus, the company is very adamant about you paying on time. They will not work with you if you have non-payment due to other factors.

How To Apply For Loan From Cash Central Loans

First, you’ll need to head to their website and select a state. From there, create an account if you live in an eligible state. After that, you’ll need to provide some personal information into their secure application.

After your application is submitted, you can get instant pre-approval decisions. In less than a day, you can expect a reply seeing if they approved or denied your application.

Once the application is submitted, you can expect to get the funds deposited into your account the next day. The whole process is quick, simple, and you can read and sign your loan agreement via eSign.

Cash Central Loans Requirements

The requirements for a payday loan is very basic. To apply, you will need to at least be 18 years of age. Other than that, you will have to have a reliable income and recent employment details. Here are the other qualifications that you’ll need to meet to qualify for a loan:

  • A verifiable source of income (pay stubs or bank statements)
  • An active checking account (must not be newly created)
  • Two current phone numbers (or email)
  • Your SSN (must be a US citizen or own a green card)
Advantages of Cash Central Loans
  • Numerous repayment periods;
  • Swift processing time;
  • Accepting borrowers of all credit scores;
  • Payback schedule ranges anywhere from 6-24 months;
Disadvantages of Cash Central Loans
  • High APR rates ;
  • Both origination and late-payment fees;

States Where You Can Be Eligible for Cash Central Loans

Cash Central is available in up to 22 different states. For a loan company, that’s a broad coverage. However, just because you live in an eligible state doesn’t mean you’ll get approved. There are still other factors that go into getting approved.

Here’s the list of the available 22 states; Alabama, Alaska, California, Delaware, Florida, Hawaii, Idaho, Kansas, Louisiana, Mississippi, Missouri, Nevada, and North Dakota. Aside from that, they also have Ohio, Oklahoma, Rhode Island, Tennessee, Texas, Utah, Washington, Wisconsin, and Wyoming.

What Do You Need To Get Any Loan Online from Cash Central?

To get a payday loan from Cash Central, you will need to create a user account and submit an application. You can do that by heading to their application page. Fill out the personal information and then move onto step two.

Step two requires that you provide your current employment information. You must make a minimum of $600. While Cash Central doesn’t require that you have good credit, it does require you to make enough to pay back the loan with added interest.

Once you’ve input your information, you can expect to hear back from them the next business day. They will send you an email with the approved application and their rates. You’ll need to read through the contract before choosing to sign. After you sign, you can expect the funds to be deposited into your account within 24 hours.

What Do You Need To Get A Payday Loan In-Person?

There are no in-store options for Cash Central. They require that you fill out your application online. To get approval, you will need to provide all the necessary information.

What Time Does Cash Central Loans Open & Close?

Cash Central runs on Eastern Standard Time. To contact their customer support, you can send an email to [email protected] Their customer service phone number is 1-800-460-4305. Lastly, their fax number is 1-800-460-4217.

For hours of operation, Cash Central is open from Monday to Friday from 8 am until 8 pm (EST). On Saturday and Sunday, Cash Central is open from noon until 5 pm (EST). Other important contact information is their physical address and where to send payments to. Their physical store address is:

  • Cash Central / Community Choice Financial
  • 5165 Emerald Parkway, Suite 100
  • Dublin, OH 43017

If you’re sending a check or making a payment, please make it out to:

  • Cash Central / Community Choice Financial
  • PO Box 535
  • Dublin, Ohio 43017

Final Conclusions

Overall, Cash Central is an excellent loan for people who don’t have the best credit. As long as you meet minimum income requirements, you can get approved. The credit line is the best feature as it allows you to withdraw your needed funds without having to sign for a payday loan.

Their payday loans are decent, but they have a high APR rate. We wouldn’t recommend them if you’re just going to get a small loan. The APR rate also varies a lot by state. While some interest rates may be manageable in one state, another could be very high. So, you could practically be charged way more money than someone with the same loan amount in another state.

Honestly, we wouldn’t recommend them unless you make a decent amount of money. If it’s an emergency and you need an instant cash transfer, we can say it’s worth it. Otherwise, we believe that you’d find better rates at a different loan company. Not to say that we wouldn’t acknowledge that Cash Central could be useful. But, it just generally doesn’t have reasonable fixed interest rates, and you’ll end up paying more than most other loans.

( 217 votes, average: 8.4 out of 10)