The Cash Store works its best to give you multiple loan types that are suitable for your needs. They provide three types of loans; installment, cash advances, and title loans—this gives you plenty of flexibility and multiple loan options. As good as this sounds, the different loan types come with varying interest and APR rates. Some of the rates may be higher than others, especially cash advance and title loans. But, you’ll be able to loan a higher amount.
Cash Store is quick, reliable, and has both physical and online stores. The application process only takes a few minutes to fill out, and you’ll hear a reply within a day. If you’re still worried about using their services, we’ll give you a complete breakdown of the company. To start, here is an overview of the different types of loans they provide;
Their installment loans are quickly approved and give you plenty of time to pay them back. People often choose this type of loan due to the smaller payments and bi-weekly to monthly payments.
Their cash advances are very quickly approved and can provide you instant same-day cash. These advances are often smaller than installment loans but are useful if you need quick cash. The repayment date is often set one to two weeks after you get approved for your loan.
The last type they offer is title loans. Title loans are also the same day and can get you up to $25,000. However, this method requires that you have a vehicle that’s worth the amount you’re borrowing. They use your vehicle as collateral, so we don’t recommend this method unless you’re okay with your car being taken away or held for non-payment.
How Does Borrowing From the Cash Store Work?
Borrowing from the Cash Store is similar to getting a loan from a bank. The only difference is that the loan amount will come with higher interest rates. Cash Store does its best to offer flexible payments and interest, but it’s still highly dependent upon a few factors.
The most significant factor is that the Cash Store only provides loans in individual states. This means you won’t be able to qualify unless you’re living in an eligible state. Aside from that, you must be a United States citizen.
To borrow, you can either visit one of their existing physical stores or fill out an application online. The application process takes less than five minutes and only requires basic information. After that, you can choose to wait for a representative to contact you or call into their customer service hotline. Either way, their wait time generally is less than 24 hours.
How Much Can You Borrow From Cash Store Loans?
With the three different loan options, you can borrow a vast amount of money, although we advise you not to borrow any more than necessary. The different loan types have different maximums.
An installment loan provides you same day installment loans of up to $5,000. However, the finalized amount is going to depend on which state you are borrowing from.
What Are The Cash Store Associated Loans Rates & Fees?
Cash Store operates in multiple states, which means that the rates and fees will vary. The APR rate varies from 350-450%. For a quick loan, it’s a high rate but not the worst that we’ve seen. On the other hand, you will have to pay extra fees. These also vary state to state and can range from $15-50 per $100 loaned.
What Happens If You Don’t Pay Back Cash Store Loans?
If you’ve decided to set up a payment with Cash Store and give them a debit authorization or check, they will attempt to debit your bank. By missing a payment, you will be subjected to a fee of $30 for every attempt made for debiting your account.
This doesn’t include bank fees. If a debit transaction is made and you do not have the funds to cover, the bank may charge you extra costs associated with the transaction.
Non-payment will result in the Cash Store attempting to contact the customer to make extra payment arrangements. If the customer doesn’t reply, they will be subjected to the law and additional finance charges.
Another method for getting a loan is to secure the title to your vehicle. If you don’t make a payment, you may be subjected to having your motor vehicle repossessed.
The sooner you contact the company about non-payment, the easier it will be to sort through alternative payment methods without extra charges or fees. We highly suggest that if you think you’re going to miss a payment to contact Cash Store right away.
Is Cash Store A Good Loan Company?
Yes, Cash Store is a legitimate loan company that operates in a handful of states. Checking the Cash Store with the Better Business Bureau, it’s a legitimate company. The only complaints are about debt collections or phone calls. However, there are no records of scams or phony operations.