Are you looking for an online loan provider that is somewhat flexible with who it accepts? If so, you might want to check-out Cash Central. The online lender offers loans to people of all credit ratings, albeit – at an amount that it thinks you will be able to repay.
If you are thinking about using Cash Central for your installment loan needs, then be sure to read our comprehensive guide first. We’ve covered everything that we think you should know, such as the amount of APR you’ll pay, whether or not you are eligible, and how long you will have to pay the loan back.
- 1 What is Cash Central?
- 2 What are the Pros and Cons of Cash Central?
- 3 How Does Cash Central Work?
- 4 How Much Does Cash Central Cost?
- 5 Am I Eligible for a Cash Central Loan?
- 6 When Will I Receive my Funds?
- 7 Paying Your Loan back
- 8 What if I Miss a Payment?
- 9 Customer Service at Cash Central
- 10 Cash Central Review: The Verdict
- 11 FAQ:
What is Cash Central?
Cash Central is an online-only lender that offers installment loans of between $1,000 and $5,000. Although the lender is also involved in small Payday loans and lines of credit, this is only available in a couple of US states. Nevertheless, with the view of engaging in responsible lending, Cash Central will look at your affordability levels when determining how much to lend you. As such, even if you have less than ideal credit, if your income is high enough for Cash Central’s liking, then you might still qualify for a loan.
Much like in the case of other installment loan providers operating in the online space – such as OppLoans and Checkmate, the APR rates offered by Cash Central will vary quite considerably. In other words, if your credit is good, you’ll get a much better rate than what you would get if you were in possession of bad credit. Moreover, as Cash Central is only licensed to operate in certain states, the APR rates will also vary depending on where you reside.
In terms of how long you can borrow the money for, this ranges from 6 months, up to a maximum of 2 years. It is also important to note that Cash Central is a direct lender. This means that you will be borrowing the funds directly from Cash Central, rather than the lender connecting you with other providers.
How Does Cash Central Work?
Similarly to other online lenders like LoanNow, applying for financing through the Cash Central website is very easy. Once you’ve made your way over to the Cash Central homepage, you’ll need to click on the Apply Now button. On the first page of the application, you’ll need to select how much you want to borrow, and for how many months. You will also need to enter your personal information on this page, which will include your full name, home address, date of birth, and telephone number.
On the next page, you will need to verify your identity. All this requires is for you to enter your social security number, and your driver’s license number – so make sure that you have these to hand. On the final page of the Cash Central application, you will need to enter information about your income. This will include your employment status (full-time, self-employed, etc), how much you take home every month, the name and address of the company you work for, and how long you’ve been employed there.
Once you click on the submit button, the Cash Central system will analyse the information you provided within your application. If you are eligible for financing, you should see your loan offer appear on-screen. Upon reading through the APR rates and other applicable fees – if you want to proceed, you’ll need to sign a digital loan agreement to complete the application.
How Much Does Cash Central Cost?
As noted earlier, the amount of interest that you pay on your Cash Central installment loan can vary quite considerably depending on a number of different factors. First and foremost, this will depend on the state that you live in. Why? Because each US state has its own lending laws, and thus, state legislators determine how much lenders can charge in interest. Moreover, the Cash Central system will base your APR rates on your overall credit profile.
Nevertheless, in order to give you an idea as to how much you will pay, here’s a quick example. If you were to take out a $2,500 loan over 2 years, Cash Central will typically charge in the region of 185% APR. This would amount to a monthly payment of just over $400. Whether or not this is cost-effective will depend on your individual credit profile. However, with typical Payday loan and bad credit lenders charging an average of 400% APR, the above example actually represents good value.
In order to determine what Cash Central will look at when assessing your individual APR rates, take a look at following metrics.
✔️ Your credit score
✔️ How much you take home each month
✔️ How much your outgoings amount to each month
✔️ Whether you own your home or not
✔️ How much debt you currently have
✔️ What your history of repaying debt is like
✔️ How much you are taking out, and for how long
Other Fees to Consider
On top of your APR rates, you will also need to make considerations regarding origination fees. For those unaware, this is an upfront fee that Cash Central will charge you for taking out the loan. The fee is deducted from the amount you borrow, and interest will also be applied. The amount that Cash Central will charge you is also dependent on the state that you live in. However, the general consensus is that this usually ranges from $15, up to a maximum of $75.
Am I Eligible for a Cash Central Loan?
The eligibility requirements at Cash Central are a lot more flexible in comparison to other installment loan providers. While on the one hand this means that you have a good chance of being approved, you should also remember that you’re likely to pay a very high rate of APR if your credit is poor.
Before assessing whether or not you meet the requirements, you should first assess whether you live in an eligible state.
🇺🇸 New Mexico
🇺🇸 Rhode Island
🇺🇸 South Carolina
If you’re based in one of the above 11 states, then you will also need to consider whether you meet the following requirements.
✔️ Be a permanent resident or citizen of the US
✔️ Aged 18 years and above
✔️ Have a valid social security number
✔️ Be employed with a regular income
✔️ Have a valid checking account
As you will see from the above, Cash Central does not require you to have a minimum credit score to be eligible for a loan. While it does look at your credit score when evaluating APR rates, this won’t impact the lender’s decision.
When Will I Receive my Funds?
In most cases, you should receive your loan funds the very next working day. However, this is on the proviso that you are accepted for a loan automatically. Moreover, you will also need to read and sign your loan agreement in good time to meet the next day funding round.
Paying Your Loan back
When it comes to paying your loan back, Cash Central offers you a number of different options. Unlike other lenders – which typically only allow you to repay the loan every month, Cash Central lets you choose from weekly payments, bi-weekly payments, or monthly payments. This could be especially beneficial for you if you receive a weekly salary.
As is the case with the vast majority of installment loan providers, you will need to repay the money from your checking account. At the time of signing the loan agreement, you will be asked to give your consent to an electronic debit arrangement. This means that you agree that Cash Central can take your loan repayments from your bank account automatically. You will always have the same amount taken on each payment, based on your preferred weekly/bi-weekly/monthly set-up.
What if I Miss a Payment?
It is important that you understand the consequences of missing a loan payment with Cash Central, as the lender is well-known for charging very high fees. Although this is governed at a state-level, the lender typically charges as much as state lending regulations will permit. You will also have your missed payment reported to the main three credit reporting agencies. For those unaware, this means that your credit score will take an instant hit.
In order to avoid the risks of late payment fees and damaged credit, you should always let Cash Central know if you think you won’t be able to make your upcoming payment. As is the case with most lenders, Cash Central will aim to work out a one-on-one solution with you. Notably, they might be able to give you a short-term extension.
Customer Service at Cash Central
Customer service is highly rated at Cash Central, with the lender offering a number of different contact channels. You can reach a member of the customer support team at any of the below:
📱 Phone: 1-800-460-4305
📧 Email: [email protected]
✍️ Live Chat: Yes
✉️ In Writing: Cash Central, 6785 Bobcat Way #200, Dublin, OH 43016
The customer service team works during the following hours – all displayed in Eastern Time.
⏲️ Monday-Thursday: 08:00 – 22:00
⏲️ Friday: 08:00 – 20:00
⏲️ Saturday: 11:30 – 20:00
⏲️ Friday: 14:00 – 20:00
Cash Central Review: The Verdict
In conclusion, Cash Central is an online lender that aims to offer installment loans to those that have the capacity to make their repayments on time each and every month. While the lender has a very wide reaching eligibility threshold, Cash Central will not offer to loan you more money that they think you can afford to repay. In this sense, the loan provider is a responsible lender.
In terms of rates, it’s difficult to say with any certainty whether or not they are cost-effective, not least because its APR rates can vary so considerably. However, based on its average APR of 185%, Cash Central is reasonably priced – at least in comparison to Payday loan or bad credit lenders. This is, of course, on the proviso that your credit profile isn’t too damaged. Ultimately, your best bet is to go through the pre-approval application process and see what rates you are offered.
Although Cash Central will still assess your current credit score when deciding how much APR to charge you, this won’t necessarily determine whether or not you are approved. The lender is more concerned with your affordability levels, and thus, they’ll be more interested in your income and current debts. Your employment status is probably the most important factor that Cash Central will look at when determining your eligibility. As such, if you’re currently unemployed, you will likely have your application rejected. All Cash Central loans will come with an origination fee. While the exact amount will vary depending on which US state you live in, this will sit somewhere between $15 and $75.
Although Cash Central will still assess your current credit score when deciding how much APR to charge you, this won’t necessarily determine whether or not you are approved. The lender is more concerned with your affordability levels, and thus, they’ll be more interested in your income and current debts.
Your employment status is probably the most important factor that Cash Central will look at when determining your eligibility. As such, if you’re currently unemployed, you will likely have your application rejected.
All Cash Central loans will come with an origination fee. While the exact amount will vary depending on which US state you live in, this will sit somewhere between $15 and $75.