Cash Central Review 2020 – Instant Pre-Approval Decisions

Cash Central offers instalment loans of between $1000 and $5000 with the opportunity to pay off early at any time.
Author: Kane Pepi

Last Updated: March 16, 2020

Cash Central logo in green and blue colors with dollar sign on a green paper note

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.ƒ

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.

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    Online loan providers like Cash Central aim to provide loans at an amount it believes you can afford. As such, although the lender states that they offer loans of up to $5,000, you might not necessarily qualify for an amount this large.

    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.

    Cash Central logo in green and blue colors with dollar sign on a green paper note and motto "online lending made simple"

    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.

    What are the Pros and Cons of Cash Central?

    Cash Central Pros:

    ✅Installment loans of between $1,000 and $5,000

    ✅Payments can be made weekly, bi-weekly or monthly

    ✅Pay the loan back between 6-24 months

    ✅Considers credit scores of all sizes

    ✅Prefers to look at affordability levels over just credit scores

    ✅Get an instant pre-approval decision

    ✅Can pay the loan off early at any time

    Cash Central Cons:

    ❌ Only certain states eligible

    ❌ Too much variation in APR rates

    How does cash central compare with other lender

    Cash Central is an online loan lender that markets installment loans with flexible payment periods. The app is restricted to specific states only which also explains its varying rates and loan limits. Cash Central is a direct lender and in the table below, we compare it to similar personal loan lenders such as Lend Up, Opportun, and Speedy Cash based on their loan limit, credit score requirement, interest rates, and payback period terms.

    Cash Central

    • Loan limit starts from $1,000 to $5,000
    • No minimum credit score required
    • Usual annual interest rates play around 180%
    • Repayment period can be extended up to 2 years

    Lend Up

    • Loan amount of $100 – $1,000
    • No credit score check
    • An annual payment rate of 30% to 180%
    • Loan repayment period of 1 to 12 months

    Opportun Loan 

    • Loan limit starts from $300 to $9,000
    • No minimum credit score required
    • Annual rates fall between 20% to 67%
    • Loan should be repaid in a span of 6 to 46 months

    Speedy Cash

    • Loans from $100 to $5,000 ( collateral security may be required)
    • Accepts bad credit score
    • Payday loans should be paid within 7 to 14 days depending on your pay schedule
    • Annual rates of 459.90% but varies depending on state of residence

    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.

    Although the Cash Central application process typically takes no more than a few minutes, it could take longer if the lender requires supporting evidence from you. If they do, you might need to upload a copy of your ID and/or a recent pay stub..

    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.

    cash central call to action page with terms "PAYDAY $ INSTALLMENT LOANS" in blue color and APPLY NOW in green

    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.

    It might be worth heading over to the Cash Central website to view the fees charged in your respective state. Although you’ll only get an estimate, it’s well worth exploring whether or not the loan is likely to be cost-effective for your personal circumstances.

    Screengrab of Instagram and Facebook icons, and state registration and online confidentiality images on Cash Central website

    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.

    🇺🇸 Alabama

    🇺🇸 California

    🇺🇸 Delaware

    🇺🇸 Idaho

    🇺🇸 Louisiana

    🇺🇸 Missouri

    🇺🇸 New Mexico

    🇺🇸 Rhode Island

    🇺🇸 South Carolina

    🇺🇸 Utah

    🇺🇸 Wisconsin

    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.

    The only way that you will be paid is via your US checking account. As such, you won’t be able to receive the funds via a savings account or CD account.

    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.

    Man and child changing car tire with Cash Central APPLY NOW CTA dubbed emergency today money tomorrow

    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.

    If you do miss a payment, and thus, you are charged a late payment fee, you will also need to pay interest on these charges. This is how a small loan can very quickly spiral out of control.

    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.

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    Our Rating

    Viva payday loan app company logo
    • Loans From $100 to $15,000
    • Instant Application & Approval
    • Bad Credit Considered
    • Lenders From All 50 US States Onboard
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    Glossary Of Loaning Terms



    Will Cash Central accept loan applications for all credit levels?

    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.

    Do I need to have a job to get a loan with Cash Central?

    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.

    Does Cash Central charge any origination fees?

    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.

    How much do Cash Central loans cost?

    Cash Central offers an APR rate in the region of 185% on a $2,500 loan. However, this rate should only be taken as an example. You could pay much more, or even much less than this, depending on your individual creditworthiness.

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    Kane holds academic qualifications in the finance and financial investigation fields. With a passion for all-things finance, he currently writes for a number of online publications.