Cash America Today

• Same-Day Approval and Funding
• No Credit Check
• Three-Day Grace Period
• No Hidden Fees

Same-Day Approval and Funding

If all documents are submitted between normal business hours (8 a.m.–7 p.m. EST) on a normal business day, Cash America Today can approve a loan application almost instantly, or at least on that same day. Applications submitted after hours will be approved by the next business day.

Upon approval, loan funds can be deposited into your bank account in as little as one business day.

No Credit Check

Cash America Today does not run credit score checks in order to approve or deny a potential borrower. This makes it easier for people with poor credit to have an opportunity to qualify for a loan. However, annual percentage rates will likely be higher since no credit check is required. 

Three-Day Grace Period

Cash America Today gives borrowers a three-day grace period to return their loan funds and cancel their personal loan. This can give you peace of mind to know you have a brief trial period to change your mind in case your financial situation changes and you no longer desire a loan from Cash America Today. 

No Hidden Fees

There are no hidden fees with a Cash America Today loan.

There is no application fee. 

In addition, there is no prepayment penalty fee, allowing borrowers to make extra payments and pay off their loans early without penalty. Being able to repay a loan earlier than the conclusion of the loan term could potentially save you a great deal of money in interest charges.

• Small Loan Amounts
• Online Transparency
• Required Monthly Income
• Non-Sufficient Funds (NSF) Fee
• No Loans Available for Military Personnel
• Limited Time in Business

Small Loan Amounts

Cash America Today offers smaller loan amounts that range from $200 to $1,000. But, if you are a first-time borrower you can only borrow up to $500. Each time you make a successful on-time repayment, Cash America Today will increase your limit by $100, up to $1,000.

These loans amounts can be limiting for various reasons, but especially if you are looking for a loan for debt consolidation purposes, which is one of the most common uses for a personal loan. Thus, if you are looking to borrow a larger sum, you may want to look into other personal loan companies that offer a wider range of loan amounts. 

Cash America Today repayment terms are also shorter than most, the standard term being 12 bi-weekly payments, not exceeding 180 days.

Online Transparency

Cash America Today does not list annual percentage rates on its website. Without exact APR ranges, it's difficult for lenders to determine how Cash America Today compares to other lenders in the industry. 

You have to fill out an online form to receive your customized APR. It is also unclear if Cash America Today offers a competitive intro APR or if the company charges an origination fee or transaction fee. 

Required Monthly Income

Cash America Today requires a monthly income of at least $1,200, which may be limiting for some borrowers. But, since Cash America Today doesn't do a credit check, it is still a better option for those who many have difficulty qualifying for a loan with other lenders.

Non-Sufficient Funds (NSF) Fee

Upon approval for a Cash America Today, you will input your bank information so that Cash America Today can withdraw repayment funds directly.

If you do not have sufficient funds in your bank account on your payment due date, Cash America Today will charge a Non-Sufficient Funds (NSF) Fee of $20. 

If you know that you don't have sufficient funds for payment you must contact Cash America Today at least two days before the payment due date letting them know of the situation to set up payment arrangements. If you don't inform Cash America Today beforehand, the lender will take the money owed from your account as scheduled. 

The lender offers an extension if you pay at least enough to cover the interest earned up to that point (usually the finance charge previously disclosed as $30 per $100 borrowed and annual percentage rate ranges from 365 percent to 1,564 percent, depending on the terms of the extension).

No Loans Available for Military Personnel

Cash America Today states on its website that it does not currently provide loans to military personnel. 

Limited Time in Business

Cash America Today is a fairly new company. Potential borrowers may want to do business with a lender that has more experience under their belt. 

Limited time in business also means there aren't as many customer reviews available, making it difficult to know how the customer service and if the overall customer experience is satisfactory.