500FastCash is owned by Red Cedar Services, Inc., a corporation owned by the Native American Modoc Tribe of Oklahoma. 500FastCash specializes in payday and cash advance loans to consumers who need help between paychecks.
The application process for 500FastCash is easy. They offer online applications and ask for a few simple requirements: two personal references, proof of an active checking account, proof of being employed for at least one month, and proof of at least an $800.00-per-month income. All applicants must be at least 18 years old.
If you're approved, funds are deposited directly into your account the next business day. You can repay the loan with a debit card, personal check or money order.
If you need more time paying back the loan, an Extended Repayment Schedule is available. After you the funds have been deposited into your account - but before your due date - you can schedule an Extended Repayment Plan that works for you. You'll need to log in to your 500FastCash account to create your payment schedule.
In 2012, the Federal Trade Commission (FTC) filed an injunction in Federal Court to stop tribally-owned payday loan companies that work in conjunction with AMG Services from practicing. 500FastCash is named as one of the companies in those court records, as 500FastCash loans are processed by AMG Services.
There is minimal information available on the 500FastCash website. APR rates, loan minimums and maximums, fees, and penalties for missed or late payments are not listed on the website. In the FAQ section of the website, it says a customer will be charged a fee if a payment is late, skipped, or returned — however no specific amounts are listed. This will make it difficult to know what amount of debt, interest rates, fees, and payment schedule you are agreeing to before signing up with 500FastCash.
The 500FastCash website also does not include information about loan application processing times. Repayment is stated as being due on your next payday but a specific term, such as a 14- or 30-day loan period, is not given. Payday loan companies like Check Into Cash feature this information on the website so customers know what to expect and can plan their finances accordingly.
The website can be difficult to browse because the links open pop-ups rather than expanding the pages or taking the user to another internal page on the site. This may create some extra clicking and scrolling to read the information. 500FastCash does not provide loans to members of the armed forces or their dependents, pursuant to the Limitations on Terms of Consumer Credit Extended Service Members and Dependents Act. If you are a service member or a dependent, you won't be able to borrow from 500FastCash.
5 months ago