Cash Central is an online lending company. Founded in 2005, they operate in 23 states and have several retail storefronts that are operated by an affiliate entity of Cash Central. Payday loans are available in 20 states.
In comparison to other lender processes, Cash Central makes it easy to handle your entire lending process online. If you prefer to call, they also have customer service agents who can answer questions over the phone.
You will need a verifiable proof of income, valid checking account, two current and valid telephone numbers, your social security number, and to be over 18 years old to apply for a Cash Central payday loan.
Generally, approval times are relatively quick as you will know within minutes if you have been approved for a loan.
The processing time for receiving funds is within one business day if the loan request is submitted and accepted before 7:45 pm ET Monday through Thursday. If the loan is submitted Friday, Saturday, or Sunday before 7:45 pm ET, funds will usually be deposited on the following Monday.
Like other payday loan companies such as CashCall and Advance America, Cash Central debits your repayment, the loan amount, APR, and any associated fees, directly from your bank account on the specified day. The terms of the loans range from two to four weeks.
Cash Central offers an Extended Payment Plan. However, there is no fee to use Cash Central's Extended Payment Plan.
Many other payday loan companies charge for making extended payments, so this is a distinct benefit of Cash Central.
You will need to request the Extended Payment Plan at least one business day before your payment is due.
Cash Central will then split your amount owed into four equal payments due every two weeks. Your account will not go into collections for using the Extended Payment Plan as long as you keep up with your loan payments.
Cash Central's website offers several ways to contact them, and links are placed throughout the website if you have questions while browsing.
Their Frequently Asked Questions website section is where most of the payday loan information can be found, and the information provided is fairly clear and easy to understand.
The fee map feature offers detailed information gives examples of loans for each state, including the APR, term, and finance charges. It also allows the borrower to adjust a loan amount and term to see what the possible repayment amount would be.
Similar to other payday loan companies, Cash Central's APRs are high in comparison to other lending industries.
For example, the fee estimator feature shows that an 18-day payday loan of $500.00 in Washington has a finance charge of $75, which would come out to an APR rate of 304.17%. Some states also have additional loan fees, which can range from $17.00-27.00 per $100.00 that you borrow.
Borrowers will want to clarify all possible finance charges, APR rates and state fees before taking out a payday loan so they can ensure that they will be able to make their payments.
If you are unable to pay your loan on time, you are able to sign up for Cash Central's Extended Payment Plan with no additional fees. However, if you default on the Extended Payment Plan, your promissory note will come into collection and the entire remaining balance that you owe will be due all at once.
This means that missing a payment could cause a much larger financial burden than just the cost of regular payments - you should make sure that you keep up with your regular payment schedule to avoid being forced to repay your debt in one large money payment.