Review of Cash Central
Quick funding – Often within hours
Personal loans from $300 – $5,000
Loans available on weekends and holidays
Secure and licensed lender
Confidential application process
What Is Cash Central?
Cash Central provides cash loans fast. You can have your cash instantly, including holidays and weekends.
These loans can be repaid in monthly installments of up to 24 months. The installment loan amounts range from $300 to $5,000.
Founded in 2005, Cash Central operates in 23 states with several retail storefronts operated by an affiliated entity of Cash Central (e.g. Easymoney in Alabama).
>>Looking for more loan options? You can compare online lenders here.
Your state will determine loan rates. There are also types of loans limited to selected States. For example, a credit line is available only in Kansas.
Payday loans are available in only 20 of the 23 states where Cash Central operates.
Cash Central offers the following:
- Installment loans
- Payday Loans
- Lines of Credit
- Title Loans
Lines of Credit
Cash Central offers lines of credit that allow you to draw the amount you need, up to your available credit limit. The funds are deposited into your bank account but come with very high interest rates.
How Cash Central Works
Cash Central is an online lender that offers installment loans from $300 to $5,000 with repayments of up to 24 months.
Payday loans are offered only in certain states: AL, AK, CA, DE, FL, HI, ID, KS, LA, MN, MS, MO, NV, NM, ND, OH, OK, RI, SC, TN, TX, UT, WA, WI, WY.
At Cash Central, you don’t have to wait for the next business day for approval. This is made possible through the Green Dot network – as long as your prepaid card accepts reloads from this network, you can get funded the same day.
The short-term loans from Cash Central are meant for emergencies only, as they come with relatively high APRs.
Here are the requirements when applying for a Cash Central loan:
- A verifiable source of income
- At least two current and valid phone numbers
- Social security number
- Must be 18 years or older (depending on your state)
- A valid checking account
- Be living in a state Cash Central offers lending in
Rates & Fees
If you take out a Cash Central loan, you can expect high APRs that can go into triple digits. This can lead to a very expensive overall loan cost and potentially trap you in a cycle of debt if you can’t repay the loan on time.
Depending on your state and the type of loan you take, APRs can typically be between 90.38% to 2,463.75%.
The state you live in will determine whether you need to pay an origination fee. But regardless of where you live, you’ll pay a fee if you’re late with a payment.
Note: If Cash Central is automatically withdrawing repayments from your bank account, it may lead to an insufficient funds fee.
Example: If you live in Idaho, you will be charged between $25 and $75 for an origination fee, depending on your loan amount.
Cash Central offers loan repayment periods from four days to 24 months, depending on your state and loan type. You can set monthly, semimonthly, or biweekly payments.
Your loan repayments are done when Cash Central automatically withdraws the payment from your bank account on the due date. If you want an alternative method of paying your loan back, you’ll need to contact Cash Central.
Note: If you make early payments to your loan, the payments will be applied to any outstanding fees and interest first — and then toward your loan principal.
How To Apply for a Cash Central Loan
Your first step is to visit their website and submit your details, including personal and employment information.
Once you’ve submitted all the details, it takes only moments to get approved.
As soon as you are approved, wait for funds to be paid into your account. This usually happens fast, typically the next business day.
You can also use the Cash Central login to upload and verify your bank statements.
Our Cash Central Review
High APRs and additional costs
Certain loan availabilities differ from state to state
Cash Central offers potentially fast loan funding, which is a benefit if you need cash for an emergency. But one of the drawbacks is that loans are not available in all states.
Keep in mind that Cash Central’s operations go by different names in different states. However, if you have bad credit and need a loan, Cash Central can be a good alternative.
Taking out a loan from Cash Central should only be for emergency expenses, and always make sure that you understand the costs as they can come with very high APRs and fees.
We found their website to be easy to use, with a lot of information available about their loans, repayment periods, and requirements. They also have a comprehensive FAQ section.
Cash Central offers customer service via phone and email seven days a week. They also list payment options and instructions clearly on their website.
>>Compare lending options here.
Is Cash Central a trustworthy company?
As per our review, they are a legitimate company. Rates and additional costs are all laid out on their website.
Should I take a loan with Cash Central?
As discussed, weigh up all your options, Cash Central provides fast cash, but it comes with a high APR rate. Your circumstance may deem it urgent, and therefore necessary. Lower interest rates are available elsewhere. Consider your options.
How much can I borrow?
Cash Central offers loans up to $5,000 (depending on your state).
How can I pay my loan back?
The monthly amount due is automatically deducted from your bank account every month. For alternative payment methods, you can contact Cash Central directly.
Have you had an experience with Cash Central? Be sure to leave your own review below to help others in their financial decisions when choosing a loan company.