Cash Central offers personal loans with a variety of repayment options and, in some cases, quick funding. There are some states where they aren’t available, and they come with fees and very high APRs.
|Choose from a variety of repayment terms||Very high APRs|
|There could be a quick funding time||Origination and late-payment fees|
|Only a few states have it|
What you need to know about getting a loan from Cash Central
Cash Central is an online lender that gives out installment loans ranging from $300 to $5,000. Loan amounts vary based on where you live, but the amount of money you can get varies. In order to get a loan from Cash Central, you don’t need to have a good credit score. The company says its loans are “quick help for life’s emergencies.”
Cash Central also has payday loans and lines of credit, but you may not be able to get the type of loan you want based on where you live in the country. It is part of Community Choice Financial, which has been in business since 2011. The lender is part of Community Choice Financial.
Multiple repayment terms
Cash Central has repayment terms that range from six months to 24 months. You can set up a monthly, semi-monthly, or biweekly payment plan.
Once your due date comes, Cash Central will take the money you owe from your account. If you want to come up with a different way to pay back your loan, you’ll need to talk to Cash Central.
Important: If you pay off your loan early, your money will go first to pay off any fees and interest that you still owe, and then to your loan principal.
Origination and late-payment fees
It will depend on which state you live in. But no matter where you live if you’re late on a payment, you’ll pay a fee. If Cash Central is automatically taking the money you owe from your account, you may be charged a fee for not having enough money.
If you live in Idaho, for example, Cash Central will charge you an origination fee of $25 to $75, depending on the amount of your loan. You’ll also have to pay extra fees and charges if you don’t pay your loan on time, which can cost you even more money.
If you get a loan from Cash Central, you can expect high APRs that go well into the triple digits. This can make the total cost of your loan very high, and it could keep you in debt if you can’t pay back your loan.
Take a look at how Cash Central lends money
People who get loans from Cash Central should know these other things, as well.
Potentially fast funding — When you get a loan, the money could be in your account the next business day.
More than one operating name — People in some states call Cash Central’s business different names. For example, Easymoney is the company that makes personal loans in Alabama.
One loan — You can only borrow money once.
Not available in all states — Alabama, Delaware, Idaho, Missouri, New Mexico, Rhode Island and South Carolina are the only states where installment loans from Cash Central are available. The rest of the states don’t have them.
Should I get a Cash Central loan?
A loan from Cash Central should not be taken lightly. If you need money quickly for an emergency, like a car repair, you might think about applying. You should also think about other options, like getting a payday alternative loan or asking your family and friends for money.
Because Cash Central loans have very high APRs and fees, you should only use one as a last resort if you’ve tried everything else.
People who want to pay for non-emergency things like kitchen remodels or family vacations don’t need these loans at all.
How to apply with Cash Central
The Cash Central loan application is a simple, three-step process that can be done online. When you start, you’ll have to put in your own information. Then, you’ll send in your job information. Finally, you’ll make sure that everything is correct and finish your application.
To get a loan from Cash Central, you’ll need to be at least 18 years old and have the following:
- A verifiable source of income
- A checking account
- Two current phone numbers
- Social Security number
You also have to live in one of the following states: Alabama, Delaware, Idaho, Missouri, New Mexico, Rhode Island, South Carolina, Utah, or Wisconsin, or you can’t join the group.