As you will see from the above, Cash Central does not require you to have a minimum credit score to be eligible for a loan.
When Will I Receive my Funds?
In most cases, you should receive your loan funds the very next working day. However, this is on the proviso that you are accepted for a loan automatically. Moreover, you will also need to read and sign your loan agreement in good time to meet the next day funding round.
The only way that you will be paid is via your US checking account. As such, you won’t be able to receive the funds via a savings account or CD account.
Paying Your Loan back
When it comes to paying your loan back, Cash Central offers you a number of different options. Unlike other lenders – which typically only allow you to repay the loan every month, Cash Central lets you choose from weekly payments, bi-weekly payments, or monthly payments. This could be especially beneficial for you if you receive a weekly salary.
As is the case with the vast majority of installment loan providers, you will need to repay the money from your checking account. At the time of signing the loan agreement, you will be asked to give your consent to an electronic debit arrangement. This means that you agree that Cash Central can take your loan repayments from your bank account automatically. You will always have the same amount taken on each payment, based on your preferred weekly/bi-weekly/monthly set-up.
It is important that you understand the consequences of missing a loan payment with Cash Central, as the lender is well-known for charging very high fees. Although this is governed at a state-level, the lender typically charges as much as state lending regulations will permit. You will also have your missed payment reported to the main three credit reporting agencies. For those unaware, this means that your credit score will take an instant hit.
In order to avoid the risks of late payment fees and damaged credit, you should always let Cash Central know if you think you won’t be able to make your upcoming payment. As is the case with most lenders, Cash Central will aim to work out a one-on-one solution with you. Notably, they might be able to give you a short-term extension.
Customer Service at Cash Central
Customer service is highly rated at Cash Central, with the lender offering a number of different contact channels. You can reach a member of the customer support team at any of the below:
Cash Central Review: The Verdict
In conclusion, Cash Central is an online lender that aims to offer installment loans to those that have the capacity to make their repayments on time each and every month. While the lender has a very wide reaching eligibility threshold, Cash Central will not offer to loan you more money that they think you can afford to repay. In this sense, the loan provider is a responsible lender.
In terms of rates, it’s difficult to say with any certainty whether or not they are cost-effective, not least because its APR rates can vary so considerably. However, based on its average APR of 185%, Cash Central is reasonably priced – at least in comparison to Payday loan or bad credit lenders. This is, of course, on the proviso that your credit profile isn’t too damaged. Ultimately, your best bet is to go through the pre-approval application process and see what rates you are offered.
If you’re based in one of the above 11 states, then you will also need to consider whether you meet the following requirements.