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- Discounts for repeat customers. Live chat.
- B BBB rating. Bad credit okay.
- State Licensed. Based in UT. Since 2005
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Cash Central is solid choice for both payday loans and installment loans.
They have always operated as a state licensed lender even before crack downs on unlicensed lenders. Cash Central is an online lender only and does not have storefronts. The disadvantage to this is that one cannot go into a store to apply but the advantage of this, the case of Cash Central, is they've invested heavily in their online process and have a very informative website. There is a lot of detail on how their program works. They also have a membership program that provides discounts for repeat customers.
Cash Central does not list out the requirements for applying for a payday loan or an installment loan but in most cases when applying for a short term loan one is required to submit,
- Proof of a verifiable source of recurring income payments,
- A checking account that has been open for at least one (1) month,
- A verifiable contact number,
- Proof that you are at least 18 years old;
- A statement that you are not currently a debtor in a bankruptcy case or do not presently intend to voluntarily file for bankruptcy relief;
- Proof you are a resident of the state in which you are applying for a loan.
We like Cash Central because is it has some unique programs and products. For example, they have a program called Credit Plus. Credit Plus is a free program included with loans from Cash Central. First, you get free access to your Experian® VantageScore credit score. This is a score used by all three major bureaus to measure one's creditworthiness and is often used for making traditional lending decisions. Second, this program tracks your payment progress with Cash Central loans and in some cased can result in becoming eligible for flexible loan products and lower rates from Cash Central. Second, they are developing additional products beyond payday loans and installment loans such as a Line of Credit. The Line of Credit allows one to be approved to borrow a certain amount of cash and then when one needs cash they have access to this line. Currently, the product is only available to Kansas residents.
Cash Central does not require good credit to qualify for its products. Generally, instead of making loans based on one's credit history, as is typical of most banks, Cash Central makes loans based on one's income. If approved, cash is typically available within 24 hours and is deposited directly into one's checking account. Payments are automatically deducted from one's checking account as soon as one's paycheck is direct deposited into you one's account. Cash Central does allow prepayments and the payments are credited first to fees and interst and then principal. In the case of an installment loan prepayment does not eliminate the need to make the next payment.
It is unclear whether Cash Central reports one's payments to the three national credit bureaus. They state, "Cash Central may report your Line of Credit payment history to Experian® or other consumer reporting agencies." See Do Payday Loans Affect Credit Score for additional information on credit scores and short term loans.
This company has a solid BBB score and is state licensed. Cash Central is a solid choice.