Loans Like Cash Central: Overview and Alternative Options

Posted on April 17, 2024 by Terryl Payne

Cash Central is an online lender that specializes in online payday loans and installment loans. The service only offers its products in 13 US states. Additionally, its loan options often come with extremely high interest rates. If you’re considering Cash Central for a short-term personal loan, read on for more information about the lender.

What Short-Term Loan Options Are Available Now?
Overview: What Is Cash Central?
Alternatives to Cash Central Payday Loans
How to Choose the Best Alternative to Cash Central Loan Options?
Is There A Lender That Could Someday Replace Cash Central – 15M Finance Overview
15M Finance Loan Details
Bottom Line
FAQ

What Short-Term Loan Options Are Available Now?

There are several types of short-term personal loans available on the market. Here’s the comparison table:

Loan Types	Overview	Loan Amount	Repayment Terms	APR	Collateral	Credit Checks	Consideration
Payday loans	Payday loans are short-term loans with small amounts and high costs	$100 to $1,000	By your next paycheck, usually in 2 to 4 weeks	400% or more	No	Most lenders perform a soft credit check only. Bad credit is OK	You can get into a debt trap due to high APRs and short repayment terms. Your credit score may go down, and extra fees may be applied if you pay late
Payday Alternative Loans	Loans offered by credit unions as an alternative to hefty payday loans	$100 to $2,000	2 to 12 months	Up to 28%	No	A hard credit check will be performed	You need to be a CU member to apply. It may also hurt your credit score by a few points.
Cash advances via apps	Cash advance apps allow you to get your already earned money upfront, often with no interest applied. Membership fees may be charged	$50 to $500	By your next paycheck, usually in 2 to 4 weeks	Some apps are interest-free, while others may charge APRs of over 400%	No	Most lenders perform a soft credit check only. Bad credit is OK.	Some options may have hefty interest rates. Short repayment terms also make them difficult to handle.
Installment loans	An Installment loan offers longer repayment terms and higher loan amounts. Although it is easier to handle, the overpayment may be significant	$500 to $5,000	2 to 24 months	16% to 100%	No	Most lenders perform a soft credit check only. Bad credit is OK.	APRs are still quite high. You will pay more interest over the loan life due to longer terms. Your late payments may affect your credit score
Car title loans	These short-term loans use your vehicle as collateral. You can get a portion of its cost and still use it while repaying the loan	Up to 50% of your car’s title	Up to 30 days	About 300%	Yes	Most lenders perform a soft credit check only. Bad credit is OK.	You can lose your car if you fail to pay on time.
Pawn shop loans	Pawn shop loans are secured loans that allow you to get cash on hand by pledging some of your valuable asset	25% to 60% of your collateral’s value	30 to 60 days	Around 200%	Yes	None. Bad credit is OK.	A pawnbroker will put your asset up for sale if you don’t repay the loan on time

Overview: What Is Cash Central?

Cash Central is an Ohio-based direct lender that offers small loans online. The company operates in 13 states where it also has physical branches:

Alaska California Florida Indiana Kansas Louisiana Mississippi North Dakota Oregon Tennessee Texas Washington Wyoming

Cash Central accepts bad credit borrowers as it looks beyond just an applicant’s credit history during the approval process. However, the service conducts hard credit checks, so applying may affect your credit score.

The lender is known for its fast money transfers. Approved applicants typically get their loan funds within 24 business hours. However, there’s also the price for speed and accessibility. Cash Central loans tend to be quite costly. APRs may range from 260% to 740%. The exact price depends on your state, credit score, and income.

Cash Central Loan Pros and Cons

Cash Central loan options come with several benefits and drawbacks.

Pros:

You can request online loans 24/7 from anywhere; Easy and secure application process; Fast funding into your bank account within one business day; Transparent loan terms; The service considers bad credit borrowers; Direct payday lender – no third parties involved (still, Texas funds come from an independent Lender, and Cash Central acts as a Credit Access Business).

Cons:

Hard credit checks are still performed. Cash Central is authorized to obtain one or more credit reports from credit reporting bureaus; High finance charges that come with APRs of over 700%; There are a lot of BBB complaints about the company; Not available in all states.

Types of Cash Central Loans

Cash Central offers two types of loan products:

Payday loans – short-term loans of up to $1,000 that are due by a borrower’s next paycheck. The repayment is made in one lump sum. The exact amount you can get depends on your state, income, and credit rating; Personal installment loans – these loans come with longer repayment periods and are repaid in equal monthly installments over 6 to 24 months. The sum may be up to $5,000 but depends solely on your solvency and credit history.

Other Features of Cash Central Loans

Let’s take a closer look at some important Cash Central loan characteristics:

Refinancing Options

Cash Central payday loans can be refinanced in Alaska, Louisiana, North Dakota, Oregon, and Texas. However refinancing, or simply extending your loan terms, may come with extra costs you will pay on the initial amount you owe. In some states, it can be as high as $20 to $28 per each $100 borrowed.

Electronic Repayment

The money will be electronically withdrawn from your checking account on the due date. You need to make sure your balance is sufficient to cover your payment. Otherwise, extra fees for late payments and insufficient funds will be applied.

Loan Cancellation Is Possible

You may rescind the agreement at no cost before the close of the business day following the date on which you receive the loan. However, the time allowed for cancellation may vary by state.

Income Verification Is Needed

The company carefully reviews your ability to repay the requested funds before making final approval. Therefore, you need to upload your income verification using a scanner or your mobile phone. Cash Central accepts pay stubs, payroll receipts, bank statements, and receipts showing retirement or government benefits.

Discount Codes for Loyal Customers

If you’re a returning customer in good standing, the company may offer you a discount code to reduce your fees. The service sends such coupons and promotions regularly via email, so you need to make sure you opt-in to receive messages from it.

How Much Do Cash Central Loans Cost?

The exact cost depends on the loan type you choose, your state, your income, and your credit score. Below are some approximate APRs on a 14-day payday loan by state. The numbers are provided based on the Cash Central’s averages specified on their website:

Alaska: up to 521.43% California: up to 459.9% Florida: Up to 391.07% Indiana: up to 391.07% Kansas: up to 391.07% Louisiana: up to 785.27% Mississippi: up to 521.43% North Dakota: up to 521.43% Oregon: up to 153.73% (with a minimum repayment period of 31 days) Tennessee: up to 459.9% Texas: up to 739.9% Washington: up to 391.07% Wyoming: up to 521.43%

Representative example:
Suppose that you borrow a 14-day payday loan of $300, and Cash Central charges you $15 for each $100 borrowed. The lender’s fee will be $45. In terms of an annual percentage rate, your loan cost will be 391.07%.

Alternatives to Cash Central Payday Loans

Even if you have bad credit, you can still find a few Cash Central payday loans alternatives that may offer lower interest rates or more flexible repayment terms. Consider the following options before making a final borrowing decision:

Bad Credit Personal Loans

Bad credit personal loans are longer-term products that allow borrowers to access higher loan amounts. The maximum sum depends on a particular loan provider, your income, and credit score, but is usually up to $100,000. The repayment is made in fixed monthly installments within up to 60 months. Such loans typically come from online lenders and have more favorable interest rates ranging from 5.99% to 35.99%.

Online personal loan providers usually have more lenient eligibility criteria compared to traditional lenders, so borrowers with fair and bad credit are considered. At the same time, minimums may still be applied. Additionally, you may face strict income requirements for a higher loan amount.

Payday Alternative Loans (PALs)

These loans are offered by credit unions as a form of preventing predatory lending practices. Some CUs allow their members with low credit to get up to $2,000 and make affordable monthly payments within around one year. PAL’s interest rates are capped at 28%, making them much cheaper compared to regular payday loans. To get one, you need to meet a few qualification criteria to become a CU’s member, though. Also, monthly membership fees may be charged.

Car Title Loans

A car title loan is a secured option that provides you with a portion (usually up to 50%) of your vehicle’s title price. This is a short-term loan that needs to be repaid in up to 31 days. Although a title loan interest rate is usually lower than on a payday loan, it can still exceed 100%. The best part of it is that you can keep driving your car while it’s pledged. However, any payment delays may result in car repossession.

Credit Cards

Some credit card companies offer their products to borrowers with less-than-perfect scores, although the limits may be low. Such an option provides you with money as needed and often allows you to save on interest if you pay off what you borrowed within a certain billing cycle. However, you need to use it responsibly to avoid quite high interest rates and debt accumulation. It’s easy to overspend when you know there’s always a credit card balance to put your purchase in.

Cash Advance Apps

Cash advance apps can provide a lifeline if you need just a small amount of $300 or $500 against your next paycheck. They are digital tools you install on your smartphone to reach your already earned money upfront. Once you receive it from your employer, you need to repay the funds, often without any interest charged. Just keep in mind that the amounts are very small, and you may be asked to pay a mandatory monthly fee for using an app.

Pawn Shop Loans

Loans from pawn shops are secured options that may use any of your valuable belongings as collateral. Pawn brokers can give you cash on hand without making any credit checks or asking for your income verification. However, you will only get 30% to 60% of your asset’s estimated price. Then, you will be asked to repay the funds with interest in 30 to 60 days. If you fail, the pawn shop will put your item up for sale.

How to Choose the Best Alternative to Cash Central Loan Options?

With so many options offered on the market, it may be challenging to choose the one that fits your needs. Here are a few parameters to review when comparing loan products:

Interest rates. This factor directly affects how much you will overpay during the loan life. The lower your loan APR, the better, so it’s recommended to pre-qualify from multiple lenders and compare their terms before settling on one option; Fees. Read your loan agreement carefully, paying special attention to additional fees and conditions that cause them. Sometimes, you may be charged for late or early payments, loan processing, or insufficient funds in your bank account; Eligibility requirements. Each lender applies its unique qualification criteria regarding your credit score, income, and other parameters. Reviewing them in advance will save you time and effort; Repayment periods. Make sure a lender has flexible repayment options and monthly payments you can comfortably make. Also, pay attention to the overall loan cost, as longer repayment periods result in higher overpayment; Funding times. If you need money right away, make sure a lender offers next-day or same-day funding to meet your deadlines. Ask about any extra fees that may be charged for an instant deposit. Keep in mind that quick money transfers often come with higher interest rates; Customers’ satisfaction. Read customer reviews on trusted platforms to ensure you’re going to deal with a reputable lender.

Is There A Lender That Could Someday Replace Cash Central – 15M Finance Overview

Loans offered by Cash Central can come to the rescue if you need money quickly. However, the company has its drawbacks, so you may want to consider other services offering more favorable terms. Luckily, there are many options on the market. 15M Finance is one of them.

At 15M Finance, you can access multiple offers for bad credit loans from reputable direct lenders in your area. This will increase your approval chances, even with a poor credit history. The payday lenders we partner with usually don’t perform hard credit checks, so you don’t need to worry about your credit presence getting worse. Here’s what we offer:

Competitive interest rates; An extensive network of direct lenders that operate across the US; Multiple loan options for short-term and long-term needs; Bad credit is accepted; Soft credit checks only; Funding within 24 business hours.

15M Finance Loan Details

15M Finance helps individuals find short-term and long-term financial solutions without a strong focus on their credit score. Payday loans, installment loans, emergency cash loans, and tribal loans are just a few options you can access via our service. Here are our key loan details.

Terms & Rates

Loan amounts range from $100 to $5,000. Depending on the loan type, you can repay the money in one lump sum within 2 to 4 weeks or in fixed monthly installments over up to 60 months. Interest rates vary by lender and depend on your state, credit, and income. However, the dynamic environment our partners operate in forces them to maintain competitive interest rates.

Eligibility Criteria

Our partners look at your overall financial situation and put your ability to repay the funds above your FICO rating. Therefore, they have relaxed eligibility requirements, such as:

Be over the age of 18; Permanent US resident; Provide proof of a steady income high enough to cover your loan payments; Have an active checking account in your name.

Application Process

You’re welcome to apply online via our website, no matter your location. Loan requests are processed quickly, so you will get an approval decision in less than one hour. Here’s how it works:

Fill out an online form on the website. You only need to specify some basic information, so it will take you about 5 minutes to complete.
Get a response. A trusted lender from our database will make a soft credit check to ensure your eligibility and send you an email with an approval decision.
Read and sign the contract. If approved, review your loan agreement carefully and e-sign it if you accept the terms.
Receive the funds. The money will be deposited into your bank account as soon as the next business day. Some lenders may transfer the funds the same day if you get approved before noon on weekdays.

Bottom Line

1Cash Central loans may provide a quick fix in times of financial strain. However, its options are expensive and may affect your credit score. Additionally, the company’s loan products are not available in all states.

If you’re looking for loans like Cash Central with more favorable terms, consider alternatives. At 15M Finance, we provide competitive loan offers from trusted direct lenders throughout the US without affecting your credit history.

FAQ

Is Cash Central Legit?

Cash Central is a legal online loan lender that has licenses in all the states it operates. However, it offers quite expensive loans.

Where Can I Get Payday Loans Like Cash Central?

There are multiple online lenders that provide reasonable alternatives. Feel free to apply via 15M Finance to access offers from trusted loan providers.

How Does Cash Central Compare to Other Short-Term Loans?

Cash Central offers quite expensive loan options. You may find cheaper alternatives, such as loans from a cash advance app, payday alternative loans, or bad credit personal loans.

Can I Get a Cash Central Payday Loan with Bad Credit?

The service considers bad credit borrowers, so you’re welcome to apply with any score. However, it may affect your credit due to a hard credit check performed.

What If I Can’t Repay My Cash Central Loan on Time?

In some states, borrowers are allowed to refinance or extend their loans by charging an extra fee. You can also contact Cash Central and ask for a repayment plan. Otherwise, extra fees may be charged.

Learning resources:

At 15M Finance, we want to help our customers make informed financial choices. Here are some guides to help you navigate the process:

https://paydayloaninfo.org/state-information/ – Explore payday lending loan laws by state to better understand the rules and regulations applied in your area. https://www.consumerfinance.gov/owning-a-home/explore/select-kind-loan-fits-your-needs/ – Read the guide to selecting the type of loan that fits you. https://www.marketwatch.com/guides/personal-loans/payday-loans-vs-installment-loans/ – Learn more about how payday loans differ from installment loans.