CashCentral is a licensed online lender based in North Logan, Utah that provides both payday loans and installment loans to borrowers with poor to bad credit. This review focuses on its payday loans but also highlights the main terms of its installment loans.

How Does It Work?

Customers must fill in an online form to determine eligibility. Application decisions are made within a few minutes. CashCentral is not a merit based lender. This means it pools the risk of customers when determining interest rates. This could mean you pay an interest rate that is higher than what your credit rating merits. What Are The Interest Rates? Interest rates vary from 214.62% to 1609.58%, which amounts to a fee of $15 to $27 for every $100 borrowed. Because of how they are calculated APR rates are higher the shorter the term of the loan. Installment loans have an interest rate ranging from 156.89% to 186.56%.

How Much Money Can I Borrow?

CashCentral's payday loans have low maximum amounts: just $255. Installment loans range from $2,500 to $5,000. A 24-month $5,000 loan would require 24 monthly installments of $634.34: a total cost of $15,224.

What Is the Application Process Like?

CashCentral's application process is fast and simple to complete. You need proof of source of income, a checking account in your name, two valid telephone numbers, your social security number, and to be at least 18 years old. The entire process, including cash transfer, can be processed within 24 hours or the next business day when requested during the weekend.

How Is It Better Than Other Lenders?

CashCentral has a simple to use and fast loan application process that allows you to receive cash within 24 hours of applying. The interest rates are comparable to other payday lenders and they offer installment loans in certain states, which have lower interest rates than payday loans.

  • Institution Type
    Direct Lender
  • Credit Score Range
    300 - 650
  • Employment Statuses Considered
    • Employed Full-Time
    • Employed Part-Time
    • Other
    • Retired
    • Self-Employed
    • Unemployed
  • Military Status
  • Minimum Annual Income
  • Minimum Monthly Income
  • Supported Income Types
    • 1099 Misc. Income
    • Cash / Other
    • Direct Deposit (W2, SSA, SSDI)
    • Payroll Check or Prepaid Card
  • Loan Fee
    $15 - $540
  • Funding Time Range (in days)
    1 - 3
  • No Credit Check
  • Online Application
  • Loan Amount
    $100 - $2000
  • Loan Term (Days)
    Up to 35
  • APR
    214.61% - 2463.75%
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