Cash Central loans review

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This legit lender offers payday and installment loans online. But watch out for rates over 2,460% APR.

Bottom line: Cash Central is licensed to lend in the 22 states it serves. But with high fees and terms as short as 4 days, these loans are expensive — even for a payday lender. Read our full review.

$100

Min. Amount

$5,000

Max. Amount

1 to 2 business days

Turnaround time

Details

Product NameCash Central Payday Loan
Min. Amount$100
Max. Amount$5,000
Loan Term1-2 business days
Loan SecurityUnsecured
Turnaround Time1 to 2 business days
CostsDepends on your credit history and the state you live in.
RequirementsMust be 18+ years old and have a Social Security number, verifiable income, valid checking account and current phone number.

Pros

  • Prominently displays state licenses
  • Transparent about cost and terms
  • Offers installment loans in some states

Cons

  • Terms as short as 4 days
  • Rates over 2,460% APR in some states
  • High refinancing fees in some states

Review by


Anna Serio is a trusted lending expert and certified Commercial Loan Officer who's published more than 1,000 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Business Insider, CNBC and the Simple Dollar feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.

Expert review

Cash Central is an online payday lender that also offers installment loans and lines of credit in some states. It’s owned by Community Choice Financial, which also owns companies like CheckSmart and California Check Cashing Stores. You can qualify for a Cash Central loan even if you have bad credit — though you need an active bank account to qualify.

But while all the rates and terms it charges are legal, they are expensive. The lowest fee it charges on a $100 payday loan is $15. And with terms as short as 4 days in many states, this can result in an annual percentage rate (APR) of over 2,400%. You might be able to find a cheaper alternative near you.

Cash Central rates, fees and terms

The rates, fees and terms on a Cash Central payday loan vary depending on your state and how much you borrow.

Cash Central offers payday loans between $100 and $800 — though in most states, the maximum payday loan is $500.

Most $100 loans come with a fee of $15 to $27, though some in states it charges as much as $30. Often, the cost per $100 decreases the more you borrow.

You often have from 4 to 35 days to repay your loan, though in one case, terms run as long as 45 days.

These rates fees and terms translate into an annual percentage rate (APR) that typically ranges from around 200% to over 2,460% APR. The lowest available APR is just over 90%, as of February 2021.

Installment loans

Cash central offers installment loans in eight states, that typically range from $300 to $5,000.

Usually you have between 6 and 24 months to pay it back in monthly, semimonthly or biweekly installments, depending on your pay schedule.

It’s not as transparent about the costs of this product. But the few example rates it gives range from around 180% to 360% APR, which includes an origination fee of around $15 to $75.

Lines of credit

Residents of Kansas can apply for a line of credit from Cash Central. Credit limits range from $750 to $5,000 with rates from 150% to 264% APR. Each time you make a withdrawal, it turns into a 6 to 12-month term loan.

The high cost of refinancing

In some states, Cash Central allows you to refinance your payday loan. Refinancing allows you to extend your due date, usually for a fee of around $27 per $100 borrowed.

This is where your payday loan can get expensive. If you renew your Cash Central loan three times, you could owe more than you borrowed in fees.

Try to avoid payday loans if you can’t make your first due date. If it’s your only option, consider a less-expensive lender.

Is Cash Central legit?

Cash Central is a legitimate, US-based payday lender that is licensed in the states it serves. That’s why the rates, terms, loan amounts and refinancing policies vary depending on where you live. It’s also a member of INFiN, a financial services alliance that sets best practices for the industry.

While it shares your information with affiliates for marketing and business purposes, you can limit sharing by calling 855-920-9800. You can also ask to receive fewer promotional materials from Cash Central by calling the same number.

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Cash Central reviews and complaints

Cash Central and its parent company Community Choice Financial getsmostly negative reviews from current and previous customers. One borrower says they didn’t receive their loan but still had the repayment deducted from their account. Another says the had tried to stop a payment from going through unsuccessfully.

But most are complaints about receiving constant calls from Cash Central — which you can try to limit by calling 855-920-9800.

Where to apply

Since, Cash Central only offers online payday loans, you can apply by filling out a form on its website. According to, Cash Central’s privacy policy, it may check your credit history — though it doesn’t disclose if it runs a hard credit pull that would affect your credit score.

If you need help with your application, you can use the live chat feature on its website or call customer service at 800-460-4305. You can also send an email to customerservice@cashcentral.com, or fill out a form on the Cash Central contact page.

Cash Central locations

While Cash Central doesn’t have any physical locations, you must live in one of the 22 states it serves to qualify for a loan:

Search for your state:
StateTypes of loans
AlabamaPayday loans, installment loans
AlaskaPayday loans
CaliforniaPayday loans
FloridaPayday loans
HawaiiPayday loans
IdahoPayday loans
KansasPayday loans, lines of credit
LouisianaPayday loans
MinnesotaPayday loans
MississippiPayday loans
MissouriPayday loans, installment loans
NevadaPayday loans
New MexicoInstallment loans
North DakotaPayday loans
Rhode IslandPayday loans, installment loans
South CarolinaInstallment loans
TennesseePayday loans
TexasPayday loans
UtahPayday loans, installment loans
WashingtonPayday loans
WisconsinPayday loans, installment loans
WyomingPayday loans

Payment options

In most states, Cash Central automatically deducts your payment from your bank account on the day that it’s due. You can also connect your debit card to have it deducted from that account as well.

In some states, Cash Central charges late fees. In others, you can refinance the loan for a fee to push back the due date. If you’re going to be late on a payment or want to refinance, call customer service before your due date.

Compare more payday lenders and read about the alternatives before you apply for a loan.

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4 Comments

    Default Gravatar
    Kenneth
    November 15, 2018

    How can I be certain that I am dealing with Cash Central and not a SCAM when asked for information over the phone?

      Default Gravatar
      joelmarcelo
      November 16, 2018

      Hi Kenneth,

      Thanks for leaving a question on finder.

      Cash Central is a member of the Community Financial Services Association of America and abides by its best practices and applicable state laws and regulations. To be sure that you are dealing with someone from Cash Central, you can ask for his first and last name and verify it directly with Cash Central on the phone by contacting their customer service hotline.

      Please send me a message if you need anything else. :)

      Cheers,
      Joel

    Default Gravatar
    donnarae
    August 8, 2018

    Im am receiving disability and SSI and I don’t have a banking account all I have is a serve amex card it’s a prepaid card can I get a small personal loan

      Default Gravatar
      joelmarcelo
      August 9, 2018

      Hi Donnarae,

      Thanks for leaving a question on finder.

      You will need to have a valid checking account to be eligible for Cash Central installment loans. Unfortunately, a prepaid card is not accepted. However, since you mentioned you are on SSI, we have a comparison of personal loans available to people on pension. I hope you find what you need from there.

      Cheers,
      Joel

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