One of the first online lenders to offer payday loans, Cash Central is a short-term loan facilitator serving the financial needs of online customers. Visitors will come to the site in need of a short-term personal loan. They repay the loan with a pre-authorized electronic withdrawal from their checking account on their next payday. Payday loan rates vary from lender to lender.
Cash Central’s rates vary by the state the member is borrowing in. Membership benefits include: a company newsletter, money saving tips, status on the loan, payment reminders and a member interface that allows customers to customize their online experience and security features.
Compared to other lenders, Cash Central has state certification backing in 23 states, a secure website and promises instant approval with next day funding, reports the website. Company representatives are also proud of their customer service and describe it as “second to none. We proudly maintain an honest, ethical, customer first-lending philosophy. No bait and switch. No over-promising.”
When comparing Cash Central with other sites, one customer writes, “I tried another company prior to yours called ‘*****’ and they had the worst customer service I’ve ever encountered. It was a nightmare calling them and the representatives I spoke to were short and rushed during the brief conversations I had with them. The fees were so high I nearly had a heart attack. It took them 2-3 days to finally receive my faxed information I gave up before they could approve me. They didn’t live up to their same day approval motto.”
Another customer, Steve, comments about Cash Central’s customer service, “Your service is outstanding in an industry that isn’t necessarily known for being nice.”
For people with poor credit, Cash Central has provided loans for customers with less than perfect credit. New members will fill out an application and receive results quickly. Once they are approved, they will sign in at the member’s page and submit a request for a payroll loan. It usually takes less than a day for approval once all the information is received. Members will typically receive funds within 24 hours, according to the website.
When members can’t pay the loan by the due date, Cash Central offers a refinancing on the short-term loan. They advise members that if they know they won’t be able to repay the loan on their due date, they are to contact the company immediately. Members may be eligible to receive a refinance, but the company must receive their requests by 6 o’clock MST the day before the loan is due in order to process a refinance request. If the member should make no refinance request, and fail to pay the balance when due, then the loan will be in default.
When commenting on Cash Central’s dependability, one customer who identifies herself as Jeannie stated, “Cash Central is just as good as people said.”