CashNet USA vs. Cash Central: Which Payday Loan Service Is Better to Get a Loan From

Are you looking for a small loan to help hold you over until your next payday? Payday loans are one option to help you out when you're in a pinch for cash. Payday loans offer you the ability to take out small, short-term loans when you're in a tight spot, helping to give you the little bit of breathing room that you may need.

When looking at getting a payday loan, it's very important to do your research to avoid getting into a sticky financial situation. We decided to put two, of the best and most reliable services to the test with CashNet USA and Cash Central to see which one is best when you are in need of some extra cash.

Cash Central: Cash Central is one of the better payday loans sites we reviewed. We found Cash Central to be one of the most reliable payday loan sites out there. With Cash Central, you can take out between $100 and $255 and only pay $17.64 per $100 loaned. They also have an APR of 459.90% and a loan period of 4-18 days.

CashNet USA: CashNet USA was the highest rated out of all the payday loan services we reviewed. With a special promotional code: NEXTADVISOR50, you get 50% off of payday loans or a 50% rebate on installment loans. With CashNet USA, you can get a loan of $100-$255 with a fee of $8.83 per $100 borrowed and an APR of 230.21%. Loan periods are typically between 8-31 days.

As you probably figured out, CashNet USA is our first choice when picking a payday loan service. With the special coupon code NEXTADVISOR50, you can save 50% off of payday loans or a 50% rebate on installment loans, making it by far the best choice. For more information on both these services and links to sign up go to NextAdvisor.com

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How Much Does CashNet USA Cost?

Are you looking for an advance on your paycheck? At NextAdvisor we have reviewed and rated some of the best payday loan services available and recommend CashNet USA for your payday loan needs. CashNet USA is currently our highest ranked payday loan service because they are reliable, user friendly and make it easy to get that extra bit of cash you might need until your next paycheck. With a better business bureau rating of A, they're one of the best and most trusted options out there.

With CashNet USA you are able to take out a loan of $100 – $255 with a $17.66 fee per every $100 withdrawn (dropped to $8.83 with NextAdvisor promo code). These loans also come with a 230.21% APR and a loan period of anywhere  from 8-31 days. Right now through NextAdvisor.com we are offering you the ability to save 50% off payday loans or a 50% rebate on installment loans through CashNet USA until the end of March. Just use the promo code: MARCH50, and you will be on your way to a quick and easy payday advance.

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CashNetUSA Discount:
Get 50% Off Your Loan Fees

CashNetUSA holds the top spot in our PayDay loan service reviews and rankings for a number of reasons. This service is reliable, easy to use and has a BBB rating of A. Another reason they are No. 1 is thanks to their amazing discount: our readers can get 50% off loan fees when using our coupon code NEXTADVISOR50.

With great customer service and half off your loan fees, CashNetUSA is definitely the service to choose if you're looking for a payday loan. Read our full review of CashNetUSA for your state and sign up from there. Don't forget to enter NEXTADVISOR50 at checkout so you can get the deal.

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PayDay Loan Rates:
How Much Will I Be Paying?

If you ever need a short-term loan and fast, then applying for a payday loan may be something to consider. When signing up for a payday loan, the company will deposit the requested loan amount into the borrower's checking account. On the customer's payday, the loan provider will charge the loan amount plus the respective fees. As the borrower, you get to decide the time period of your loan, and of course, the shorter the loan period, the cheaper it will be.

With these payday loans, legal permissions, maximum loan periods, fees and rates vary from state to state. In fact, payday lending isn't available in Arkansas, Georgia, New York and New Jersey. Other states have laws surrounding payday loans that make it virtually impossible to get one. However, there are 35 states where you can get yourself a payday loan.

Some of the services we have reviewed, including the top-rated CashNet USA and Cash Central, do not service particular states. This is why we have created a special drop down menu of states to filter out only the companies that service your particular area. If you're curious about the maximum payday loan amounts, fees and rates associated with your state, visit the payday loan home page and see what kind of payday loan rates you can get in your state. Also note that currently, CashNet USA is offering our readers a 20% discount on their initial loan fees, and our state-specific information reflects this discount.

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Can I Get a PayDay Loan? Am I Eligible?

Q: I want to know whether I am eligible for a PayDay loan. How long does an individual have to be employed to be approved?

A: Most online PayDay loan services set minimum requirements for those applying for their loans. Here is a look at the list of minimum requirements for CashNetUSA and CashCentral, the two services at the top of our payday loan rankings

CashNetUSA is our highest rated payday loan site with a rating of 5 out of 5 stars. Currently they are offering NextAdvisor readers a 50% discount on their lending fees with the promo code NEXTADVISOR50. Read our full review of CashNetUSA and check out their minimum requirements:

1. Borrowers must have an active checking account.

2. They must be employed for at least one month.

3. US citizenship or permanent residency is required.

4. They must be at least 18 years of age.

CashCentral is another good service, that rated 4 out of 5 stars in our rankings. Here is a quick list of their minimum requirement:

1. Borrowers must be employed for at least 3 months.

2. Their take home pay must be at least $1,000 a month, after taxes.

3. They must have a valid checking account in their name.

4. They should have current and valid home and work numbers.

5. US citizenship is required.

6. They must be at least 18 years of age.

Read our full review of CashCentral and compare all of the payday loan services we review here.

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PayDay Loans: How Much Money
Can I Get in My State?

As you've read in our previous post, PayDay loans are not legal in every state. What many people do not know about the states where PayDay loans are legal, however, is that each state has regulations about the maximum amount of money that can be issued in a PayDay loan. Reference the chart below to see the maximum amount of money that you can get from a PayDay loan in your state. Don't forget to check out the comparison chart and read reviews of PayDay loan services so you can find the right provider.

To read about fee and interest caps, as well as APRs for each state, click here.

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PayDay Loans: How to Spot a Scam

While there are a couple of legitimate and helpful payday loan sites, there are still a lot of scams out there. We've put together a few quick tips on how to dodge payday loan scams:

- If the site is asking you to pay a particular sum of money before you receive the loan, it is probably a scam. Recently, one of our readers emailed us asking if she should sign up with a payday loan service that was requiring a deposit of $150, which they would then hold for 15 minutes. In this example, the site is most likely a scam. Payday loans work in a way that the borrower must provide their bank account and routing number as collateral, not an actual sum of money. When the payday lender has this information, they will deposit the sum of your loan into that account. On the payday, the borrower must pay back the loan and any lending fees.

- The site is a scam if the lender is threatening to arrest borrowers who do not pay back the loan. This is a more recent scam tactic that has been popping up around the web. Know that consumers cannot be arrested for failing to pay a loan. If a payday loan site is threatening you with law enforcement, the service is definitely a scam.

- Look at contact information and do not trust payday loan services that are not based in the U.S. If a service has off-shore contact information, it is better not to take the risk. For example, upon further investigation we discovered that PayDayMax, which is one of the services we would never recommend to our readers, is actually located in Bermuda, though they say they are located in Canada. It was also alarming that their contact information only included a phone number.

- Know which companies are trusted in payday lending. Among the payday loan services we review, CashNetUSA is the only service that received 5 out of 5 stars. They had the highest BBB (Better Business Bureau) rating, a clear website and 24/7 customer service. You can even get 50% off the lending fees if you use our coupon code. Cash Central is another service that got high ratings. On the other hand, we warn our users to stay away from mypaydayloan.com and PayDayMax.

Learn more about safe payday loans and which services we recommend here. And check out the CashNetUSA review to see how it surpasses the rest, plus get the 50% lending discount.

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Are PayDay Loans Legal in My State?

If you're pressed for cash and need a short-term loan with an amount smaller than what the bank can give you, a payday loan may be your best option. However, there are specific laws pertaining to the legality of payday loans depending on what state you're in. Payday lending is authorized by state laws or regulations in only 33 states. 

To protect borrowers, some states have a maximum fee cap. The chart below lists each state where payday lending is legal plus that state's maximum fee cap, if any. The chart also shows the APR for a two-week $250 loan based on the legal maximum. Fees are a percentage of the amount of the loan in some states, while caps are based on the total check, including the fee, in others.

Read the rest of this entry »

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National Consumer Protection Week: What You Should Know About PayDay Loans

Next on our National Consumer Protection Week agenda is the topic of protecting yourself when seeking debt relief. Many Americans look to Payday Loans when in need of fast small-dollar cash loans; however, it is important to learn the facts before you borrow. The CFA, short for Consumer Federation of America, has created a resource site for those seeking information about Payday loans.

Here are 5 things you should know before signing up for one of these loans:

1. Learn how Payday loans work. Payday loans are short-term advances provided by a licensed lender to a consumer. When a loan is initiated, money is electronically deposited into the customer's account, and funds are automatically withdrawn when the loan is due on the customer's payday.

2. Know the cost. Payday lenders charge fees and/or interest on a payday loan, which is also withdrawn on the due date. Rates, maximum loan amounts, and contracts vary by state, so be sure to read

Screenshot of CFA Payday Loan Resource Site

the fine print and know exactly what fees apply.

3. Check the legal status of Payday lending in your state. Payday lending is legal in only 33 states. To protect consumers, each state has listed a maximum fee cap for Payday loans. Though these rules are regulated, in some states there are loopholes for lenders trying to avoid these fee caps. For example, Payday loans in Illinois have no fee cap for loans over 120 days old. Check our list to see if Payday loans are offered in your state.

4.  Know how to file complaints regarding Payday loans. Even if Payday lending is legal in your state, lenders may not be complying with all the rules. Contact the agency that regulates lenders in your state. You can also report violations of the Truth in Lending Act, such as lenders not being up front with their finance charges and APR, to the FTC Response Center, toll-free at 1-877-382-4357,  or by e-mail through the FTC website.

5. Choose the right service. At NextAdvisor, we review several online Payday loan services to help those seeking small-dollar cash loans make informed decisions. Our reviewers placed CashNetUSA at number one in our rankings, while cautioning consumers against using PayDayMax.

If you have thought or are thinking about signing up for a Payday loan, be sure to look over the CFA's web site and visit our PayDay Loan Reviews page to read about the services offered in your state.

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