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Cash Central Review: Payday Loan Reviews |
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| Good BBB grade of B, and repeat borrowing incentives are pluses, but privacy policy could be more customer-friendly, save 15% with coupon code CJ15DEC11 | |
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[Editor's Note: CashCentral is offering an exclusive offer to NextAdvisor readers: 15% off loan fees. Simply follow any CashCentral link on our site, and enter coupon code CJ15DEC11.]
Payday loans are a popular way for people to get much-needed short-term cash until their next pay date. One of those companies offering payday loans is CashCentral, a Utah-based company that makes loans in many states. CashCentral's website isn't a beauty, but all the information is where you need it, including multiple points of contact. Customer service is available 7:00 a.m. to 8:30 p.m. Monday through Thursday, 7:00 a.m. to 6:00 p.m. Friday, and 7:00 a.m. to 11:00 a.m. on Saturday (Mountain Standard Time). Our call was picked up quickly, and our representative was friendly. We liked that they did not ask immediately for our personal information the way some other loan companies did. We don't particularly like that CashCentral does not display information on opting out of information sharing with affiliates and other companies. Most payday loan companies that we've reviewed offer some information on their opt-out policy. The loan application runs across three sections. You'll be asked for all your vitals such as name, employer, social security number, and address. As with other CSOs offering payday advances, they won't run a credit check but they will run a check on your bank account, such as when you pay by check at a retail store. They also offer incentives to repeat borrowers such as 15% off the fees on your sixth loan with the company, and 10% off the fees on additional loans. Once you sign up you'll receive an email stating whether or not your application was accepted, and what the terms are. Interest, fees, and maximum loan amounts will vary by state. Make sure you understand the terms of your loan, including refinancing rules, before accepting your loan. If you accept, the money will be electronically deposited in your account. CashCentral was given the grade of B from the Better Business Bureau. This is the second highest scoring of the lenders we reviewed. While this is a good sign, and something that matches our experience with their customer service, we do wish the information sharing section of their privacy policy agreement was a bit more customer friendly. |
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