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Cash Central Review: California Payday Loan Reviews |
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Rating: |
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| Company offers incentives for repeat borrowers after 5th loan, but loan period is shorter; BBB score could be higher; 15% off with coupon code | |
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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.]
Cash Central has been licensed to operate in California since January 3rd, 2006. Their main office is in North Logan, Utah. Cash Central differentiates itself by trying to build business from repeat customers through Premiere Memberships, which provide discounted rates for those who've made successful loan payments. Cash Central's website is informative and well organized. There are multiple points of contact including phone, email, chat, fax, and regular mail. 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. Applicants fill out an online form with all their vital info: name, address, social security number, checking account number, and job information. Cash Central specifies right off the bat that applicants must be 18 or older, a U.S. Citizen, have current home and work numbers, a valid checking account, a minimum monthly income of $1,000 after taxes, and a minimum of three months employment at their current job. Customers should take care when filling out the application. Payday loan companies sometimes offer to share their customers' non-public personal information to affiliated and non-affiliated marketers. Fortunately privacy laws in California are a bit stricter than in other states. Still, we recommend customers not "opt-in" to any non-affiliate partnerships. After all, do you really want to receive more 'special' offers in your email inbox? We likewise suggest consumers "opt-out" or uncheck any offers to have their information shared with affiliates, affinity partners or other entities for purposes of marketing. This will help keep your inbox clean of spam. Because the industry is somewhat regulated, the advertised loan offering is fairly standard, between $100.00 and $255.00 (the maximum allowed by California law). As per California law, the fee cannot be higher than $17.65 per $100.00 borrowed. If you use the 15% off coupon code, the loan fee is reduced to $14.99 which translates into an APR of 390.81% on a 14-day loan. Cash Central caps your loan period at 18 days, a shorter time period than is offered by others. So, if you have a 30-day pay period, you'll have to wait until after the 12th of the month to apply. The website advertises a typical fee being $17.64 (459.90% APR), but it may vary based on your financial situation, though it cannot legally be higher than the limits noted above (note that members of the US Military cannot receive payday loans.). California law prohibits loan rollovers so you will not be able to refinance at your next pay period. Cash Central offers bonuses to its repeat customers. Premiere members receive faster, more individualized customer service. They may also qualify for higher loan amounts, assuming customers aren't already at the state's legal limit. The chief benefit seems to be the accrued discounts. On the sixth loan, customers receive 15% off the fees, and then 10% off on each loan thereafter. Of course if you've taken out five payday loans, you might want to consider other options: You will have paid between $80.00 to $220.00 in total fees, depending on how much you've borrowed. Should you use Cash Central? We have mixed feelings. Cash Central has been rated a B by the Better Business Bureau. Also, since the maximum loan period is 18-days, those who are on monthly payday cycles will not be able to borrow early in the month (though maybe that's a good thing). While we generally appreciate the idea of loyalty programs, we would caution customers to be wary of incentives to take out multiple payday loans, as this type of borrowing should only really be used in emergencies. |
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| Advertised loan amount*: | $100.00 to $255.00 |
| Fee per $100*: | $14.99 (after 15% discount with coupon code: CJ15DEC11) |
| APR: | 390.81% |
| Loan period: | 4-18 days |
| BBB Rating**: | B |
| California License: | Since 2006 |
**Better Business Bureau rating based on 36-month reporting period
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