How a Payday Loan works at Cash Central
Payday loans are short-term cash loans directly deposited into your checking account
by Cash Central. The length and duration of the loan is, in certain states, limited
by law, but generally lasts until your next pay day or 18 days. At that time, the
loan is paid back via an authorized electronic withdrawal from your checking
People from all walks of life generally use their payday loan for emergency expenses,
including doctor bills, utility payments, rent payments, or to avoid bouncing a
check (or checks) at their financial institution. While a payday loan does have
a loan fee, they are usually less than a credit card late fee or the non-sufficient
funds penalties various banks charge.
Qualifying for a Payday Loan
Cash Central requires you to have the following, at a minimum, for your application to be accepted:
- You have been employed three months or longer.
- Take home a minimum of $600 monthly (after taxes).
- Valid checking account in your name.
- Current (and valid) home and work telephone numbers.
- U.S. Citizen
- Over 18
The APR (annual percentage rate) and fees for a payday loan vary by state and can
be viewed here.