Cash Central specializes in smaller dollar amount payday loans or cash advances, which are typically repaid on your next pay date.
A payday loan, also known as a cash advance, is typically offered over the course of two to four weeks and paid back on your next payday. However, borrowers often use these loans over a period of months, which can be expensive. Payday loans are not recommended as long-term financial solutions but are often used to cover emergency expenses.
Installment loans are characterized by a series of monthly, semi-monthly or biweekly payments ranging from six to 24 months. Installment loan amounts are typically between $300 and $5,000, depending on your state of residence.
A line of credit loan allows you to apply once for credit and, if approved, establish a credit limit and choose funding amounts that are right for you and your situation up to a qualified dollar amount. A line of credit allows you to draw only the amount you need (any time), up to your available credit limit, with funds deposited into your checking account. The line of credit is a high-interest product. Customers are encouraged to repay their draws quickly.
The Annual Percentage Rate, fees, and state-by-state availability for a payday, installment, and line of credit loans vary by state and duration, and can be viewed here.