Basically, a payday loan is a loan given to the borrower as an advance against salary, proof of which the borrower has to provide. In other words, once your bank account has money in it, you pay back the payday loan amount with applicable interest rates to the lender.
But since government regulation of this sector is minimal it has become a prime area of nefarious practices by various money lending businesses, with the main nefarious practise indulged in by them being deceptive presentative of interest rates.
For example, there are business which offer you a $10 interest on $100 loan and this seems lucrative till one has a look at the fine print where one will find that the interest period is manipulated. It would be $10 for 1 week or $25 per 18 days.
That's not all, then there are additional charges that are not revealed to the borrower at the loan procurement stage, but are instead included at the time of collecting the loan back, at which time it is convenient to add hidden costs.
This is where Cash Central primarily stands head and shoulders above all other similar loan services. The interest on Cash Central payday loans varies from as low as $10 and goes to a maximum of $25 per $100, with the interest rate varying according to the state you resident in.
If you are in a state where loans are available at $10 then you will get it exactly at that rate. There is no fine print, no hidden costs, no extra fees at all. Period. An average interest across the board here stands at $17.50. That's not all.The payment period is 18 days which is an industry maximum.
However, it is not just costs that a borrower is concerned about. In the first place, a borrower is taking a payday loan because he needs the money quick. But while most payday loans promise immediate loan, in practise it is the opposite.
Usually you face a delay, for a number of reasons that these services will ingeniously come up with, the reason being to gauge your desperation so that they can then pass on a expensive rather than a cheap loan. With Cash Central it is just the opposite.
Apparently, 20 odd years of experience in dealing with people in need has made them sensitive to the needs of people and therefore they practise what they preach. When they say fast they really mean it and usually by the end of the day, the money will be deposited in your bank account.
In fact, within thirty seconds of filling a no obligation application form, you will know whether you can get a loan or not.
Then there is also the question of security. In any financial dealings it is always best to move ahead with a business that has governmental sanction to it for a number of reasons, such as legality, disputes etc.
Cash Central is the only payday loan service that has recognition in 23 states in the US. Therefore, when one takes a loan, one can be assured that one is well covered legally and in all other aspects while availing the loan from Cash Central.
In addition, Cash Central has a lot more to offer to the borrower, such as no need for credit report, no need for fax, financial tips, borrowing advice, positive credit, repeat loans at lesser interests etc. Finally, their customer service is unbeatable.No matter what queiries we had, they were always prompt to answer them and also offer useful advice and information as well.
A finalimportant feature of Cash Central is its refinance facility.In case a borrower is not able to pay back the loan during the stipulated time, Cash central provides refinance for the borrower. You will be eligible to applicable refinance provided Cash Central receives your request call by 6 o'clock MST the day before your loan is due in order to process a refinance request.
Several aspects make Cash Central worth it: lowest interst rates; fast; safe and secure; refinance facility, legally recognized and good customer service.