About Lender
Cash Factory USA is a financial services company that offers short term installment loans to individuals in the US. Based in Las Vegas, Nevada since 2004. Loans are unsecured, meaning you don’t need to put up collateral. They are an alternative to payday loans which have high interest rates and fees.
Key Features
-
Online-Only. Cash Factory USA is an online only lender, you can apply and manage your account online.
-
Short Term Loans. Cash Factory USA offers short term payday loans which are designed to get you cash fast when you need it.
-
Flexible Payment Options. Cash Factory USA offers flexible payment options to you to choose what works best for you.
-
Good Customer Service. Cash Factory USA prioritizes good customer service to borrowers.
Pros and Cons
Pros
Fast and Easy Application. Cash Factory USA’s application process is fast and simple, takes only a few minutes to apply.
Fast Cash. If approved, you can get cash as soon as next business day.
Loans for Bad Credit. Cash Factory USA offers short term loans to people with limited credit history.
Cons
High Interest Rates and Fees. Payday loans like Cash Factory USA’s have high interest rates and fees which can be expensive and hard to pay if not managed well.
Short Payback Terms. Cash Factory USA’s payday loans have a 2 week payback term which can be tough for borrowers who may not have the funds to pay in full at the end of the term.
State Restrictions. The lender is not available in all states and some states have restrictions on payday loans which may limit their services.
Reliabilty
4.2 Trustpilot Rating. Cash Factory USA has 4.2 Trustpilot rating which means generally good reviews from customers.
OLA Member. The company is a member of Online Lenders Alliance (OLA) which promotes best practices and ethical standards in online lending.
Licensed and Regulated. This is a licensed lender in each state where they operate, they comply with state specific lending laws. They are committed to being licensed and regulated to protect customers.
How to Apply for a Cash Factory USA Loan?
-
Visit the Website. Go to the Cash Factory USA website.
-
Click Apply Now. Select the "Apply Now" button on the homepage.
-
Enter Your Details. Provide your email, name, Social Security Number (SSN), date of birth, loan amount, address, and phone number. Click "Next."
-
Provide Income Information. Enter details about your income source, gross monthly income, pay frequency, payroll type, and next pay date (or second pay date if applicable).
-
Enter Bank Details. Input your routing number, account number, and bank name.
-
Confirm and Submit. Review all your information, confirm the details, and submit your application to complete the process.
Conditions and Requirements
Conditions
Loan Amount. $100 to $2,000 with Cash Factory USA installment loan.
APR. Up to 793.4193% APR depending on loan terms and conditions.
Loan Term. 6 to 18 months.
Requirements
Age and Citizenship. You must be a US citizen and 18 years old or older.
Employment and Income. You must be employed or have a verified income.
Active Bank Account. You must have an open and active checking account from a bank, credit union or prepaid card account.
Ways to Recieve the Money
Cash Factory USA approves loans by 8:30 a.m. Pacific Time. Borrowers will get their money the same business day. However, in some cases clients get their funds next business day. To verify or know more about this, borrowers can ask one of Cash Factory’s representatives.
Products
Payday Loans. Short term loans to cover immediate expenses and typically repaid on next payday.
Installment Loans. Small loans with longer payback terms, to repay over several months.
Other Personal Loans
Reasons for Loan Refusal
Cash Factory USA may deny a loan application for many reasons including insufficient income, bad credit history or high debt to income ratio which means you can’t manage more debt. Applicants may also be denied if they don’t meet the basic requirements such as minimum age or residency. If you provide incomplete or wrong information during the application process, you may also be denied. And state laws may prohibit loans in some areas which means if you live in an ineligible state you will be automatically denied.
How to Repay a Cash Factory USA Loan?
To repay a Cash Factory USA loan, borrowers can set up automatic electronic payments from their bank account to make monthly payments on time according to the schedule. Or borrowers can make manual payments through the customer portal or by contacting customer service. Early payment is allowed with no penalty so borrowers can pay off the loan sooner to reduce total interest if they want. For any payment changes or assistance, contact Cash Factory USA’s customer service.
Loans like Cash Factory USA
OppLoans
OppLoans is a notable financial service provider that offers consumer loans varying from $500 to $4,000. They expedite the funding process to ensure that approved applicants receive the necessary funds promptly, which is advantageous for those dealing with immediate financial concerns. OppLoans offers adaptable repayment conditions, giving customers the choice between 9, 12, and 18-month loan terms. This adaptability allows borrowers to opt for a repayment plan that matches their financial ability, ensuring a seamless and manageable loan journey.
Rise Credit
RISE Credit is a reliable online lender that provides loans up to $5,000. They have a streamlined application procedure, allowing borrowers to have funds transferred to their accounts as early as the next business day. They present the flexibility of choosing a payment schedule that fits with the financial preferences of the customers, although some state-based restrictions might apply. A notable feature of RISE Credit is its 5-Day Risk-Free Guarantee, which permits borrowers to revoke their loan and return the principal with zero fees or interest within the given period. Additionally, RISE Credit grants customers complimentary access to their credit score and credit monitoring alerts through Credit Score Plus, offering valuable financial insight.
OneMain Financial
OneMain Financial stands as a distinguished and enduring lender, offering personal loans that range between $1,500 to $20,000. Boasting a century’s worth of experience in the financial sector, they have garnered the trust of a vast customer base. Their loan terms include fixed rates and fixed payments, offering a predictable and manageable repayment scenario to borrowers. OneMain Financial emphasizes personalized service, ensuring that the distinct needs of each customer are addressed. With a widespread network of approximately 1,400 branches, they provide easy access and convenience for individuals in search of financial aid.
Universal Credit
Universal Credit requires applicants to have a minimum credit score of 560, thus excluding those with no credit history. It is appealing for its credit-enhancement features, making it suitable for individuals with fair or poor credit looking to better their scores. Providing larger loan amounts than Oportun and next-day funding upon approval, it emerges as a solid choice for significant, urgent financial needs. Universal Credit extends its loan services across all 50 states and Washington, D.C., offering a wide geographical coverage.
Editorial Opinion
Important
How to Choose a Lender
-
Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.
-
Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.
-
Carefully review all the terms and conditions of your payday loan contract.
-
Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.
-
Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.
-
Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.
Additional Resources
- Full Cash Factory USA Account Review
- How to Apply for a Cash Factory USA Loan
- How to Repay a Cash Factory USA Loan
- All Cash Factory USA Coupons and Promo for January 2025
