Information
About Company
CashOne is a financial services company based in Las Vegas, Nevada, that offers short-term payday loans to individuals in the United States. The company was started in 2003 and has been in business for over 18 years.
CashOne offers payday loans ranging from $100 to $1,000, with repayment terms of up to 31 days. The loans are designed to provide borrowers with a quick and easy source of cash to cover unexpected expenses, like car repairs or medical bills. The company's loans are unsecured, which means that borrowers do not need to provide collateral to secure the loan.
To apply for a loan with CashOne, individuals can visit the company's website and fill out an online application. The application process typically takes only a few minutes, and borrowers can receive a decision on their loan application quickly. If approved, funds are typically deposited into the borrower's bank account within one business day.
CashOne has a customer service team available to help borrowers with any questions or concerns they may have. The company also offers an online account management portal where borrowers can view their loan balance, make payments, and update their personal information.
Key Features
- Speed of funding. CashOne may offer fast funding options that allow borrowers to receive their loan proceeds quickly, which could be an advantage for those in urgent need of cash.
- Loan amounts. CashOne may offer higher loan amounts than some of its competitors, which could be beneficial for borrowers who need a larger amount of cash.
- Fees and interest rates. CashOne may offer competitive fees and interest rates compared to its competitors, which could make it a more affordable option for borrowers. It states it doesn't charge any upfront fees, though.
- Customer service. CashOne may offer exceptional customer service, which could help differentiate it from competitors and attract repeat business.
Pros and Cons
Pros
- Fast acceptance. Emergency service payday loan requests may be accepted within one business day. Though, not all lenders have such an option.
- No need for a high credit score. To qualify for the company's services and meet all eligibility requirements, customers do not need to have a FICO credit score. Even customers with bad credit can get personal loans from the company.
- Accessibility. Payday loans are often easier to obtain than other forms of credit, as they typically require minimal documentation and credit checks.
- Fast funding. Many payday loan providers offer same-day or next-day funding, which can be beneficial for borrowers who need cash quickly.
- Flexibility. Payday loans can be used for any purpose, unlike some types of loans that are earmarked for specific uses, like car loans or mortgages.
Cons
- CashOne advertises a high annual percentage rate. The company's network of lenders offers loan options with an APR of 200% and up to 900%. The annual percentage rates (APRs) for payday loans vary from state to state, so loan estimates can be changed.
- High interest rates. Payday loans often carry very high interest rates, which can make them very expensive for borrowers who cannot repay the loan in full on the due date.
- Short repayment terms. Payday loans are typically due in full on the borrower's next payday, which can be challenging for those who are already living paycheck to paycheck.
- Risk of the debt cycle. Borrowers who cannot repay the loan in full on the due date may be forced to take out another loan to cover the fees and interest, which can lead to a cycle of debt that is difficult to escape.
- Predatory lenders. Some payday loan providers engage in predatory practices, such as charging extremely high interest rates or using aggressive collection tactics, which can make it difficult for borrowers to repay the loan and can harm their credit score.
Products
The company's lenders offer customers loans with APRs (annual percentage rates) starting at 200% and going up to 900%. The APRs on a small dollar short-term loan depend on the loan amount, loan cost, loan term, repayment amounts, and timing.
Loans with lower APRs may be available for a larger loan amount and a longer term. Though, loans with a higher APR range can be accessed for a smaller loan amount and for a shorter term. Fees on loans will depend on the particular lender.
CashOne has loan amounts starting from $100. The maximum loan amount for a payday loan is $1,000. However, your state may cap the maximum loan amount at a lower sum. You can choose one of the following loan amounts from the website: $100, $250, $500, $750, and $1,000. Some states have maximum loan amounts of $500.
There is an online calculator that can help you estimate the payments. It allows you to enter the fee for the loan: from $10 to $30 for every $100 you borrow.
Reliability
There is some consideration on the reliability of CashOne before taking out a loan:
- Reviews. Online reviews from Trustpilot customers give the service 3.4 stars out of 5. However, there are too few reviews. It is not BBB-accredited and has an F rating. The company has 1 complaints over 3 years.
- Regulatory agencies. The company offers loans inTexas, California, Ohio, Tennessee, Mississippi, Alabama, Florida, Missouri, Oklahoma, and Louisiana. It doesn't disclose any licenses on its website. Moreover, it offers loans through lending partners that you don't know in advance.
- Transparency. The company does not provide you with comprehensive information on how it operates. However, you can see the loan amounts, interest rates, and the restriction in each state CashOne is present in.
- Review terms and conditions carefully. Before taking out a loan, carefully review the provider's terms and conditions, including fees, interest rates, and repayment terms. Make sure you understand all the terms and ask questions if anything is unclear.
Funding a Loan
Usually, it takes one business day for customers to get their financing directly into their bank checking or savings account. So, if you accept and agree to the terms of your loan, make a request in the morning, and get approved, you will likely receive money the next business day, not counting weekends and holidays.
You will be informed of the funding via a direct phone call from the lender. You can ask your lender when exactly you will receive the money in the account. Sometimes loan requests may be rejected because of many reasons, and CashOne will not be informed why exactly the application has been rejected.
The company operates fully online, and that's why it is available at any day and time, 24/7.
Other Personal Loans
Loans like CashOne
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.
Important
Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.
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.
