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Lender
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Credit Central

Finanso.Multilogin™

About lender

Credit Central is a company that serves as a provider of loans to people residing in Georgia, Alabama, and several other states. The ‌loan options vary from simple installment loans to secured loans. The loan products are usually aimed at those who are looking to make a big purchase, repair or upgrade their homes or get back on track with their bill-paying routine. Additionally, Credit Central offers tax preparation services that help customers qualify for refunds and save money in the long run.

The company was established in 2002 by Grover Todd, a Texas Christian University graduate who had a passion for financial planning and investing. As of right now, Todd's company operates in five states with plans to expand throughout the country.

Pros and cons

Pros

  • Fast approval process. The approval can be processed in less than three hours, which is a great option for those that are interested in obtaining financing as soon as possible.
  • Experienced lending company. It's been in operation since 2002, so there are two decades worth of experience and reputation.
  • There exist additional financial services. You can take advantage of their tax preparation service, and that's good for those who want to have many things going under one roof. It's harder to navigate these services if they all come from different companies.
  • It's okay if you have bad credit. Eligibility rules are a bit unclear, but they generally only require that the amount that you're borrowing matches your credit score. They don't want to take too big of a risk with people with bad credit, but they are giving them an opportunity to borrow money to fulfill their financial needs.
  • Direct lender. It's easier to work with a company that funds its installment loans directly with no outside assistance that might only complicate things.

    Cons

    • Unavailable for people in most states. The only states that they can provide installment loans in are Georgia, Texas, Tennessee, South Carolina, and Alabama.
    • Installment loans are the only option available. You can't opt for any other loan type with this company, which is very limiting.
    • Not too much information is available on the site. It's never a good sign when a company does not reveal much about its interest rates, terms, fees, and so forth.

      Terms and conditions

      As already said, this company does not give any information about interest rates or loan amounts they are willing to offer. It's very unclear what terms you'll be able to qualify for. That said, there are not too many negative reviews of this company online, which means that they do offer reasonable conditions after all.

      To find out the loan details, including amounts and terms, you will need to visit the company’s branch and talk to the representative.

      Funding a loan

      It takes about three full hours to process a loan application once it's been submitted. There's no evidence that would point to the fact that this company takes longer than others to make the funds available to the borrower. That means that their funding takes 5-7 workdays on average.

      FAQ

      What does Credit Central do?

      This company gives installment loans to people who qualify for them. The services are available in five states, and installment loans are the only type of loan you can get. Credit Central does try its best to offer loans to all kinds of borrowers, including those with bad credit.

      Is Credit Central a legitimate company?

      Credit Central is a legitimate company that was established in 2002. They managed to expand their network and earn a good reputation in the states where they operate.

      Where does Credit Central operate?

      Credit Central operates in the southeastern states of the United States of America - Georgia, Alabama, Louisiana, South Carolina, Texas, and Tennessee. In recent years, there's been talk of an expansion.

      Company documents

      Privacy Policy
      Terms of Use

      To Credit Central and our staff, you are more than just a number. We treat you with courtesy and respect as we work to get you the money you need.

      © Credit Central

      Financial products

      Credit Central
      Installment Loan
      Rating by Finanso®
      i

      The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

      Recommended FinScore™
      0
      300
      650
      1000
      depends on the state
      Rate
      i

      Effective interest rate on the product

      depends on the state
      Term
      i

      Loan term for the financial product

      depends on the state

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      Effective interest rate on the product

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      Loan term for the financial product

      12 - 60 months

      What to focus on before applying for a loan with Credit Central

      To ensure the lender is legitimate, check if it meets the following criteria:

      How do you know if a loan company is registered?

      The lending company is registered with the US Securities and Exchange Commission (SEC) and has a tax identification number (EIN). Note that tribal lending companies operate under the jurisdiction of tribal laws, and they don't have to register with the SEC. But still, tribes must act under federal consumer protection laws enforced by the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC).

      According to the FTC requirement, the lending company is registered in your state, excluding tribal lenders abiding by tribal and federal laws only. That is why tribal lending companies can charge interest rates exceeding your state's maximum.

      Finally, the State Attorney General can verify the registration of the lending company if you need additional proof of whether it is legitimate.

      If a US lending company scams you, please report to local law enforcement, your state attorney general, CFPB, or FTC.

      Finanso® also recommends

      Learn the total cost of a loan, including:

      It will be best to read a loan agreement carefully before signing it. If any part of the agreement seems incomprehensible, do not hesitate to ask the lender about particulars.

      Remember that you don’t have to make an immediate decision when considering getting a loan. However, you must be sure that you are ready to repay following your loan documents. If the lender’s terms and conditions are uncomfortable for you, you are free to search for another proposal, as there are about 780 lending companies in the US.

      What’s the difference between Credit Central and a bank?

      1. You need to have a good credit history to qualify for a credit card with a bank. In contrast, even bad credit history debtors can borrow money from US lenders with personal or payday loans. 
      2. Interest rates and annual percentage rate for a loan with an online lending company are significantly higher than with a credit card released by a bank.
      3. Applying for an online loan with a lending company doesn’t require paperwork or even visiting their office. Instead, a borrower can apply entirely online and receive money via direct deposit on the next business day.
      4. The online lending business is high-risk for investors, and their capital is not protected from unfair borrowers.
      5. A loan with legitimate loan companies for bad credit is a simple but expensive form of borrowing to resolve financial hardship.
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