Approved Cash is a lender that offers a variety of financial services, including payday loans, installment loans, and title loans. The company was founded in 2004 and is headquartered in Cleveland, Tennessee and has over 200 locations across several states in the United States, including Alabama, Michigan, Mississippi, Tennessee, and Virginia. The company's mission is to provide its customers with fast and easy access to the cash they need, regardless of their credit history.
Pros and Cons
Pros
Fast Approval. Approved Cash has a fast approval process, which means that customers can often receive their cash the same day they apply for a loan.
No Credit Check. Approved Cash does not require a credit check for payday loans, making it a popular choice for customers with poor credit or no credit history.
Multiple Options. Approved Cash offers payday loans, installment loans, and title loans, giving customers a variety of options to choose from based on their needs.
Easy-to-use Online Application. Approved Cash has an easy-to-use online application process that allows customers to apply for a loan from their homes.
Transparent Fees and Charges. Approved Cash provides customers with clear information about the fees and charges associated with their loans, so they can decide whether to apply for a loan.
Cons
High-Interest Rates. Like most short-term lenders, Approved Cash charges high-interest rates on its loans, which can make them expensive for customers.
Potential for Debt Cycle. Customers who are unable to repay their loan on time may be subject to additional fees and charges, which can make it difficult to pay off their loan and may lead to a debt cycle.
Limited Availability. Approved Cash has locations in only a few states, which may limit its availability for some customers.
Not a Long-Term Solution. While Approved Cash loans can provide customers with immediate cash when they need it, they are not a long-term solution to financial problems and should not be relied upon as a regular source of income.
How to Apply for an Approved Cash Loan?
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Go To The Website. Visit the Approved Cash website to start your loan application.
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Click "Click For Payday Cash Advance." Locate and click on the "Click for Payday Cash Advance" button.
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Answer Pre-Qualification Questions. Answer the questions provided to determine if you pre-qualify for the loan.
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Submit Your Application. Submit your application after completing the pre-qualification questions.
Conditions and Requirements
Conditions
Loan Amounts. Payday loans range from $100 to $1,500, while installment loans and title loans may allow you to borrow more.
Interest Rates and Fees. These depend on the type of loan and the state in which you live. Payday loans typically have higher interest rates and fees than installment loans or title loans.
Repayment Terms. Payday loans are typically due on the borrower's next payday, while installment loans may be repaid over several months.
Requirements
Valid Government ID. A government-issued identification to verify your identity.
Most Recent Pay Stub. Proof of your current employment and income.
Proof Of Social Security. Documentation of your Social Security number.
Most Recent Bank Statement. Evidence of your active bank account.
Blank Check. A blank check from your bank account for loan processing purposes.
Editorial Opinion
Important
How to Choose a Lender
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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.
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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.
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Carefully review all the terms and conditions of your payday loan contract.
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Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.
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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.
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Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.
Additional Resources
- About Approved Cash
- Full Approved Cash Account Review
- How to Apply for an Approved Cash Loan
- How to Repay an Approved Cash Loan
- Approved Cash Customer Reviews
- All Approved Cash Coupons and Promo for October 2024
