Cash Store Review: Scam or Legit?

If you’re in need of short-term financial assistance, you may have come across the Cash Store. Established in 1996, the Cash Store offers cash advances, installment loans, and title loans to customers in select states across the US. However, before considering taking out a loan with the Cash Store, it’s important to do your research and determine if they are a trustworthy and reliable lender.

In this article, we’ll take a closer look at the Cash Store, its loan products, eligibility requirements, and reviews from customers and industry experts. By the end of this article, you’ll have a better understanding of whether the Cash Store is the right lender for your financial needs.

What is Cash Store?

The Cash Store is a direct lender service offered by Cottonwood Financial, a company based in Irving, Texas. They provide short-term financial assistance to customers in select states across the US. Their loan products include cash advances, installment loans, and title loans. Customers can apply for loans online or at one of the Cash Store’s physical locations, depending on their state of residence.

Cash Store is a lender that has been providing short-term financial assistance through their website and physical locations since 1996. They offer a range of loan services, including cash advances, installment loans, and title loans, with varying repayment terms and availability depending on the state.

Their website provides information about their services, as well as details about the loan terms and fees associated with each product. Cash Store is available in seven states, including Wisconsin and Idaho, although availability may change over time. Customers can find more information about their services and eligibility requirements on their website or by visiting one of their physical locations.

Loan Products and Eligibility Requirements

The Cash Store offers three different loan products, each with varying repayment terms and availability. Here’s a breakdown of their loan products:

• Cash Advances: Cash advances are short-term loans that are typically repaid on your next payday. Loan amounts start at $100 and can go up to $5,000. The loan fees for cash advances typically range from $15 to $76, but the APR can range from 330% to 404%. It’s important to note that APRs vary by state and product.
• Installment Loans: Installment loans are longer-term loans that are repaid over a period of months. Loan amounts start at $100 and can go up to $5,000. The loan fees for installment loans also range from $15 to $76, with APRs ranging from 154% to 184%.
• Title Loans: Title loans are secured loans that require the borrower to use their vehicle as collateral. Loan amounts for title loans typically range from $100 to $25,000, depending on the value of the borrower’s vehicle. The loan fees for title loans can vary, and APRs can range from 230% to 275%.

To be eligible for a loan with the Cash Store, applicants must be at least 18 years old or the legal minimum age in their state, whichever is greater. They must also be employed and provide documentation of income, such as a pay stub or social security check. Applicants must have an active and valid personal checking account, as well as a blank personal check and/or debit card. Proof of identity is also required.

What types of loans does Cash Store offer?

Cash Store offers three types of loans: cash advances, installment loans, and title loans. Cash advances are short-term loans that are typically repaid on your next payday, while installment loans are longer-term loans that are repaid over a period of months. Title loans are secured loans that require the borrower to use their vehicle as collateral.

What is the eligibility requirement for a Cash Store loan?

To be eligible for a Cash Store loan, applicants must be at least 18 years old or the legal minimum age in their state, whichever is greater. They must also be employed and provide documentation of income, such as a pay stub or social security check. Applicants must have an active and valid personal checking account, as well as a blank personal check and/or debit card. Proof of identity is also required.

What are the fees and interest rates associated with Cash Store loans?

The fees and interest rates associated with Cash Store loans vary depending on the loan product and state of residence. Cash advances typically have fees ranging from $15 to $76, with APRs ranging from 330% to 404%. Installment loans have fees ranging from $15 to $76, with APRs ranging from 154% to 184%. Title loans have varying fees and APRs depending on the value of the borrower’s vehicle.

Can I apply for a Cash Store loan online?

Yes, customers can apply for a Cash Store loan online, although this option may not be available in all states. Customers can also apply for loans at one of the Cash Store’s physical locations.

What documentation do I need to provide to apply for a Cash Store loan?

Applicants for a Cash Store loan must provide documentation of income, such as a pay stub or social security check. They must also have an active and valid personal checking account, as well as a blank personal check and/or debit card. Proof of identity is also required.

What happens if I can’t repay my Cash Store loan on time?

If you can’t repay your Cash Store loan on time, you may incur additional fees and charges. This can also have a negative impact on your credit score. It’s important to make sure you can repay the loan on time and avoid damaging your credit score.

Is Cash Store accredited by the Better Business Bureau (BBB)?

Cash Store is not accredited by the Better Business Bureau, but they have a B+ rating from the organization. They have received an average of one customer review and have closed ten complaints in the last three years.

FAQs

Are there pre-payment penalties associated with Cash Store loans?

No, Cash Store loans do not have pre-payment penalties. Customers are able to pay off their loans in full or in part at any time without incurring any extra charges.

Can Cash Store loans affect my credit score?

Yes, if you borrow money from them and fail to make regular payments on time, it can have a negative impact on your credit score. Additionally, if you take out multiple loans from Cash Store, it can also have an adverse effect on your credit. It’s important to manage your Cash Store loans wisely and make sure to make all payments on time in order to maintain a positive credit score.

What should I consider before taking out a Cash Store loan?

Before taking out a Cash Store loan, it’s important to carefully consider the loan terms and fees. The high-interest rates and fees associated with Cash Store loans may not be suitable for everyone, and it’s important to make sure you can repay the loan on time to avoid damaging your credit score. It’s also important to explore other options and consider whether

Cash Store Reviews

When researching a lender, it’s important to consider customer reviews and ratings from industry experts. At the time of writing, the company has a B+ rating from the Better Business Bureau (BBB), although they are not officially accredited by them. The company has received an average of one customer review and has closed ten complaints in the last three years. However, the high volume of complaints has resulted in customers giving the company a one-star rating out of a 5-star rating.

It’s worth noting that negative reviews often stem from high-interest rates and fees associated with the Cash Store personal loan products. It’s important to carefully read and understand the loan terms before taking out a loan with any lender.

Tips for Managing Your Finances

If you’re struggling to make ends meet, there are steps you can take to improve your financial situation. Here are some helpful tips:

• Create a budget: Start by listing out your income and expenses to get a clear picture of your finances. This will help you identify areas where you can cut back and save money.

• Track your spending: Keep track of your expenses over time to identify patterns and areas where you can make changes. Use budgeting apps or spreadsheets to make this process easier.
• Save money: Make saving a priority by setting aside a portion of your income each month. Even a small amount can add up over time and provide a financial cushion in case of emergencies.
• Negotiate with creditors: If you’re struggling to make payments, reach out to your creditors and see if they’re willing to negotiate a lower interest rate or payment plan.
• Consider a side hustle: If you need to make extra money, consider taking on a side hustle such as freelancing, driving for Uber or Lyft, or selling items online.

Is the Cash Store Legit or a Scam?

Based on our research, the Cash Store is a legitimate lender that has been in business for over 25 years. However, it’s important to carefully consider the loan terms and fees associated with their loan products before making a decision. The high-interest rates and fees may not be suitable for everyone, and it’s important to make sure you can repay the loan on time to avoid damaging your credit score.

Conclusion

If you’re considering a loan from the Cash Store, it’s important to do your research and carefully consider the loan terms and fees before making a decision. While the Cash Store is a legitimate lender, its high-interest rates and fees may not be suitable for everyone. It’s important to make sure you can repay the loan on time and avoid damaging your credit score.

In addition to researching lenders, it’s also important to manage your finances wisely and make a plan for your financial future. By creating a budget, tracking your spending, and saving money, you can improve your financial situation and achieve your goals. With a little bit of effort and dedication, you can get back on the path to financial freedom.