Approved Cash is a well know lender that offers a variety of financial services to fit your needs. Founded in 2004 and based in Cleveland, Tennessee, they have grown to over 200 locations in several states including Alabama, Michigan, Mississippi, Tennessee and Virginia.
Pros and Cons
Pros
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Fast Approval. Approved Cash has a fast approval process, you can get your cash the same day you apply. Perfect for emergencies when you need cash fast.
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No Credit Check. For payday loans Approved Cash does not do a credit check. So if you have bad credit or no credit at all, traditional lenders will deny your loan application.
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Multiple Loan Options. Approved Cash offers payday loans, installment loans and title loans. So you can choose the loan that fits your financial needs and repayment ability.
Cons
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High Interest Rates. Like most short term lenders Approved Cash has high interest rates on their loans. These rates can be expensive if the loan is not paid off quickly.
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Debt Cycle. If you can’t pay your loan on time you will incur additional fees and charges. This can make it hard to pay off the loan and may put you in a debt cycle where you keep taking out new loans to pay off old ones.
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Limited Availability. Approved Cash has physical locations in only a few states including Alabama, Michigan, Mississippi, Tennessee and Virginia. So if you don’t live in these states it may not be available to you.
How to Apply for an Approved Cash Loan?
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Choose Your Application Method. You can apply online or in-store whichever is more convenient for you.
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Fill Out The Application. Fill out the application and provide all required personal and financial information.
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Have Your Documents Ready. Make sure you have the following documents government-Issued ID, proof of income and bank account information.
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Submit Your Application. Once you have filled out the application and provided all required documents submit your application.
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Wait For Approval. The review process is fast and you will be notified soon.
Conditions and Requirements
Conditions
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Loan Amounts. Payday loans $100 to $1,500, installment loans and title loans may be more.
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Interest Rates and Fees. Varies by loan type and state. Payday loans have higher interest rates and fees than installment loans or title loans.
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Repayment Terms. Payday loans due on your next payday, installment loans may be repaid over several months.
Requirements
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Age. You must be 18 or 19 years old to apply.
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Residency. You must be a resident of the state you are applying in.
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Government-Issued ID. A valid ID such as a driver’s license or passport to verify your identity.
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Proof Of Income. Pay stubs or bank statements to prove your income.
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Active Checking Account. You must have an active checking account to deposit the loan funds and to withdraw payments.
How to Choose a Lender
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Confirm Licensing. Make sure the lender is licensed in your state. Check with your state regulator or attorney general to verify this information. This is crucial to avoid illegal lenders and protect your consumer rights.
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Check Membership In Reputable Associations. Look for lenders that are members of reputable associations such as the Community Financial Services Association of America. Membership in these organizations means they are reliable and follow industry standards.
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Review Terms And Conditions. Review all the terms and conditions of the loan contract. Read the fine print to understand the lender’s policies, fees and your obligations as a borrower.
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Examine Interest Rates And Total Loan Cost. Examine the interest rates on the loan and make sure your contract has a breakdown of the total cost of the loan. This will help you understand the full financial impact of borrowing and compare offers from different lenders.
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Understand Your Right Of Rescission. Take advantage of your right of rescission which is usually 3 days after signing the agreement. Or use the “cooling off” period to review the contract and make an informed decision before committing to the loan.
Expert's opinion
Approved Cash loans is a quick and easy solution for those in need of immediate cash, they offer payday loans, installment loans, and title loans. While their fast approval and no credit check for payday loans is good for those with bad credit, the high interest rates and debt cycle is a big drawback. And their limited availability in some states may not be available to all customers. As with any financial product, borrowers must read the terms and conditions and make sure they can repay to avoid further financial stress.
John AndersonLoan expert
Approved Cash. Apply Online
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Go to Website
Go to the Loanspersonal website and click the "Apply now" button
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Register
Enter your details such as full name, mobile number, e-mail and desired loan amount to create a profile.
Apply now -
Fill In the Form
In the application, please provide your SSN, address and employment information and bank account details for receiving the loan
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Wait for a Decision
Your request is usually reviewed within 10-20 minutes.
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Select Offer
Review the terms&rates of the offers you receive in your personal account, via SMS, or by email.
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Make a Deal With a Lender
Finalize the agreement by entering the SMS code in the app or on the company website.
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Receive the Funds
Once all procedures are completed and your application is approved, the lender will transfer the funds.
FAQs
No, Approved Cash does not do credit checks for payday loans so anyone can apply with bad or no credit.
Interest rates and fees vary by loan type and state. Payday loans have higher interest rates and fees than installment loans or title loans.
Payday loans are due on your next payday, installment loans are paid over several months, title loans terms are based on the agreement at the time of loan.
