- Cash One is a state licensed direct online payday lender with headquarters in Salt Lake city, Utah.
- Their website is comprehensive, but has a lot of information spread over several pages and links, making it difficult to get the right overview.
- The run a free-phone customer service Monday through Friday between 6am and 6pm MST.
- Their online application process is fairly standard and their form not too weighty. Following approval which is usually done within sixty minutes, funds are deposited into your checking account the next business day (if approved by 5pm MST) and subsequently withdrawn together with interest and fees on your due date. An email reminder is sent prior to your pay day.
- You can take out another loan only after the existing one has been paid off.
- CashOne offers a convenient emergency funding one hour service, whereby your loan can be transferred to your account within one hour, if approved by 3pm MST. This is relatively rare amongst lenders. Note however that there is a $10 fee for this rapid cash service which will be deducted from the loan amount that you receive.
- Application approval criteria are that you must be employed and have been in the same job for at least 3 months which is relatively strict when comparing other lenders, and have an income of at at least $1,200 after tax. They do not permit self-employed or US military applicants, you must have an active checking account and telephone number and you must not be undergoing bankruptcy proceedings. The latter is normal for payday lenders, though Cash One does not state if a history of previous bankruptcies is permitted.
- They have a faxless application process, though say that in some cases you may be required to provide a copy of further details such as a recent pay stub, bank statement, SS card or utility bill.
- CashOne.com does not specify which state it does and does not lend money in. This is unusual as we doubt they operate in all states. You would need to fill in the application to find out. Note that they are based in Utah and loans are made in compliance with the laws of the state of Utah, which may differ from those of the state in which you reside.
- Their standard rates and fees are decent, with a $100 loan over a 14 day term costing $120 equating to an APR of 521.43%. Further, they only charge interest for the days you borrow and pro-rate the fees if the loan is paid off early.
- They lend a maximum of $300 for first time applicants, and a maximum of $700 thereafter, which is low compared to other lenders.
- The do not specify whether no credit check payday loans are available, but state that they do accept applicants with past credit problems.
- A payday loan extension is available for those that can’t pay their loan on the due date. This must be requested by 3pm MST one business day before repayment is due. We recommend checking exact details of charges with the lender directly if you wish to make use of this facility.
- You can cancel the loan free of any fees or charges if you notify Cash One as such by 5pm MST on the business day after the Origination Date.
- They are not members of the CFSA (Credit Financial Services Association) but have a B- rating from the BBB (Better Business Bureau).
- Their application process is SSL secured.
