Cash One gets its name by promising that you can get cash in one hour. That would mean it rivals the time it takes to get cash from brick and mortar retail locations near you. One problem online payday lenders have had is that it typically takes them longer to get cash into your account than simply stopping in somewhere locally and walking out with cash in hand.
If an Internet lender could really provide funds into your account in an hour, they would be very close to being a contender against some of the biggest payday lenders in the country. So let’s see how Cash One measures up to their claim by analyzing the reviews from actual users.
Getting Cash One Payday Loan Reviews
The reviews coming in for Cash One are generally positive. You have to keep in mind that most people that get a payday loan are not really in a positive mindset, and therefore it’s harder for these companies to get positive feedback than companies in another industry. If you’re trying to find a payday lender with impeccable reviews, it just won’t happen, and you should be leery of any company that shows glowing reviews.
That being said, the feedback given shows that they can in fact get money into your account in about an hour’s time, and they have been praised for the customer service.
So how do the fees compare to other lenders? Cash one boasts that they charge a flat 521.43% regardless of how much you borrow or how long you take the money out for. As an example, in Michigan the
most a payday lender can loan out is $600 and you typically get it for 2 weeks if you get paid biweekly. The fee is $76.45 for that example, but the fee for Cash One is $120, a full $43.55 more for the same amount of money, for the same time period!
It’s important to note that Cash One is a direct lender, not a broker, so they are the ones that will be depositing the funds into your account, and they are also the ones that you will have to repay when your payday comes around.
The One Hour Claim
There are only a few catches with the one hour claim that gives them their name. The first is that they charge you an additional $10 if you want to get your money in an hour. This is on top of the fees and charges associated with the loan, which as we all know payday loans are notoriously bad for consumers. However, when you need the money it might be worth an extra $10 to get it today instead of tomorrow.
The other gotcha is that they will process it on their end immediately during the times specified, but they caution that your bank might have their own policies in place regarding wire transfers, and therefore you might not be able to access the funds. It’s definitely in your interest to check with your bank to see if the funds will be immediately available, or else you’ll have wasted $10 because Cash One will be able to provide proof that they sent the funds at a certain time.
Category: Payday loans