Installment Loans for People on Benefits: The Cash Store Review

This review for The Cash Store aims to find out whether the lending company offers installment loans to people on benefits. The Cash Store has been operating for nearly 15 years and has been lending money to customers with good and bad credit. If you've got bad credit and need money fast then The Cash Store is an ideal place to apply for a loan. The Cash Store has been operating since 1996 and has 320 Cash Store locations all over America. There are seven states that this lending company operates in and these include Idaho, Illinois, Michigan, Texas, New Mexico, Utah and Wisconsin.  

What Services do Cash Store Offer?

The Cash Store offers cash advances, title loans, and installment loans for people who want to borrow money quickly. The company states that qualified customers can have their cash advance approved quickly with no credit history or credit score required. You can apply online and pick up the money at any Cash Store near your home. To apply for an installment loan you need proof of a steady income, this might include a pay check stub, or social security benefits.  

You also need a checking account statement where the account has been open at least 30 days. You also need a personal check to pay the money back and a valid driver’s license or State issued ID. Different loan amounts are available in different States, in Idaho you can apply for up to $3000, Illinois $2500, New Mexico $2,500, Texas, Utah & Wisconsin $3000.

What Are the Installment Loan Rates and Charges for The Cash Store?

Different loans and rates apply for different States. For example in Idaho if you want a 140 day $1000 installment loan with 10 payments where the repayment is in cash or electronic debit you’ll be paying ten equal installments of $238.52, total repayment is $2385.20 which represents a 520% APR. If the repayments are in cash only then the APR rises to 780%. For all the rates and charges for all the States check here.

Does The Cash Store offer Installment Loans to People on Benefits?

I went through the entire Cash Store website and could not find any mention of installment loans being offered to people on benefits, there was no information on whether disabled people or unemployed people on benefits would be eligible. One of the requirements is that you need a steady source of income that is more than $1000, if you’re receiving disability or unemployment benefits and your total exceeds $1000 then you might be able to apply. The best way to apply is to call them on 1-888-950-2274 and explain your circumstances; you might need to show your award letter to qualify for the installment loans.