This review of The Cash Store will find out whether people on benefits can apply for cash advances and payday loans. The Cash Store brands itself as your trusted reliable cash advance company. The lending company has been in business for close to 15 years and has provided emergency cash loans to help customers finance unexpected expenses. The Cash Store operates in 7 states which include Idaho, Illinois, Michigan, Texas, Utah, and Wisconsin; they have over 300 cash store locations within these states.
What Services do Cash Store Offer?
The Cash Store has three main business areas, the most popular being payday loans, they also offer title loans and installment loans. With a payday loan you can get a cash advance of up to $2000 even if you have really bad credit, you can apply for the payday loan and get the money same day. The requirements for a payday loan is that you have proof of steady income, a checking account, a personal check from the checking account as well as a drivers license or State-Issued ID.
There are three steps to the application, firstly you fill out the online application form, you then go to your nearest Cash Store location, if you’re application is successful you could have the cash in had the very same day. You need to offer proof of income in the form of a pay check stub, most recent bank account statement, a personal check and a driver’s license as mentioned before. The amount of cash that you can borrow depends on the State you reside in; in Idaho you can borrow up to $1000, in Illinois it’s $865, in Michigan it’s $600 and $2000 in Texas.
What Are the Rates and Services for The Cash Store?
The rates and charges vary from State to State. For example in Idaho a cash advance of $1000 for 14 days will incur a finance charge of $200, the total repayable will be $1200 which represents a 521% APR. If you want to borrow for 28 days then the finance charge is $400, total repayable will be $1400 which represents a 531% APR interest. Full rates and charges for all the States can be found here.
Does Cash Store offer Payday Loans to People on Benefits?
Unfortunately I could not find any statement on The Cash Store’s website than mentions anything about offering payday loans to people on benefits. They do however state that you need a recurring reliable source of income which could be wages or salary or some other form of income. From experience most of these payday loan companies to not open express that they offer payday loans to people on benefits however if you’re income exceeds $1000 in the form of state benefits there is a good chance that you’ll be eligible.
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