Approved Cash is a well-known lender offering a range of financial services designed to meet various needs. Founded in 2004 and headquartered in Cleveland, Tennessee, the company has grown significantly, with over 200 locations across several states, including Alabama, Michigan, Mississippi, Tennessee, and Virginia.

Pros and Cons

Pros

1. Fast Approval Process. Approved Cash has a quick approval process, often allowing customers to receive their cash on the same day they apply. This is particularly beneficial in emergencies when you need money quickly.

2. No Credit Check. For payday loans, Approved Cash does not require a credit check. This makes it an attractive option for customers with poor credit or no credit history, as traditional lenders might deny their loan applications.

3. Multiple Loan Options. Approved Cash offers a variety of loan types, including payday loans, installment loans, and title loans. This diversity allows customers to choose the loan that best fits their financial needs and repayment capabilities.

Cons

1. High-Interest Rates. As with most short-term lenders, Approved Cash charges high-interest rates on its loans. These rates can make borrowing expensive, especially if the loan is not paid off quickly.

2. Potential for Debt Cycle. If customers are unable to repay their loans on time, they may incur additional fees and charges. This can make it difficult to pay off the loan and may lead to a cycle of debt, where the borrower continuously takes out new loans to cover old ones.

3. Limited Availability. Approved Cash has physical locations in only a few states, including Alabama, Michigan, Mississippi, Tennessee, and Virginia. This geographical limitation can make it less accessible for customers who do not reside in these areas.

How to Apply for an Approved Cash Loan?

1. Choose Your Application Method. You can apply either online or in-store, depending on your preference and convenience.

2. Fill Out The Application Form. Complete the application form by providing all required personal and financial details.

3. Provide Necessary Documentation. Ensure you have the following documents ready government-Issued ID, proof of income, and bank account information.

4. Submit Your Application. After filling out the application and providing all required documents, submit your application.

5. Wait For Approval. The review process is typically quick, and you will be notified of the decision soon.

Conditions and Requirements

Conditions

1. Loan Amounts. Payday loans range from $100 to $1,500, while installment loans and title loans may allow you to borrow more.

2. Interest Rates and Fees. These depend on the type of loan and the state in which you live. Payday loans typically have higher interest rates and fees than installment loans or title loans.

3. Repayment Terms. Payday loans are typically due on the borrower's next payday, while installment loans may be repaid over several months.

Requirements

1. Age. You must be at least 18 or 19 years old to apply for a loan.

2. Residency. You need to be a resident of the state where you are applying for the loan.

3. Government-Issued ID. Provide a valid ID such as a driver’s license or passport to verify your identity.

4. Proof Of Income. Documentation like pay stubs or bank statements to demonstrate your income.

5. Active Checking Account. You must have an active checking account where the loan funds can be deposited and from which payments can be withdrawn.

How to Choose a Lender

1. Confirm Licensing. Ensure that the lender is licensed to operate in your state. Verify this information with your state regulator or attorney general. This step is crucial to avoid illegal lenders and ensure the protection of your consumer rights.

2. 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 such organizations can indicate reliability and adherence to industry standards.

3. Review Terms And Conditions. Carefully review all the terms and conditions of the loan contract. Pay attention to the fine print to understand the lender's policies, fees, and your obligations as a borrower.

4. Examine Interest Rates And Total Loan Cost. Thoroughly examine the interest rates on the loan and ensure your contract includes a detailed breakdown of the total cost of the loan. This helps you understand the full financial impact of borrowing and compare offers from different lenders.

5. Understand Your Right Of Rescission. Take advantage of your right of rescission, which typically allows you to rescind the loan within three days after signing the agreement. Alternatively, use the "cooling-off" period to thoroughly review the contract and make an informed decision before committing to the loan.

Approved Cash. Apply Online

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