My Experience with Cashland Short-Term Loans

Cashland is a very well known short term lender. As much as I hate to admit it I have turned to Cashland several times to save the day when I couldn't wait until my payday, and I desperately needed cash immediately for emergencies that arise in everyones life.

Many people are against Cashland because they consider payday and short term loans to be predatory lending. I think that in a sense they are justified in their opinions, but it is ultimately up to the individual who is borrowing the money to make the choice of to borrow or not. Sometimes there is no other option but to take a cash advance on your next paycheck in these grim economic times.

If you have never borrowed from Cashland or similar businesses here is what you need to know.

You must have a job, a pay stub and a bank account to even be considered for a payday loan. You will need to bring your most recent pay stub and a recent copy of your bank statement as well as a blank check with you when you apply for a cash advance. You will also need a few references.

Based upon your income you can receive from $50 to $800 in short term loans. The associate who waits on you will determine how much you are eligible to borrow. You will have from 2 to 4 weeks to repay the loan plus interest.

In Ohio a law was passed to limit how much interest can be charged for payday loans. This has caused many of these stores to close or consolidate into one store instead of 5.

After filling out the application and qualifying for a loan you will receive a packet that explains the charges, interest and date the loan must be repaid. You will also walk out the door with cash in hand.

Before deciding to borrow on your next paycheck you need to be sure you can afford to repay the loan plus applicable interest rates. Borrowing money you can't afford to repay is the fastest way to get yourself into trouble with places like Cashland. It is easy to fall into a routine of borrowing money then repaying it to only find you don't have the cash you need to make ends meet, then you find yourself borrowing again, and the cycle goes on and on from there.

On average I have paid about fifteen dollars per $100 borrowed from Cash land, which is a reasonable rate considering this business must make a little money on each loan to keep the doors open. Borrowing from Cash land is a short term solution, please keep that in mind before heading in for a cash loan.