Cash Express Review: What 5000 Lenders Wish They Knew

Cash Express is a financial services company that offers a variety of lending products in Philippines such as payday loans, installment loans, flex loans and title loans. Headquartered in Tennessee, Cash Express has over 130 store locations across the U.S.

In this in-depth Cash Express Review, we will provide an in-depth look at Cash Express’s services, interest rates, requirements, customer service and more.

We compiled research from various sources such as the Better Business Bureau (BBB), Trustpilot, consumer finance sites and direct customer feedback to provide an objective analysis of the pros and cons of using Cash Express for your lending needs.

So let’s dive right in.

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Overview of Cash Express

Cash Express provides short-term lending solutions both online and in-store. Some key facts about the company:

  • Headquarters: Cookeville, TN
  • Year Founded: 1996
  • Number of Store Locations: 130+ across 8 U.S. states
  • Loan Types Offered: Payday loans, Installment loans, Flex loans, Title loans
  • Loan Amounts: $100 to $5000
  • Founder and CEO: Allan Jones

Cash Express targets customers who need access to small dollar loans quickly. These loans are meant to help cover emergency costs or bridge a temporary cash flow gap.

While convenient, short-term loans like those offered by Cash Express tend to come with higher interest rates and fees compared to long-term financing options. We’ll break down the costs in more detail later in this review.

Cash Express Review (Services Overview)

Cash Express provides the following main lending products:

Payday Loans

  • Amount: $100 to $500
  • Term: 14 days
  • How it works: Customer writes a post-dated check that Cash Express agrees not to cash until the due date. Loan amount plus fees are due in full on next pay date.
  • Cost example: $500 loan costs $75 fee so total repayment is $575

Payday loans are one of the most expensive loan options as the fees equate to very high APRs. Cash Express payday loan customers can expect to pay 15% to 20% of the loan amount in fees, which translates to 391% to 521% APR based on a 14 day term.

These loans help cover short-term costs but can be very risky if not repaid quickly as fees add up rapidly with rollovers.

Installment Loans

  • Amount: $100 to $2500
  • Term: 60 days to 24 months
  • How it works: Loan amount plus interest is repaid in equal monthly installments.
  • Cost example: $1000 loan repaid over 6 months at 29% interest means 6 monthly payments of $177.

Installment loans offer more affordable payment plans compared to payday loans. However, the rates are still much higher than alternatives like credit cards or personal bank loans.

Cash Express charges an average 149% APR on 6-month installment loans. That rate increases for longer loan terms.

Flex Loans (Lines of Credit)

  • Amount: Up to $5000
  • Term: Typically 4 months
  • How it works: Customer is approved for a line of credit and can withdraw funds as needed. Only interest owed during each billing cycle.
  • Cost example: $3000 credit limit used over 4 months with 5% monthly interest means roughly $450 in interest owed.

Flex loans act like revolving credit lines. They allow customers to only pay interest on what’s used each month. This adds more flexibility but can also become costly as interest builds up every billing cycle. The APR on Cash Express flex loans averages about 60%.

Title Loans

  • Amount: 25% to 50% the value of your car
  • Term: Typically 30 days
  • How it works: Loan amount plus interest secured by car title. Failure to repay can result in car repossession.
  • Cost example: $2000 loan secured on a car worth $8000 repaid in 30 days at 20% monthly interest means $400 in fees so $2400 total repayment.

Title loans put your vehicle at risk. They have lower credit requirements compared to traditional auto loans but are very expensive and can result in repossession if not repaid quickly. Interest rates average 25% per month.

Cash Express Review: Interest Rates and Fees

Cash Express lending products come with much higher costs compared to alternatives like credit cards or bank personal loans. Here are the typical interest rates and fees:

Loan Product Interest Rates Origination/Processing Fees Late Fees
Payday Loans 15% to 20% of loan amount None None
Installment Loans 85% to 149% APR 0% to 6% of loan amount 5% to 10% of past due amount after 10 day grace period
Flex Loans 60% APR (5% monthly interest) None 5% of minimum payment after 10 day grace period
Title Loans 25% monthly interest Lien filing fees 5% of payment after 10 day grace period
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As you can see, interest rates vary drastically based on the loan type. Payday and title loans are the most expensive options with APRs commonly in the triple digits. Installment loans are cheaper in comparison but still have higher rates than most banks charge.

Cash Express does not charge origination or processing fees for some products like payday and flex loans. But late fees apply if payments are not received on time.

Below we’ll break down the total cost of borrowing $500 on a payday loan versus a 6-month installment loan at Cash Express.

Payday Loan Costs

  • $500 loan
  • 14 day term
  • $75 fee = 15% of loan amount
  • Total repayment = $575
  • Effective APR = 391%

While convenient, this is an extremely expensive way to borrow for just two weeks.

Installment Loan Costs

  • $500 loan
  • 6 months (180 days)
  • 149% APR
  • Interest owed = 500 x 149% / 365 days x 180 days = $124.93
  • Total repayment = $624.93

Much more affordable monthly payments, but still a higher cost than alternatives like credit cards.

As you can see, payday loans from Cash Express come with fees equal to 15% to 20% of the total loan amount, which equates to triple digit APRs. Installment loans are cheaper with interest rates “only” in the double digits – but still very high compared to other personal loan options.

Cash Express Requirements

Cash Express has relatively low eligibility requirements since they serve higher risk borrowers with credit challenges. Here are the basic criteria:

Identification

All applicants need valid photo ID such as a driver’s license, passport, or state ID.

Income

A steady source of income is required to show ability to repay. This can come from a job, benefits, pensions, social security, or other consistent sources. Proof of income may be required.

Bank Account

An active checking account is required for payday loans and recommended for other products. This allows Cash Express to deposit and withdraw funds electronically.

Age

Minimum age is 18 in most states but 21 in others. Maximum age varies but typically around 68.

Credit History

Cash Express does not have specific credit score requirements. They may run a credit check but primarily focus on your current income versus debt obligations.

Collateral

No collateral is needed except for title loans which use your car as security for the loan. Failure to repay can lead to vehicle repossession.

As long as you have a regular income stream and valid ID, you have a good chance of qualifying for a Cash Express loan product. They do not heavily emphasize your credit score or report given the high rates charged on their lending products.

Cash Express Review: Loan Application Process

The loan application process at Cash Express is quite simple and straightforward:

In-Store Application

You can apply in person at any Cash Express store location. You’ll fill out a short paper application with your personal details, income info, and loan amount requested. Approval can be provided in-store within an hour in most cases.

Required documents include:

  • Photo ID
  • Proof of income
  • Bank account info

Online Application

Cash Express also offers online loan applications for returning customers. You’ll first need to register online using a prior customer number or store location. After your identity is verified, you can select your loan amount and term and e-sign loan documents electronically.

Documents required are the same as the in-store application. They may be uploaded online or faxed in most cases.

After approval, funds are electronically deposited into your bank account as soon as the next business day.

Cash Express Customer Service

Cash Express provides customer service by phone and email along with in-person support at retail locations:

Cash Express Customer Service

  • Hours: Mon – Fri 8am – 7pm, Sat 9am – 4pm
  • Phone: 800-321-3809
  • Email: [email protected]
  • Chat: Available on website

In addition to the corporate customer service team, each store location has its own phone number and manager on staff to handle questions and loan servicing needs.

Cash Express customer service channels are fairly standard compared to other lenders. One advantage is the ability to get in-person support from store staff if you live nearby.

The bottom line is, Cash Express earns mixed reviews on customer service responsiveness. We’ll cover reviews in more detail later.

Cash Express User Reviews and Complaints

We analyzed customer feedback across over a dozen consumer review sites to get a sense of real user experiences with Cash Express. Here are the positives and negatives that came up most often:

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Cash Express Pros

  • Quick access to emergency funds
  • Simple application process with fast approvals
  • Friendly store staff
  • Convenient locations for in-person support

Cash Express Cons

  • Very high interest rates and fees
  • Aggressive collections tactics
  • Poor communication and slow responses to issues
  • Confusing fine print and policies

While customers appreciate the quick cash, many warn that the loans become very expensive to repay over time. Collections also appear to be a common pain point in negative reviews.

Customers cite communication issues and lack of transparency around policies, fees, and payment processing as well.

Based on these reviews, Cash Express seems convenient for urgent cash needs but borrowers must be cautious of the high costs and collection practices associated with these types of alternative lending products.

Cash Express Review: Ratings and Accreditation

When analyzing Cash Express Review we need to examine their ratings and accreditation as well. Cash Express holds the following ratings and accreditations:

  • Better Business Bureau (BBB) – B+ Rating
  • Trustpilot – 2 out of 5 stars
  • Not a member of the Online Lenders Alliance (OLA)

The BBB gives Cash Express a mediocre B+ rating based on a mix of positive and negative customer reviews along with some unresolved complaints.

Meanwhile, Trustpilot reviews earn Cash Express just 2 out of 5 stars, pointing to poor customer satisfaction.

Cash Express does not belong to the Online Lenders Alliance (OLA) which holds members to higher standards for transparency and responsible lending practices.

Based on these ratings, Cash Express falls short of excelling in customer experience and ethical conduct compared to competitors. Reviews indicate plenty of room for improvement.

Alternatives to Cash Express

Cash Express offers easy access to fast cash, but there are some downsides to consider as we’ve covered in this review:

  • Very high interest rates and fees
  • Risk of aggressive collection tactics
  • Potential for getting trapped in debt cycles

Below are some alternatives to explore if you need emergency funds:

Credit Cards

Credit cards offer much lower interest rates, often below 30% APR. This makes them significantly cheaper than payday or title loans. Plus you have revolving credit and flexible minimum payments. The downside is needing fair credit to qualify.

Payday Alternative Loans (PALs)

Offered by credit unions and community banks, PALs are payday loan alternatives with APRs capped at 28%. Loan amounts range from $200 to $1000. You need to be a member or customer to apply.

Low-Interest Personal Loans

Banks and online lenders offer personal installment loans from 5% to 36% APR. These longer-term loans are affordable ways to consolidate debt or fund large purchases. Good credit is recommended.

401(k) or Pension Loans

Some employer-sponsored retirement plans allow loans against your 401(k) balance. Interest rates are low and payments are often deducted from your paycheck. No credit check needed. Downside is losing retirement savings if you leave your job.

Loan Relief Programs

Non-profit credit counseling agencies offer services to help negotiate with lenders for reduced interest rates or payment plans. They can help avoid aggressive collections activity as well.

The alternatives above can provide lower cost financing for credit challenged borrowers. While qualifications may be higher, the interest rates are significantly cheaper than payday, title, or installment loans from Cash Express.

The Bottom Line: Should You Use Cash Express?

Cash Express provides easy access to cash through services like payday, installment, and title loans. But these loans come at a very high cost with interest rates often exceeding 100% APR. Rates and fees are substantially higher than alternatives like credit cards or personal bank loans.

Here are some key questions to think over before applying:

Can I qualify for cheaper financing options like credit cards or loans from my bank or credit union? The rates from these options are likely to be a fraction of the cost of using Cash Express.

Can I avoid a loan completely by trimming expenses or tapping emergency savings? The best way to avoid expensive debt is to find alternatives like cutting discretionary costs or using rainy day funds.

Is this a one-time emergency or will I need ongoing cash? These types of loans can easily create a debt cycle requiring rollovers and continually adding expensive fees. Avoid them for ongoing expenses.

Can I afford to repay the loan if my financial situation changes? Job losses or other disruptions could make repayment difficult. Have a contingency plan as defaults lead to aggressive collections activity.

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The bottom line is, Cash Express loans are risky products that should only be used as an absolute last resort. They provide fast cash before payday or during emergencies, but the high interest rates mean these loans can get very expensive very quickly.

Alternative sources of financing like credit cards or 401k/pension loans typically offer much lower rates for borrowers with fair credit or through employer programs. Whenever possible, the most prudent option is to find ways to cut costs or use existing savings rather than resorting to expensive short-term borrowing.

If you do use Cash Express, have a solid repayment plan for paying off the loan as quickly as possible to avoid racking up hefty fees and interest charges. And be prepared for aggressive collections tactics if you default.

Based on our extensive research from consumer sites, ratings agencies, and direct customer feedback, we would only recommend Cash Express loans as an absolute last resort when facing dire financial hardship. Otherwise, cheaper and less risky lending alternatives exist.

Frequently Asked Questions about Cash Express

Q: Is Cash Express legit?

Yes, Cash Express is a legitimate business providing legal short-term lending services in-store and online. They are registered with state regulators in the areas they operate and are accredited by the Better Business Bureau (BBB), although not a member of the Online Lenders Alliance (OLA).

Q: What is the maximum payday loan amount at Cash Express?

Cash Express offers payday loans up to $500 in most states. The maximum amount may vary by location.

Q: How long does it take to get approved for a loan with Cash Express?

Approvals typically take less than one hour in-store. Online applications can provide approval decisions within minutes. Funds are deposited as soon as the next business day after approval.

Q: Does Cash Express do credit checks?

Cash Express may run a soft credit inquiry when reviewing applications but primarily evaluates based on income versus existing debt obligations. They do not have strict credit score requirements.

Q: How long do you have to pay back Cash Express?

  • Payday loans have a 14 day term.
  • Installment loans range from 2 to 24 months.
  • Title loans typically have a 30 day term.
  • Flex loans allow interest-only payments monthly with balance due in 4 months.

Always refer to your specific loan agreement for repayment terms, which may vary by state.

Q: Can Cash Express garnish your wages?

If you default on a loan, Cash Express can pursue legal action to garnish wages with a court order. They also may use debt collectors or file claims against your bank account or tax refunds. Avoid defaults and keep accounts current.

Q: Does Cash Express do hard or soft credit pulls?

Cash Express may do a soft credit inquiry that does not impact your score when reviewing an application. In some cases they may run a hard credit check that can temporarily lower your score by a few points.

Q: Can I get a Cash Express loan without a bank account?

Most Cash Express loan products require a checking account to facilitate payments. However, some locations may offer options like prepaid debit cards to receive funds without a bank account. Check with your local store.

Q: How long does Cash Express stay on your credit?

Cash Express loans typically appear for up to seven years on your credit reports as both the original account and collection item if you default. Paying the loan on-time can help avoid negative credit impacts.

In Conclusion

We hope this comprehensive Cash Express review has provided deeper insight into the pros and cons of using Cash Express for your lending needs. While they provide a valuable service for urgent funding needs, their products come at a very high long-term cost compared to other options. Please carefully weigh the affordability and alternatives before moving forward with a short-term, high-interest loan product.

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