If you are in the state of Illinois, Michigan, Texas, Utah, Wisconsin, or New Mexico then this note applies to you. One of the most common loan stores located in these states is a company called The Cash Store, which issues loans out of their storefront operations and not over the internet. This is a big break from what most companies are doing this year, as most lenders are using the net as the exclusive way to issue loans. The nice thing about using The Cash Store is that they live up to their name.
When you apply for a loan online you are going to wait about 48 hours until the money is transferred to your checking account and even then you'll be looking at a situation where you need to travel to an ATM to get the cash. If you go for a more mainstream (but lower interest rate) based brick and mortar lender, say a company like Springleaf Financial, you will also have to go through a waiting period while they decide if you are worthy of being funded. And if you are approved for a loan they will want to route it to your bank rather than hand you the cash. With The Cash Store you are going to literally get handed the cash before you leave the physical store, that is assuming you get approved of course.
The Cash Store is a physical (brick and mortar) loan store chain that is located in the states listed above, and their loans are not too hard to get approved for, providing you have a full-time employer and that you weren't hired in the last month or two.
It's not so much getting approved that's the issue with The Cash Store but rather the interest that you'll be paying if you agree to the loan. Not only will the interest costs for this loan be expensive they will be amazingly expensive and for some (if they are realistic with themselves) the loan will be unmanageable.
It's a hard fact to realize that we've truly lost our banks. Sure they are still around, they are still physically sitting down the street and downtown and at the mall, but even though they're still sitting there it doesn't matter because to you and me, they are as good as gone. Enough of what has passed, let's take a closer look at The Cash Store...
The Cash Store focuses on issuing installment loans, but that's not all that they offer. The total product offering of this firm is their installment loan, followed by a limited number of payday loan products, there is a smaller business that is tied to title lending and in a few situations the company issues auto loans. For the purposes here we will disregard the title loans and the auto loans for a couple reasons: one because they are harder to get, and two because this type of loan is beyond the unsecured loans we're discussing here at this site.
Let's start with the payday lending business that The Cash Store has for us. The company offers payday loans in four states, which are Illinois, Idaho, Michigan and Texas. That's an odd assortment of states that they are doing business in, but whatever works for the company. The situation has most likely to do with getting the individual states to issue the correct licensing for The Cash Store to offer their loans. Just a quick aside, for some reason the company refers to their payday loans as cash advances. That's probably because the term cash advance seems a little more palatable in this day and age when the verbiage "payday loan" has become a bit scandalous.
Each of the four states that offer these cash advances have slightly different loan terms, which is most certainly due to the individual state regulations governing short-term loans.
- Michigan has the most limited option, with a very small $600 loan offered.
- Illinois has the very odd dollar amount of $865 as their capped limit.
- Idaho checks in with the very reasonable and very standard $1,000 limit.
- Texas, evidently with the most free wheeling economy, has a higher $2,000 limit.
Now it should be noted that just because you live in one of those states and apply for a cash advance with The Cash Store doesn't mean that you're going to get that higher amount. These are the top limits of what the firm is willing to loan out and that doesn't mean you will get that much. Depending on your income you could qualify for these listed amounts.
Then there are the installment loans, which is the product that most customers of The Cash Store are concerned with getting their hands on. These are longer term loans that are available in six different states through the company and the loans range from 112 days to 186 days, depending on your personal selection and depending on what state you live in. Below is the breakdown of the six different states that offer The Cash Store installment loans.
- New Mexico offers a $2,500 installment loan that last 140 days.
- Illinois offers a maximum of $2,500 and the loan can last from 112 days to 168 days.
- Wisconsin has a $3,000 installment loan that lasts 182 days.
- Texas has a $3,000 maximum installment loan that goes either 168 or 180 days.
- Idaho also has a $3,000 max loan that only goes for 140 days.
- Utah has the $3,000 maximum installment loan and it also goes for 140 days.
The Cash Store has a good selection of loans and the interest rates are expensive (they vary, and they vary by state, and by customer depending on their income status) but it's nice to have a physical store lender that can hand you cash on the spot. That's quite uncommon these days because everything is a digital transaction tied to a checking account or in a few instances it might involve a paper check. The Cash Store also has a number of brick and mortar locations so they are very accessible, at least if you live in one of those six states that the company has a presence in.
Although the rates are high for many people who have no chance of getting a loan through their bank, the option of using The Cash Store is not that bad. I would definitely gravitate toward the installment loan rather than the payday loan. Consider this lender if you are in a pinch for funds because when they say they have same day service it's actually true.