First Cash Advance ReviewsFirst Cash Pawn is a lender providing several loan services to their customers. Founded in 1988, the company has sufficient experience in the lending industry. They focus on customers with bad credit as well as those with no credit records. In all the states they operate, they are licensed and governed by the state law. Website:ww2.firstcash.com
First Cash advance is a pawn shop operator with more almost two decades of industry experience. The company offers pawn, payday and title loans among other services. With both secured and unsecured loans, the lender provides several options with their short term money services.
Applications can be made online or in one of their stores. The application process is easy and straightforward and takes a few minutes to finish. However, there are a few details to be filled out on the online form that may include.
- Your full names
- Proof of a stable source of income and have a minimum income of $500 per month
- Details of your savings or checking account with a direct deposit capability
- A valid phone number through which you’ll be easily contacted on
- Confirm that you are a resident in Texas and aged 18 years and over
The loan is approved by a third party and you will be required to write a postdated check as well as agree to the terms. The loan is funded on the next business day.
All the loans offered in Texas are provided by a third party. Therefore, underwriting, approval, and funding are entirely done by the partner third party.
The amount of money that each individual qualifies to get depends on several factors like state of residence, monthly income, the amount and the underwriting criteria. However, your credit score will not be used to determine the amount available for you.
The loans can be paid back either through automated bank debits or by a check. Payday loans are due on the next payday but depending on your state of residence, refinancing is possible. While short-term loan refinancing may sound like a good idea, it is not a good move to make. Short-term loans are meant to be a source of a short-term fix to financial difficulties. If used as a long term solution, they become very expensive and its very easy to get trapped in cyclic debt.
To qualify with ww2.firstcash.com you have to fulfill the following eligibility criteria.
- Be at least 18 years old
- Have a government issued ID
- You must have a stable source of income that is easily verifiable
- Have an open checking or savings account in your name
- Be a resident of the state in which the loan is applied.
Online loans are available in Texas and are provided by a third party lender with their own requirements.
- You must be a resident of Texas and have a valid phone number
- You must have a stable source of income with at least $500 in net monthly income. Typically, a pay stub will work well as proof but individuals in self-employment may undergo a more stringent verification process. A few years of tax returns history may be required to prove sustainable self-employment.
- You must not be a debtor in any case involving bankruptcy or intend to file for bankruptcy
- You must be 18 years old and hold a valid government issued ID
- You must have a valid saving or checking account with direct deposits enabled
- You must not be on active duty in the military or be a dependent of an active duty member. First Cash does not offer lending services to individuals protected by the federal law.
The payday loans offered by First Cash are available both online and in the stores in the selected states. Both are due on the next payday with an option to refinance the loan after the term has expired. If the state where it’s applicable, refinancing works by taking a new loan to repay the old one but you have to pay the fees accrued.
First Cash offers Pawn loans where you can “pawn” an asset in exchange for some money. in short, the money is borrowed against the asset. The term varies with states but the normal term is usually 30 days. Upon term expiry, you can decide to pay back the amount plus the interest and the fees or extend the term by simply paying the fees for another term. Additionally, you may decide to forfeit the item presented to the pawn shop. Forfeiture will also occur in the event where you can’t pay the borrowed amount in full.
When an item is presented to the shop, the representatives will assess the functionality and physical condition of the item thoroughly. This helps in determining the value of the item based on prevailing prices in the market. If you still have all the accessories that come with the new equipment including original packaging, the value will be higher.
For jewelry and precious stones, a thorough assessment will be conducted to determine correct weight, authenticity, and size. This will determine the amount you can borrow against the jewel.
First Cash also offers title loans to individuals owning a vehicle. To qualify for the money you must provide a clear title, a government issued ID and proof on income. Basically, the car serves as the collateral for the funds.
You are required to take the vehicle to the pawn shop for inspection and to know the amount you can borrow. After providing income details, proof of identity and current residence, you can drive away with the money.
Unlike other lenders, Fast Cash doesn’t issue checks for title loans and you will always receive cash for the approved loan. Also, the fees and interests are not dependent on the value of the car. However, the maximum amount heavily relies on your ability to pay the loan and the assessed value of the vehicle.
The fees and charges depend on the amount borrowed as well as the state of residence. To know the exact charges, you must go through the application process and get a customized fee structure for review.
The company issues fast cash and with the in-store services, it is possible to walk away with the cash. in most cases, the process will take less than 30 minutes.
The items used to secure the loans are secure and you will quickly access them once the money is paid in full. Also, the company is well insured just in case of an item loss.
People with bad credit will access the loans quickly unlike in traditional lenders where they are locked out. Most of their offers are not based on credit scores and you only need to prove your ability to payback.
At the moment, First Cash offers their services in the following states.
Texas, Colorado, Indiana, Kentucky, District of Columbia, Maryland, Nebraska, Missouri, North Carolina, Oklahoma, Tennessee, South Carolina, Wyoming, and Virginia. In Latin America, the services are available in El Salvador, Mexico, and Guatemala.
Title loans, as well as online loans, are available in Texas only.
Fast Cash doesn’t seem to offer discount codes to their customers.