They are a direct lender offering bad credit installments loans. Their APR is exceedingly high – a whopping 786.83% APR. And that’s just an average. You could pay more or less, depending on your financial situation. Their website is a bit outdate too, which leads us to believe the lender may not have the best security in place to protect your financial information during the application process.

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User Review

2.33 (3 votes)

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Pros

Decent option for people having credit issues which have difficulty being approved for better rates and terms
Decent option for short term expense needs
Typically finds customers within 24 business hours

Cons

Interest rates can soar as high as 786.83% APR or more depending on your credit
Definitely not a solid solution for long term financing needs
Website very out of date. Security of customer information during application process is questionable

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Direct loans are an efficient way to close the shortfall in a cash flow shortage or in the event of an emergency you need money. The difference between tribal direct loans and payday loans are payday loans are typically more expensive and are repaid on the next paycheck.

A loan from Cash Aisle is an installment loan that gives you the flexibility to repay your loan over time.

In this article, we will review Cash Aisle to gain a better understanding if they are a legitimate competitor and can provide you with the value needed. Also, you will have a basic understanding of their product offerings and what to expect.

Overview of Cash Aisle Loans

As with any good website or landing page, you will find it clean and easy to navigate. Cash Aisle does just that in providing you with the beginning of the application process right away.

A little further down the page, Cash Aisle beings to explain their product and how it pertains to everyday situations. Keep in mind that these type of products are not a long-term financial solution due to their costly nature.

The next section lays out the step for you to begin the application process. You start by applying online, from there you will receive instant approval. This will afford you the time to quickly sign and return the loan agreement. Funds are typically deposited into your account on the next business day.

Currently, if you reside in the states of Arkansas, New York, Virginia, West Virginia or Wisconsin you are unable to apply for a loan with Cash Aisle. The final item you will see is the are a proud member of the Online Lenders Alliance, which many of the tribal lenders are a part of.

Loan Rates and Terms: How Much Will it Cost?

Next, we move on to the product review, which is the unsecured short-term installment loan. You can head over to the rates page and see a complete layout of information. Remember that interest rates on a loan like this are going to be higher than a traditional note. On the rates page, you can see how a $500 note would play out over the course of the year.

With Cash Aisle you can borrow between $100 and $2,500, with interest rates ranging from 589% to 829%. The APR is extremely high. This is borderline loan shark interest rates. You may find better rates elsewhere.

The Loan Application Process

Next is the application process, which takes a few short minutes to complete according to Cash Aisle. Before you complete the application, you must meet the following criteria:

Must be at least 18 years of age.
Must have an open bank account in your name.
Must have a working email address and phone number.
Must be a U.S. citizen or permanent resident.
Must not be active military.
Must receive regular income of at least $1,000 per month.

Once you’ve met those criteria you can go ahead and apply for a loan.

The application process is started on the home page by filling in information such as your name, phone and email address. From there you will continue with information such as your social security number, date of birth and address.

The next step is to fill out your employment information. This is for Cash Aisle to verify that you in fact earn at least $1,000 a month and to assist with the approval process. From there, you will input your banking information. Ensure your information is where you want your proceeds sent upon approval.

From there, you will submit your application and await a response, which shouldn’t take longer than a few moments.

What Happens After I Submit My Application?

After you send your application you will be informed on the decision. From there, you will receive your proceeds (if approved) on the next business day via ACH.

When it comes time to repay the loan there are two methods you can follow. The first is to follow the amortization schedule for the life of the loan. While this is certainly acceptable, it will cost you hundreds if not thousands of dollars in interest expense.

The more effective approach is to prepay your loan as quickly as possible, saving you money on interest expense. Cash Aisle does allow for early repayment and even encourages it. By repaying your loan early you not only save money but build a trustworthy lending habit between you and Cash Aisle.

If you are looking for a bit more information you can turn to the testimonials page. While this provides you with stories and reviews, take it with a grain of salt because you are unable to verify the legitimacy of these reviews. Many times, businesses will pay people for good reviews. Not saying Cash Aisle does this by any means, but something to keep in the back of your mind.

Overall, Cash Aisle is a straight forward lender with just the right amount of information. Not too much but not so little you’re left with questions. There are a few tribal lender sites that are very vanilla, leaving you with a void.

Take some time to look at Cash Aisle yourself and determine if it’s the right fit for you. Making these financial decisions are important and require proper due diligence.