123 Cash Depot Review

123 Cash Depot Review123 Cash Depot says that they don’t require a credit check, or any faxing, and that they provide a secure and confidential application process. They say that they can get you approved the same day that you apply, and that they charge lower fees and have friendly customer service.

These are the basic things that most lenders say they offer, so we have to go a little deeper to see if they can actually follow through with their promises. They say they are a direct lender for installment loans, and can get you cash when you need it.

They say they do not offer payday loans or payday advances, but instead they offer installment loans with lower APRs, and higher loan amounts with repayment plans that you get to customize to your own situation.

123 Cash Depot Review – Reasons to Consider Them

123 Cash Depot breaks down the reasons why you should consider applying with them. This provides insight into what they think the average borrower is looking for. For starters they say that your privacy is guaranteed, and we should hope so because we’re talking about financial data that is pretty sensitive. They state that their site is 100% secure, more on that later, and they say that they never provide a third party you with your loan information.

Next they say that you can get easily approved the same day so that you can deal with unexpected expenses. They said their application page is just one page long and they don’t normally have to have any information faxed to them. They say most people experience a fax list loan. They say they will deposit the money into your checking account, and it should arrive by the next business day. That’s pretty standard in the industry.

They also say that bad credit is okay with them, and they don’t make their decision based on your credit score. They have databases that are specifically set up to help with non traditional loans, so they’ll be using that information to determine your approval or not.

Lastly they say that they have friendly personal service, which in this industry is something that is often stressed, because money is money and it all spends the same, so the one thing that can help set a company apart from another is how well they take care of their customers once they become borrowers.

Installment Loans vs. Payday Loans
If you can get an installment loan it is almost always preferable to a payday loan if you are loaning anything over $500 or so. The reason is not that you will be paying considerably less for the installment loan, as often they come out to about the same in the long run, but that you won’t have to come up with a large sum of money when your payday rolls around. With an installment loan you simply make your first month’s payment a month later, so you get the money you need now, and don’t have to make a payment for a month. When you do make that payment it will be a fraction of the total loan amount, not the entire thing.

The way payday loans work is they want you to pay it all back at once, and then take the money out again, racking up fees each time you do so. Some people take out the same payday loan every two weeks for over a year or more.

Direct Lender
123 Cash Depot states that they are a direct lender which means you won’t have to go through a middleman and you’ll be dealing directly with the institution that will be lending you the money. The advantage to this is that you can generally get a faster approval, and if you ever need to take the money out again you will have an easier time because you will already have an established history with the company.

Invalid Security Measures
At the time of this review the security of the site is in question, with a message stating that it would not be a good idea to proceed to the application because the “site’s security certificate is not trusted”.

Our Recommendation
123 Cash Depot would get our recommendation if they could fix what’s wrong with the application page and make it secure again.

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