CashNetUSA Reviews: Pros & Cons of CashNetUSA Loans

CashNetUSA offers short-term loans, so its process is generally easier and faster than that of a regular loan. Applying for a CashNetUSA loan takes less than 5 minutes. You can fill out the application online or apply over the phone, although if you apply over the phone, you will have to sign the agreement electronically online. The application process is quick and easy, although it does require you to answer some questions about your financials. CashNetUSA does not require a credit check, though.

Once you submit your application, CashNetUSA gives you an instant decision on your loan. Your loan will either be approved or denied, or you could receive a request for more information. More information often means you will need to substantiate your earnings with proof of income. If you are approved for a loan, you will receive a credit limit and can immediately withdraw money from your line of credit. You can withdraw money in amounts of $50 or larger until you reach your credit limit, and with each withdrawal, funds will be directly deposited in your bank account as soon as the next business day. The maximum amount you can borrow varies by state, but generally falls between $250 and $1,500. If you need a bigger loan, try a site like OppLoans. Here is our full review of OppLoans.

People can fall into trouble if they take out a payday loan without understanding the terms and making sure they have verified that they can make their payments on time and in full. If you absolutely need a payday loan, make sure you are keenly aware of how any loan you are applying for works. Get written confirmation of the loan amount, the fees and rates that will apply, the repayment schedule and any other important information about the loan. Make sure you can pay back the loan within the agreed upon time frame, otherwise you can be hit with fees that it can take a while to get out from under. Be smart and report any suspicious activity to the proper agencies. The best online loans will be transparent with you from the start.

In order to apply for a CashNetUSA loan, you are required to have an open checking account through a bank, have proof of employment and have been employed for at least a month, be a U.S. citizen or permanent resident and be at least 18 years of age. While some of these requirements may be challenging to some customers, the plus side is, you are not required to have good credit, or any credit at all, to be approved for a loan, since it doesn’t require a credit check^[2].

Keep in mind that CashNetUSA only operates in 30 of the 50 states, so you will need to check if your state is eligible before you can apply for a loan. If you have average credit and don’t want to pay super high interest rates, you can also check out a bank or personal loan sites that take other factors into account beyond your credit score. One such personal loan company is Upstart, which factors in your education, years of employment and more when it decides the terms of your loan. Check out our review of Upstart to learn more.

CashNetUSA’s pricing and rates^[3] are all determined by the state you live in, since most states have their own laws around payday loans. Generally, you can expect to pay between $10 and $30 on every $100 you borrow, so if you borrow $500, that is between $50 and $150. Whether those fees are charged as flat fees or APRs also depends on the state, but no matter what they are called, the fees end up being the same. In most states, the fees will not increase if the time it takes you to repay the loan increases.

While you don’t need a good credit score to get a loan from CashNetUSA, a higher score can help you save some money on interest, since a higher score will mean a lower interest rate. If your credit score isn’t where you’d like it to be, it can be worth turning to one of the reputable credit repair services for professional help in raising your score. Credit repair companies review your credit reports to look for errors and items that can be contested or removed, then they do the work of contacting the lenders and credit bureaus on your behalf to try to get those changes made. Such services are popular for their convenience, and depending on your credit and financial situation, they can be well worth your time. Thinking about getting help with credit repair? For a starting point in your research, check out our Sky Blue Credit Repair review and our Lexington Law Credit Repair review to learn about the top two companies.

People often wonder, is CashNetUSA legit? It has been around long enough to distinguish itself from the many payday loan scams floating around. It has proven itself to be an established and legitimate company, so you can know that if you apply for a loan, you will get the money and the fees that you agreed upon will be the fees that you pay.

There’s more to CashNetUSA than just profiting off of loans, too. The company knows that it’s important for everyone to have a financial education, and it has dedicated resources to ensuring its customers are able to take control of their finances. In fact, CashNetUSA offers free online financial education courses and interactive tools to all of its verified customers, to help them get and stay on track. Furthermore, it has partnered with several companies to get its customers discounts on everything from taxes to dining out.

And that’s not all. Here are a few other reasons you might want to look at CashNetUSA:

• Straight-forward pricing and rates to prevents any chance of error or confusion
• Fast direct deposit into your bank account so you can get cash from your line of credit right away
• Easy withdrawal repayment option so you never miss a payment
• Live chat customer service, along with phone and email, to answer all your questions and help you if any issues arise
• Instant loan decisions so you don’t have to play the waiting game after submitting an application
• Eligible in 30 states (more than other payday loan services)

Any payday loan service is going to have a lot of complaints, just because of the nature of the business, and CashNetUSA seems to have its fair share^[4]. People go in not knowing the dangers of payday loans or think they can pay off the loan but end up getting dragged into a cycle of high interest charges because they can’t pay it off. The most common complaints are that interest rates and fees are too high, but if you pay your loan off quickly, the rates are not that expensive. The rates are as high as they are because of the convenience and accessibility of payday loans; almost anyone can qualify, and once the loan is approved, customers can access their line of credit right away.

It’s important to note that the government is cracking down hard on what they call “predatory” loans^[5], which are loans that charge high interest rates to bleed money from those who can’t afford to pay back their loans. These new rules and regulations are making the old complaints about payday loans slowly disappear and are creating a safer, fairer option for short-term loans. If you feel that any payday loan service has taken advantage of you, including CashNetUSA, contact the FTC and let them know about it.

Know that payday loan services cannot help with relieving your debt, so if you are looking for a better way to pay off your debt, try looking into one of the best debt relief companies. You can find individual reviews of National Debt Relief or well-reviewed Accredited Debt Relief here.

As mentioned above, payday loan services don’t have a shining reputation as the most upstanding financial services, which makes reviews like this difficult. On one hand, there is a history of shady practices among many payday loan services, which the government is trying to correct. On the other hand, these services are obviously necessary for a large amount of the population who need temporary financial assistance and can’t qualify for other forms of loans. The key is to understand how payday loans work, pay your loan back on time and contact the proper government agencies if you feel you are being scammed.

In general, among payday loan lenders, CashNetUSA fares pretty well when it comes to reviews, although the Better Business Bureau has some uncomplimentary user reviews of the company^[6]. It is generally at or near the top of any payday loan rankings, mostly because of its organized business practices, easy availability and history in the payday loans field. To some, that may seem like saying a certain restaurant is the best of the restaurants with health code violations, but for someone who truly needs a payday loan, knowing which is the best can be very helpful.

CashNetUSA reviews note that its efficiency and transparency throughout the whole loan process and its efforts to ensure its customers fully understand the terms of any loan they enter into set it apart from many online payday loan agencies. Once a person’s application information has been verified after being submitted for review, they can receive the money they’re seeking to borrow in almost no time at all. Repayment is simple enough, and CashNetUSA offers resources its customers can review to help them gain or retain their financial independence.

The bottom line of this review is that, yes, CashNetUSA is a payday loan service, which in itself can be a little untrustworthy. But if you are in need of a payday loan and are looking for a service that is quick, lays out the process in an easy-to-understand way and has a history of issuing successful payday loans, then CashNetUSA is a great choice for you.

Article Sources

1. CashNetUSA: About US
2. CashNetUSA: No Credit Check Online Loan
3. CashNetUSA: Rates and Terms
4. California Public Interest Research Group: Predatory Loans & Predatory Loan Complaints
5. Consumer Finance Protection Bureau: Consumer Financial Protection Bureau Takes Action Against Payday Lender For Robo-Signing
6. Better Business Bureau: CashNetUSA