Our CashNetUSA review: CashNetUSA is one of the biggest names in payday loans, giving it the experience and backing to fully support their customers. Founded in 2003, CashNetUSA is one of the oldest national payday loan lenders around. It offers a fast, easy application process, instant approvals and direct deposit into your bank account. So why choose CashNetUSA? Here is a full review of their services:
CashNetUSA is one of the biggest names in short-term loans. If you are looking for just a little cash (between $500-$1,000), this is a good loan company to consider. The interest rates are really high, but if your loan amount is low, like $100, you are only going to pay about $15 in interest, no matter the length of repayment. CashNetUSA does not require a credit check, and you do need to be 18, have a source of income and have an open back account. Once you are approved, funds will be deposited in your account the following business day.
CashNetUSA offers short-term loans, so its process is generally easier and faster than that of a regular loan. 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 will require you to answer some questions about your financials. CashNetUSA does not require a credit check, though.
Once you submit your application, CashNetUSA reviews it and gives you an instant decision on your loan. If you are approved, funds will be directly deposited in your bank account either that day or the next business day. The maximum amount you can borrow varies by state, but generally falls between $250 and $1,000. If you need a bigger loan, try a site like OppLoans. Here is our full review of OppLoans.
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, have proof of employment and have been employed for at least a month, be a U.S. citizen and be at least 18 years of age. On the plus side, you are not required to have good credit, or credit at all, to be approved for a loan with CashNetUSA, since they don’t require a credit check. 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 ok credit and don’t want to pay super high interest rates, you can also check out personal loan sites that take into account other factors, like Upstart, which factors in your education, years of employment and other factors. Check out our review of Upstart to learn more.
CashNetUSA’s pricing and rates 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 increase.
While you don’t need a good credit score to get a loan from CashNetUSA, a higher credit score can help you save some money on interest, since a higher score will mean a lower interest rate. Although credit repair companies are popular for their convenience, you should do research on how to fix your credit yourself if you have the time.
CashNetUSA has been around long enough to distinguish itself from the many payday loan scams floating around. You 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.
Other reasons to choose CashNetUSA:
Any payday loan service is going to have a lot of complaints, just because of the nature of the business. 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 government is cracking down hard on what they call “predatory” loans, 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.
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. They 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. They are generally at or near the top of any payday loan rankings, mostly because of their 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 and not a complete scam can be very helpful.
Bottom line, 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 successful payday loans, then CashNetUSA is a great choice for you.
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