Fast payday loans can help you manage expensive emergencies and help finance a wide range of unexpected situations. Unfortunately, they can also come with punitive interest rates, tricky contract agreements, and unwanted fees.
No matter how badly you need the extra cash, it’s crucial to choose the best possible lender. Otherwise, you may find yourself facing a lawsuit, heavy fines, or garnished wages. If you’re considering applying for a loan with CashNetUSA, you’ll want to ensure you’re making the right choice.
Before you submit any of your personal information, be sure to double-check interest rates, policies, benefits, and drawbacks. This CashNetUSA.com review can help you decide if CashNetUSA is right for you.
General Information About CashNetUSA.com
CashNetUSA primarily offers payday loans, credit lines, and installment loans. However, their offerings vary depending on the state you live in. Consequently, applicants may have access to a limited range of loan options when browsing CashNetUSA.com.
Residents of Connecticut, Maryland, and other states that have banned payday loans may not be able to apply for and receive funds from CashNetUSA. If you live in a state that does allow payday loans, you’ll need to go online and complete a digital application to receive funds from CashNetUSA.com.
After submitting this information, interested applicants will receive one of three lender decisions. You’ll find that your loan request is approved, denied, or in-progress. In some cases, CashNetUSA may ask for additional information or documentation to process your loan request.
The Pros of CashNetUSA.com
CashNetUSA offers many benefits. Let’s take a look at a few of their top features below.
- Fast Application Process
- Low Credit Scores Accepted
- No Credit Score Impact
- Next-Day Loan Disbursement
Fast Application Process
Sometimes, loans take ages to either get approved or denied. Applicants applying for an emergency loan can easily find themselves waiting several weeks (or months) for approval. However, CashNetUSA won’t have you on tenterhooks waiting to hear if you’ve been approved or denied.
In most cases, CashNetUSA provides same-day approval for applicants. Of course, if you’re self-employed, you may need to wait slightly longer. That’s because CashNetUSA may need additional documentation from you to prove your income status.
Still, you can send this paperwork by uploading PDF versions online to the CashNetUSA website. You can also choose to fax or email your supplemental documents. These practical options ensure that applicants of all means have the ability to prove their identity and income.
Applicants that apply to borrow money from CashNetUSA are less likely to spend days or weeks waiting to hear back about their application status. If you aren’t approved for a loan or credit line, you can immediately begin searching for alternative options rather than waiting for a response from CashNetUSA.
No Credit Score Impact
CashNetUSA.com doesn’t use standard credit checking methods to determine your loan eligibility. Instead, they take a look at your income status, employment, and financial history. This option helps protect applicants from unwanted credit score changes.
While most other loan applications affect your FICO score, CashNetUSA loan applications won’t. Your FICO score is a culmination of your past and current financial decisions. Individuals with little financial history (young adults just entering the workforce) or unimpressive financial backgrounds (evictions, bankruptcies, massive debt accumulation) often have low FICO scores.
But potential borrowers that choose CashNetUSA can continue building credit and improving their score, even when they need a little extra financial assistance. And because CashNetUSA doesn’t take the traditional route when it comes to checking borrower credit, those with bad credit might just have an excellent shot at receiving a loan.
Low Credit Scores Accepted
Individuals with low credit scores are notoriously barred from many lucrative financial opportunities, including high-paying loans with low-interest rates. Many lenders will outright refuse to accept applicants with credit scores lower than 600. This can make it nearly impossible for some individuals to secure a loan.
But CashNetUSA accepts applicants with poor credit. So long as you can prove employment and income, you’ve got an excellent shot at securing a loan from CashNetUSA. Unlike other nationwide lenders, CashNetUSA uses a combination of information to determine your loan eligibility, including your financial history.
Still, some applicants with bad credit or no credit may struggle to find loan approval. But while those with extremely poor credit scores might still fail to secure a loan after visiting CashNetUSA.com, this lender does offer far more options for low-credit applicants that other lenders don’t.
If you’ve been denied a loan in the past because of a less-than-stellar credit score, CashNetUSA could be right for you. CashNetUSA also disburses loans more quickly than other lenders, which is something to consider when deciding whether or not to apply.
Next-Day Loan Disbursement
Besides waiting for a loan approval, disbursement time is the most significant obstacle borrowers face. Some loans might be approved within a week but take several more weeks to arrive.
Even more troubling, some lenders prefer to send payments via mail rather than depositing them directly into your bank account. But CashNetUSA works with borrowers to help them receive their funds as soon as possible. The majority of approved loans are disbursed on the same day that the loan is approved.
The only exception to this general rule is if your loan is approved on a Friday. In this case, you’ll receive your funds on the next business day, typically Monday. The only time when this might not be true is when a banking holiday falls on that Monday. When this happens, you’ll receive your loan funds on Tuesday or the next available non-holiday business day.
The Cons of CashNetUSA.com
Though CashNetUSA provides many positives, there are some things you should consider, as well. Some of these CashNetUSA comparisons include:
- High Interest Rates
- Limited Services Depending on Residency
- Low Loan Amounts
- Not Available to Unemployed Individuals
High Interest Rates
CashNetUSA is one of the fastest-paying lenders, but it also enforces steep interest rates. If you’re approved for a loan, you might find yourself responsible for paying anywhere between 129% and 1171% interest on those funds, depending on the loan type and amount.
Your current credit score can also influence the final interest rate. Though CashNetUSA does offer loans to applicants with lower-than-average credit scores, the annual percentage rate (APR) on these loans can be staggering. If you’re approved for the maximum loan amount of $1,500, and your interest rate is 800%, you could end up paying $8,000 in interest over the course of a year.
While other lending companies have more punitive interest rates, there are also quite a few that offer better, lower rates. As such, the ridiculously high charges (not to mention additional fees) that CashNetUSA levies against borrowers might be the greatest disadvantage of being approved for a CashNetUSA loan.
Limited Services Depending on Residency
As soon as you arrive at CashNetUSA.com, you’ll be asked about your state of residency. That’s because CashNetUSA only operates in 30 states. Residents of many states, especially those with restrictive payday loan laws, might be unable to apply for a loan from CashNetUSA.com.
To make matters slightly more complicated, CashNetUSA services vary depending on your location. For example, Florida residents are only able to apply for payday loans through CashNetUSA.com. But folks in Oklahoma can’t do the same, as they can only apply for installment loans.
These various rules and availabilities can restrict the amount of funds you can receive from CashNetUSA. If you live in a state that only allows for CashNetUSA payday loans, you can expect to receive just $500 in borrowed funds.
Low Loan Amounts
With the kinds of interest rates CashNetUSA charges, you might expect them to provide hefty loan amounts. However, you won’t find loan amounts higher than $2,500. Payday loans are even smaller, with a maximum payout of $500 ($1,500 in Nevada). Additionally, credit lines tend to top-out at $3,000.
Consequently, CashNetUSA provides some of the most meager loan amounts of any payday loan or installment loan lender. If you need more than $2,500 fast, you’ll want to opt for a different lending company.
Applicants hoping to get the maximum possible loan amount might find themselves feeling disappointed after applying with CashNetUSA. Depending on your credit score, employment, and income, you might not get approved for the maximum amount.
Not Available to Unemployed Individuals
To be granted a loan or credit line, you’ll need to prove that you have a steady stream of income. If you’re self-employed, be prepared to supply your most recent bank statements, in addition to tax documents.
If you don’t have either of these or your reported income is below $10,000 per year, you might struggle to get a CashNetUSA loan. Unemployed individuals often need quick, low-interest loans, but CashNetUSA isn’t offering such financial assistance.
To make matters worse, you might also fail to get approved for a CashNetUSA loan if you’ve only recently rejoined the workforce. CashNetUSA will review your financial information before approving or denying your loan request, and if your bank account has been lackluster for the last several months, they’ll likely deny your request.
Overall Reputation & Reviews For CashNetUSA.com
CashNetUSA.com has some truly exceptional reviews, and CashNetUSA is one of the most well-known lenders in the United States. Borrowers often comment on how easy the application process is, how fast their approval and fund disbursement happens, and how simple the repayment options are.
CashNetUSA phone operators and customer service specialists can help interested applicants apply, and they’re always available to take questions or handle borrower concerns. Most people who end up using CashNetUSA do so to finance essential, low-cost services and expenditures.
Many CashNetUSA ratings explain that the service has helped clients afford groceries, pay their phone bill, and afford other practical everyday items. They also don’t charge early repayment fees, so borrowers can pay back the loan sooner to avoid paying interest.
However, some reviewers have pointed out that interest charges are outrageously high, leading to a Better Business Bureau rating of 1.5. Others seemed surprised to discover that CashNetUSA immediately begins charging interest after the funds arrive.
Q&A For CashNetUSA.com
If you still have more questions, we’ve got you covered. Let’s take a look at some frequently asked questions.
Which States Does CashNetUSA.com Operate In?
CashNetUSA.com operates in the following states:
- New Mexico
- North Dakota
- Rhode Island
- South Carolina
Which Type Of Loans Does CashNetUSA.com Offer?
CashNetUSA offers two types of loans: Payday loans and installment loans. They also offer credit lines (in specific states).
The payday loans vary from state to state, though most have a maximum fund amount of $500. The primary exception to this rule is Nevada. Residents of this state can get a $1,500 payday loan from CashNetUSA.
These loans have short-term repayment periods that can last anywhere from 8 to 31 days. Nevada allows borrowers to pay back their payday loans within 35 days.
Fees associated with CashNetUSA payday loans vary, though most borrowers are expected to pay $5 per loan and $10 per $100 of borrowed funds. Nevada residents can expect a slightly steeper fee schedule of $25 per $100.
Installment loans are far more challenging to describe, as they vary from state to state. Generally, CashNetUSA offers installment loans up to $1,500, though some applicants may be able to receive up to $2,500. APR on these loans varies, though most fall between 241% and 449%.
Still, these rates are bound to change, and you’ll need to verify current rates by selecting your state in the CashNetUSA.com drop-down menu.
How Do I Qualify For CashNetUSA.com Loans & Do They Require A Credit Check?
To qualify for a CashNetUSA.com loan, you’ll need to be a legal US citizen or permanent resident. You’ll also need to be at least eighteen years old (some states, like Mississippi, require borrowers to be at least 21 years old) and employed.
Self-employed individuals can apply for a CashNetUSA loan, but they’ll need to provide supplemental documentation to prove their income. Applicants may need to provide bank account statements, official tax documents (including the Schedule C form), and other types of paperwork to validate their income and identity.
You’ll also need an active checking account to qualify for a CashNetUSA loan. That’s because CashNetUSA deposits loan funds into these accounts. You cannot use a savings account, work debit card, or other form of fund disbursement method when receiving loan funds from CashNetUSA.com.
When you apply for a CashNetUSA loan, the lender will review your credit score and history. However, this is done through alternative means, ensuring that potential borrowers with bad credit aren’t immediately rejected. Applying for a loan with CashNetUSA won’t lower your credit score.
How Much Does CashNetUSA.com Cost?
CashNetUSA.com doesn’t charge applicants when they submit their loan applications. However, they do charge fees on payday loans, as well as some truly staggering interesting rates. The final cost of using CashNetUSA depends on the type of loan you get, the amount of the loan, and the loan’s interest rate.
Those who choose the least-expensive option ($100 payday loan with a 31-day repayment period) could end up spending only $15 on associated fees. However, individuals hoping to receive larger loans ($1,500 installment loan or payday loan) could end up paying $375 on fees.
If you choose to get an installment loan, you’ll likely pay far more. That’s because payday loans have a 31-day maximum repayment period, while installment loans typically last twelve months. If you choose to pay off a small portion of your loan each month, you’ll end up spending far more than if you paid it off sooner.
Let’s say you get a $2,500 installment loan from CashNetUSA.com. You have a full year to pay it off. The lowest possible APR for such a loan is 249%, and the highest is 299%. If you make small monthly payments toward your initial loan amount, you’ll have paid anywhere from $6,000 and $7,500 in interest by the end of the year.
VIDEOS: How To Take Out A Loan With CashNetUSA
Hopefully, this CashNetUSA.com review has helped you learn more about CashNetUSA, and you can decide if one of their loans is right for you. CashNetUSA is one of the largest and most accessible loan lenders in the United States, and applying for a payday loan or installment loan is a breeze.
One of the best aspects of this lending service is timeliness. Applicants that are approved for a loan often receive their funds on the same day, or the next business day. If you need between $100 and $1,000 fast, CashNetUSA.com could be one of the best options for you. However, it’s crucial to consider interest rates and associated fees.
Should you opt for a credit line or installment loan from CashNetUSA, you’ll likely end up paying quite a lot of interest. In some cases, interest payments can be more than ten times your initial loan amount. Borrowers should be careful when selecting a CashNetUSA credit line or installment loan, especially if they’re unable to pay the funds back quickly.