Are you going through a rough patch, or your salary is late? Or maybe you need a quick fix for a broken production machine which is stopping your work? Finding a reliable and quick payday loan service could save the day for you. In general, payday loans which are given to people and expectations are that they will be paid back on their payday, or as soon as they get their salary.
But how do you know which payday loaning service you can trust? Here is a review of one of the leading US loaning services – CashNetUSA.
Basic information about CashNetUSA
Since it first opened its doors for customers back in 2003, CashNetUSA has become one of the country’s top online lenders and a popular choice for people looking for quick and reliable ways to handle different financial emergencies.
CashNetUSA offers several different types of financial products available to people in more than 30 states, including payday loans, lines of credit, installment loans, installment payday loans, Credit Availability Loans, Credit Service Organization (CSO) Brokered Payday Loans and Credit Access Business (CAB) Payday Loan – Read more at, after 15 years of operation, CashNetUSA has been the top choice to get such loans for over 3 million people.
How does CashNetUSA work?
CashNetUSA strives to enable easier and simple loan approval methods as compared to standard loans when it comes to giving payday loans which is their primary product and focus.
Any previous rejections or having an average credit score does not have a major impact on the decision for giving you the loan.
CashNetUSA provides a very quick and easy application process which takes about 5 to 6 minutes for the person to fill out their general information such as the name, address, e-mail, mobile number, social security number and their job profile.
The feature which makes CashNetUSA one of the top preferred services for payday loans is the fact that the decision for the loan is made in a matter of minutes, rather than having to wait for days and even weeks. This is crucial especially due to the fact that people looking for this type of loan are usually in a hurry and need a quick fix for their problem.
If your application is approved you will get the cash transferred to your bank account on the next business day.
The application is done online. An option for applying on the phone is also available, but filling out the application form online remains compulsory in all cases.
The loan amount you can apply for varies from $200 to $2,500 depending on your financial conditions and on the state you live in.
What do you need to apply for a loan at CashNetUSA?
You will need:
- ID such as a driver’s license, passport or other
- An open checking account
- An active e-mail address
- Proof of employment with a minimum of 1-month history and a $1,000 m/o salary
- Proof of US citizenship or permanent residency
- You must prove that you are 18 years of age or older (and 21 years in Mississippi)
Check out whether you are eligible for a CashNetUSA loan depending on the state you are in
CashNetUSA provides loans only to people from Alabama, Alaska, California Delaware, Florida, Hawaii, Idaho, Illinois, Kansas, Louisiana, Maine, Michigan, Minnesota, Mississippi, Missouri, Nevada, New Mexico, North Dakota, Ohio, Oklahoma, Oregon, Rhode Island, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin and Wyoming.
CashNetUSA does not offer payday or any other loans in these states: Arizona, Arkansas, Colorado, Connecticut, District of Columbia, Georgia, Indiana, Iowa, Kentucky, Maryland, Massachusetts, Montana, Nebraska, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, South Dakota, Vermont, and West Virginia.
What if you are unemployed?
You can still apply for and be approved for a CashNetUSA loan if you can prove that you have an annual income of at least $12,000 or higher.
Here are the steps to take to apply for a loan at CashNetUSA
Go to the CashNetUSA.com website and click on the application form.
- Choose from the dropdown list your state. This is essential because the conditions and the size of the loans vary from one state to another. Note that there are states where you cannot apply for a loan from CashNetUSA.
- Click on “Apply now” and a 2-page application form will be loaded.
- You will need to enter your:
- name, phone number, home address and e-mail address
- date of birth, state ID number and Social Security number
- the full name and phone number of your current employer
- income details
- bank account details
- After you have checked your personal details submit your request and be ready for a prompt response by CashNetUSA.
- If you are approved you will be provided with a detailed contract with all the terms, fees, interest rates and other conditions. Read them carefully (including the fine print) and make sure you understand them before agreeing to them.
- If you agree to the terms accept the agreement
- You may be asked to log in to an online port for verification of your bank account information.
- You do not need to send over any documents or give up your username or password.
- Your money will be transferred on the next working day.
What is the Interest Charged?
The interest rates are one of the main drawbacks which keep more people from applying for loans.
- For payday loans, the APR is 86.9-1,140.6% and $10-25 fees per every $100, as well as any existing flat fee in your state.
- For a line of credit, you can expect a 24 to 299% APR, and a 15-25% transaction fee.
- Installment loans have an interest of 187.3 to 388.9%.
- Installment payday loans have a 435.19% interest.
- The credit availability loan has a maximum APR of 299%.
- The credit service organization brokered payday loan has an APR of 219.96 to 1,171.88%.
- Flex loans have a 275.85% APR.
- With the credit access business payday loan the APR varies and depends on the creditworthiness and on the lender, with an added 10% APR and CAB fees, and another $25 for every $100 borrowed.
How does the repayment work?
If you prefer paying back your loan in installments, you should opt for the installment loans offered by CashNetUSA, which require that you pay on a pre-agreed fixed schedule.
In case you are not able to pay and need an extension, in most cases you will be granted one but at an even higher interest rate. In some states, in accordance with the local laws, you will not be required to pay even a cent more when you ask for a payment extension.
If you get the chance for an early payment of your loan, you will receive a refund of a small part of the loan fees.
So, why are people choosing CashNetUSA
- Easy application – you can apply for one of the 3 types of loans 24/7 from anywhere and at any time
- Instant decision – you receive an instant resolution of your loan application, so you don’t waste time waiting for an answer about whether or not you can rely on the loan
- -prompt funding – the cash you have applied for is provided at the next business day
- The very quick and reliable online application process which doesn’t affect the overall traditional credit score
- Very little paperwork and no hidden fees – you will be informed duly of all payment details before you sign a contract
- A very useful and easy to reach customer care service which is available 24/7 and can be contacted by phone, e-mail or via chat
- The service provides loans in more states than most of its competitors in the field
- An early repayment will get you a partial refund on your loan fees
- You can use the loaned funds for anything you want to
- After approval, you will receive a detailed contract with all the fees, terms and conditions for the loan, and if you don’t like it you are not required to sign it even after being approved
- No collateral is required by CashNetUSA
- Now there is a useful and easy to use CashNetUSA mobile app which provides you access to your account and all your payment details, as well as other pertinent information and notifications regarding the status of your account and the upcoming due dates for repayment, which you can access from your mobile phone or device
What about the cons of using the services of CashNetUSA
The interest rates and added fees are a major turnoff for many people and businesses. This issue can be fixed by repaying your loan early and getting back some of those fees.
Risks of being scammed
There is always danger that you become part of a payday loan scam if you are not careful. This is why once you have applied for a loan at CashNetUSA you have to be wary about receiving any calls requesting that you make a large payment for a Vanilla prepaid car, a Green Dot MoneyPak or other because CashNetUSA will never ask you to make any such payments under any circumstances. If you feel like you are being scammed or cheated, you should immediately contact the Federal Trade Commission (FTC) for assistance.
The Washington State Department of Financial Institutions recommends that people watch out for the following calls or messages via e-mail or a phone call:
- Somebody claiming they are connecting your load for CashNetUSA – in case you have never been a customer of the service immediately hang up the phone
- If you are threatened with lawsuits in case the payment is not paid immediately
- Receiving threats that the person will contact your employer
- Somebody requesting that a payment is made via Western Union or MoneyGram to a recipient in India
Here are some general recommendations to follow in order to stay away from being scammed:
- Never pay anything in advance in order to secure a loan
- Do not give out any personal information if you are not able to verify the validity of a debt or the identity of the person calling you
- Hang up immediately if you start receiving threats of any kind
What are customers saying about CashNetUSA?
At Trustpilot, CashNetUSA has a score of 8.9/10 with people praising the service for the quick application processing and the helpful customer care service.
CashNetUSA has a grade F from the Better Business Bureau, but even though there are some valid complaints by borrowers, the main complaints are about the high interest rate and cost of borrowing from the service. Please, keep in mind that all short-term loans have higher interest rates in general.
How safe is it to borrow from CashNetUSA?
CashNetUSA works in accordance to all state regulations. You will be given a loan contract following your application approval which includes all the terms and fees associated with the service. The service uses state-of-the-art encryption technology and safety features on its website to ensure that your personal data is protected. So, you can rest assured that everything is legal, the terms ae transparent and it is perfectly safe to apply for a loan with CashNetUSA.
How do you repay your loan?
CashNetUSA has three repayment options, although some of them may not be available in your state due to local regulations. The repayment can be done at once, via partial repayments or you can get an extension to your repayment terms.
To repay the loan, just go to the CashNetUSA website or use the mobile app, enter your account information and authorize the service to withdraw the sum on the date when the repayment is due. CashNetUSA will withdraw the owed amount from your bank account once the repayment date comes.
What if you want to change bank accounts?
If you have to change your bank account information you should contact the 24/7 customer care service via phone, live chat or e-mail at least two days before the due date for your repayment. You will be required to fax them a copy of a bank statement from the new account or a voided check.
About the CashNetUSA mobile app
CashNetUSA has released its own mobile app which allows all existing customers to get access to their accounts form their smartphones and smart devices on the go.
The intuitive app provides users with convenient reminders in regard to the account status and repayment due dates via push notifications.
It also has a digital calendar with all of the deadlines and due dates for repayment.
You can apply for a quick loan via this mobile app, and make a payment or repayment using the mobile app as well.
CashNetUSA just got even better! The new CashNetUSA app allows existing customers to access their account on the go! Now you can check your balance, request funds and make a payment right from your smart device.
Although the interest rates and the associated fees for borrowing loans from CashNetUSA can be considerable, this is still a reliable, perfectly safe and legal service which can provide you with the money you need in case of an emergency or other urgent need. It is very easy to apply for and takes just a few minutes for your application to be processed. Your credit history doesn’t really matter for the approval and money to come through.
The service is also very straightforward and clear with all of the terms, fees and interest rates associated with its loans, so there will be no nasty surprises with any hidden fees or conditions.
Best of all, CashNetUSA can provide you with the cash you need on the very next day of your application, so it is truly a lifesaver when you are faced with unforeseen expenses and the urgent need for money and for one reason or another!