Summary: CashNetUSA provides online installment loans and lines of credit in over half the United States. It also acts as a broker (Credit Access Business) for other lenders. The fast approval and quick turnarounds are attractive to many in a financial fix. But the high fees and triple-digit interest rates can result in serious debt.
CashNetUSA has fans and critics in equal measure. So sifting through the reviews can be confusing. However, closely examining the company's website and other reliable platforms can shed enough light on the pros and cons.
For example, satisfied customers swear that CashNetUSA is an industry leader. Their comments stem from their experience with the user-friendly website, interactive application process, quick approval, and same-day deposits. Others who did not anticipate the outrageously high APRs have branded the company a scam.
So what is the truth? And is a CashNetUSA loan and credit for you? Let's find out.
CashNetUSA is a legitimate online lender in select states. To find out if it is available where you live, go to the website and enter your state. This will tell you whether CashNetUSA serves your area and the products you can access.
For example, as of July 2023, CashNetUSA is unavailable in California. In Texas, it only operates as a Credit Access Business (CAB), connecting you to licensed installment-loan lenders. And in Wisconsin, it offers installment loans of up to $1,000 and lines of credit of up to $1,550. The products and loan limits are subject to changes, so finding the most current information on the CashNetUSA website is advisable.
CashNetUSA no longer provides payday loans. But it presents its installment loans as a better alternative because of the extended repayment period.
To qualify for one of CashNetUSA's loans or credit lines, you must meet the following criteria:
Be a US citizen or a permanent resident.
Be at least 18 years old.
Live in a state served by CashNetUSA.
Have a steady income.
Have an active checking account that accepts electronic transfers of funds.
You may have noticed that your FICO® score is not a factor. CashNetUSA looks at other factors, such as your current income and ability to repay loans using alternative credit bureaus. So you could have a less-than-perfect credit score and still qualify for a credit line or a loan.
The Better Business Bureau (BBB) gives CashNetUSA an A+ rating, but the business is not accredited. The customer reviews tell another story. As of July 2023, it has a 1.12/5 stars review and has received more than a hundred complaints in just 12 months. Many complaints are evidently the result of scammers posing as CashNetUSA staff.
CashNetUSA should be a last resort for those who find themselves in the following situations:
You have a poor credit score or limited credit history. CashNetUSA looks beyond your credit score.
You need to know your fate quickly. You will likely know whether you are approved, denied, or need to attach additional documentation within minutes.
You are in an emergency and need funds fast. CashNetUSA promises to deposit money in your account on the same business day if you receive approval before 1:30 pm CT Monday-Friday. Applicants approved later in the day get deposits on the next business day unless more information is necessary.
You desire an easy online application process—no need to run around locating, filling, and delivering paperwork. The entire application happens online.
Before applying for a CashNetUSA loan, it is crucial that you consider the substantial drawbacks.
What are the drawbacks of CashNetUSA?
You should consider staying away from a CashNetUSA loan or line of credit for several reasons.
Almost all same-day online credit have one problem in common, high-interest rates. CashNetUSA charges a daily periodic rate on the amount you borrow, and APRs often reach triple digits. These absorbent rates often cause financial stress for consumers. Carefully review your options before moving forward with CashNetUSA or any other lender charging excessively high rates.
Rates vary by state
Your loan may attract a higher or a lower interest rate depending on where you live. When writing this article, a line of credit in Utah attracted a 299% APR. A 15% transaction fee is also applied every time you draw funds. The APR for a Tennessee flex loan was 229%-275.85% and attracted a daily customary fee of 0.56% - 0.69% (applied to the principal balance).
Not available countrywide
Some consumers cannot access loans for living outside the qualifying states.
Does not report to the major credit bureaus
You can lose precious credit history if you consistently pay on or before the due date.
CashNetUSA's saying, "Money's on the way," can be true in your case if the company approves you. You may soon be smiling with relief after a deposit notification.
Resolve debt and find financial freedom
As a responsible consumer, you should always pay attention to the high-interest rates and transaction costs accompanying easy money. SoloSuit does not recommend CashNetUSA for long-term credit. However, SoloSuit recognizes that some consumers find themselves with few options and need immediate access to funds.
If you have taken out high-interest loans, or have several loans that you are struggling to pay, SoloSettle, powered by SoloSuit, can help you settle your debts and give yourself a financial reset. SoloSuit also offers other options to help you resolve debt — whether you are trying to stop debt collectors, respond to debt collection lawsuits, push your case into arbitration, or settle.
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