CashNetUSA is an online-only lender specializing in short-term loans for those experiencing financial emergencies. Founded in 2004 by the publicly-traded company Enova International, the Chicago-based lender has provided loans to over 3 million people.
As a member of the Online Lenders Alliance, CashNetUSA abides by industry best practices for loan transparency, helping its customers make educated financial decisions. The lender values efficiency, customer service, and quick access to funds for all of their loans. CashNetUSA functions as a direct lender in 29 of the 30 states in which they operate. In Texas, they function as a Credit Access Business (CAB) where they arrange loans between applicants and third-party lenders.
Here you’ll learn:
CashNetUSA offers three types of short-term personal loans, each suited to different borrowing situations. With each type, you’ll find different interest rates, repayment terms, and credit limits. While CashNetUSA operates in many states, all three loan types are not available in all states.
A payday loan is a short-term personal loan designed to quickly get cash to the borrower in the event of an emergency. They are high-interest loans with a short repayment period, usually due on the date of the borrower’s next paycheck.
The maximum amount you can receive from a payday loan with CashNetUSA depends on your state’s regulations. For instance, CashNetUSA can lend up to $1,500 to residents of Nevada, but only $255 to residents of California. The fees associated with payday loans also vary depending on the state.
Installment loans are medium-term loans with a higher principal amount that is repaid over time. For CashNetUSA, repayment terms usually range from 6 to 24 months. You can receive up to $3,500 from an installment loan, depending on your state and qualifications. Installment loans work well for people who have larger immediate financial needs.
Like their payday loan fees, CashNetUSA’s APR for installment loans varies greatly from state to state and borrower to borrower. Across all states offering installment loans, the APR ranges from 129% to 449%.
A line of credit is CashNetUSA’s most flexible loan product. If you apply and are approved for a line of credit, you will receive a credit limit you can draw from at any time without having to reapply. CashNetUSA offers credit limits up to $3,000 depending on your qualifications.
Once your application is approved, you’ll have immediate access to credit, but you don’t have to withdraw right away. If you don’t withdraw your entire credit limit at first, you can make additional withdrawals up to the limit at any time. You won’t be charged any interest and fees until you withdraw, and you’ll only be charged based on your withdrawn amount, not your entire limit.
Loan terms and rates from CashNetUSA vary greatly based on the loan product, the borrower’s state, and the borrower’s qualifications.
Because payday loans are short-term loans meant to be repaid in full once you receive your next paycheck, the terms usually range from 10 to 31 days. Your actual due date will be your next payday that falls within that timeframe. If you are paid with a paper check, you’ll have an extra day to cash the check before the loan amount is due.
You may extend your loan term one time if you are unable to pay on the original due date. If you choose to do so, you’ll execute a new loan agreement, pay your initial loan fee on the original due date, and pay the amount financed plus an additional extension fee on your new due date.
Terms for installment loans vary based on the borrower’s state of residence. The typical terms for each state offering this type of loan are:
Because actual loan terms vary based on your qualifications, you may not have the full term range advertised for your state. You should also keep in mind that loan terms are a trade-off. Loans with longer terms will feature smaller individual payments but more interest paid over the life of the loan, while shorter terms will lead to higher installment payments, but less interest paid in total.
CashNetUSA always recommends that you only borrow what is necessary for your emergency expense and choose the shortest loan term available where you’ll still be able to make the installment payments.
Repayment terms for lines of credit do not have a set period of time because you can continue to borrow up to your credit limit as long as your line of credit is open. Instead, the repayment terms are flexible depending on the amount borrowed and your minimum payment. Due dates for lines of credit are based on either biweekly, bimonthly, or monthly billing periods, which are determined by the pay dates indicated on your application.
The short repayment terms for payday loans make it difficult to communicate the cost of interest by stating its APR. Instead, payday loans from CashNetUSA come with a finance charge, usually expressed in cost-per-hundred dollars. The finance charge translates to an APR depending on the loan’s due date.
Finance charges for each state are as follows:
Like loan terms, interest rates vary based on the borrower’s qualifications and state of residence. Each state’s interest rates for installment loans are:
For most states, CashNetUSA has the option for a lower APR for existing customers with a positive payment history with the company.
Interest for lines of credit is accrued on a daily periodic rate. For most states in which CashNetUSA offers lines of credit, the rate is 0.8192%, which converts to 299% APR. Missouri and South Carolina are the exceptions, both with daily periodic rates of 0.8904%, or 325% APR.
Borrowers with installment loans can take advantage of refinancing to borrow more money or lower their installment payment. The refinanced amount pays off the current loan’s principal and fees then delivers the remaining funds to the borrower.
CashNetUSA offers loans with few fees, including no origination fees or early payment fees. They do, however, charge late fees on installment loans and lines of credit, which vary depending on the state. They also charge transaction fees up to 15% each time a borrower draws from a line of credit. Some states also charge administrative and other fees for payday loans, as outlined above.
CashNetUSA offers loans from $300 to $3,500, depending on the loan product, your state of residence, and your current financial situation.
CashNetUSA offers same-business-day funding for all loan approvals received before 10:30 a.m. CT. Every approval received later in the day will be funded the next business day.
CashNetUSA’s mission statement is to work with hard-working people even if they have less-than-perfect credit. The lender evaluates an applicant based on their complete financial situation, rather than on their credit score alone.
To apply for a loan with CashNetUSA you must be an American citizen or permanent resident, reside in a state CashNetUSA services, be at least 19 years of age, have a verifiable and steady income, and have an active checking account.
Applicants with credit scores from 300 to 700 are eligible for CashNetUSA’s various loan products, although your score alone will not guarantee approval.
During the pre-application, CashNetUSA requests some basic identifying information to understand your financial situation and needs. You’ll be asked to provide:
At no point in the application process will CashNetUSA run a hard inquiry on your credit report. Instead, they check your credit using an alternative credit check, which allows them to evaluate your application without relying solely on your credit score. They bypass the three major credit bureaus by relying on alternative sources.
You’ll receive an instant answer on your loan application. If you are approved, your funds will be available no later than the next business day.
CashNetUSA uses ACH transfers from your bank account to disburse your loans, which is why your bank account information is required in the application process. ACH payments make repaying your loan seamless by automatically withdrawing the correct amount on your loan due date. You’ll just need to make sure your account has sufficient funds to avoid their insufficient funds fee.
Your payment due date is determined by the loan product you’ve chosen, your current pay dates, and the terms of your loan. For payday loans, full payment is due on your next payday. For installment loans and lines of credit, payments are due on either a biweekly, bimonthly, or monthly schedule.
CashNetUSA’s United States-based customer support team is available seven days a week.
175 W. Jackson Blvd., Suite 1000
Chicago, Il 60604
CashNetUSA is not BBB accredited and carries a B- rating on the BBB website. The Bureau cites several negative customer ratings and a January 2015 California government action against the company.
Many of the negative reviews on the BBB website seem to stem from loan repayment frustrations and ACH cancellations.
CashNetUSA has much better reviews on Trustpilot, with an excellent 4.5-star rating and over 10,000 reviews to date. Some of the most recent reviews state: