CashNetUSA is an online payday loan company with services available in 31 states across the United States. This company provides payday loans, installment loans, lines of credit, and some brokered loans. It has been operating since 2005 and used to be owned by Cash America before becoming an independent company.
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- Loan options
- Instant lending decision
- Online security center
CashNetUSA offers several different types of loans according to each state's laws and policies, including payday loans, installment loans, lines of credit or flex loans, or brokered loans in a few states where they cannot lend money directly. Its services are available in 31 states (see list below) and it provides detailed information about loan limits, interest rates, repayment, and other funding policies for each state. The maximum borrowing amounts range from as little as $205 to $2,250. Interest rates vary, but fall into a range between as little as 86.9% and as much as 1171.88% APR.
For most payday loans, the full amount is due to be repaid on the date of the next payday that falls between 8 and 30 days, though that range will vary depending on the state. If the next payday falls outside of the state's specified range, repayment is generally due in 14 days. Some states allow for extensions, while others do not. Installment loans are paid monthly or bi-monthly, and payments on a line of credit are made according to the frequency of the paychecks. Any associated late fees, insufficient funds fees, and other fee amounts are listed on the Rates & Terms page for each state.
Applicants generally receive an instant lending decision, though some customers may be required to submit additional information or verifications, or may not be eligible for instant approval. Funds can be deposited as soon as the next day. In order to apply and be approved, applicants must:
- be 18 years old or older
- have a regular source of income and make at least $1,000 per month
- be a U.S. citizen
- have a valid and established checking account
CashNetUSA provides customers with an online security center detailing the protective measures on their website. They also give information about how customers can protect their information, how to detect fraud, and how to report fraud. They also specifically have alerts for fraudulent loan approval and confirmation letters being sent out with CashNetUSA's name and information.
CashNetUSA advertises 24/7 customer service and provide customers with several reliable methods of contacting them, including:
- multiple phone numbers for different departments
- multiple email addresses for different departments
- physical mailing address
- fax number
- live chat
CashNetUSA's services are available to customers in the following states:
- New Mexico
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- Negative reviews
Most of the complaints and negative reviews of CashNetUSA are regarding the scam operation taking place in their name and detail the variety of scare tactics the scam artists have used. However, there are also some negative customer service reviews and reports that some of the assertions made on the CashNetUSA website are not as good as they seem. Some customers claim that although certain rates or terms are advertised, the conditions are not fully disclosed and the actual practices are not as beneficial to the customers as they may seem. CashNetUSA also apparently offers some promotions or discounts, but applying the promotional codes can be difficult.
CashNetUSA has a broad availability across the U.S. but it should be noted that they are not available in all states. Also, as with any payday loan company, their interest rates and fees will always be high and customers will end up paying back much more than the principal loan amount. Because the loan terms vary from state to state, customers should be prepared to read the terms of their specific loan very carefully before signing.