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CashNetUSA Review: When You Absolutely Need the Money

CashNetUSA online payday loans may be your last, best choice for bad credit loans

Here’s the situation: You need to come up with a couple hundred dollars quickly to pay some bills, but payday is still a week away and it can’t wait until then. What do you do?

If you don’t have a rich uncle that can lend you a few bucks, your only immediate option might be a payday loan. Online payday lenders usually offer same-day approval and the money is deposited in your bank account the next day.

I’ve come to the point of screaming against payday loans on the blog and much more prefer peer-to-peer lenders for even bad credit loans…but sometimes you just don’t have an option.

If your credit score is below 520 FICO, even some of the lenders on our Ultimate List of P2P Sites might not be able to help you.

When that happens, I can only recommend on online payday lender.

CashNetUSA is one of the largest online cash advance lenders and a good option when nobody else will lend you money. Payday loans are notorious for charging high interest rates and add-on fees that can make a $600 loan quickly balloon in size if you don’t immediately pay it off but CashNetUSA seems to be one of the few to charge affordable rates.

Pros of CashNetUSA

  • Instant lending decision made within minutes
  • Next day money deposit
  • Don’t have to drive to a local payday lender

CashNetUSA Complaints

  • Interest rates and fees start at 260% APR
  • Not available in every state

What is CashNetUSA?

CashNetUSA is a legit online-only payday loan lender. They currently offer loans in 38 states if you’re at least 18 years old and have worked with your current employer for at least one month.

You might be familiar with your local brick-and-mortar payday lenders like Check Advance and Advance America. Using CashNetUSA can be a more convenient option because you can apply online from the comfort of your own home in five minutes or less and they deposit the money in your bank account the next business day.

Where interest rates at most payday lenders approach 500% when you add up all the fees, rates at CashNetUSA are about half as much.

Despite being super convenient, should you apply for CashNetUSA loan?

CashNetUSA Flex Loan

The only loan offered by CashNetUSA is the Flex Loan, which is just a fancy name for a payday loan.

Here are the basic requirements for a Flex Loan:

  • 18 years old
  • Must be a U.S. citizen or permanent resident
  • Verifiable, steady income stream
  • Active checking account

How much you can borrow depends on your state’s payday loan regulations, but here are a few general rules of thumb:

  • Borrow up to $1,500
  • Loan must be repaid within 8 to 35 days depending on your next pay date.
  • Interest rates start at 260% APR depending on the amount your borrow and how long it takes to pay off your loan

Each state has different borrowing limits, so you’ll need to check the CashNetUSA website to verify your potential loan terms.

Check to see the rates available on short-term loans in your state

Your application must be approved by 6 p.m., to receive your loan the next day.
Otherwise, they will be deposited two business days from today. So if today is Monday, your application must be approved by 6 p.m. for the money to appear in your bank account on Tuesday.

cashnet usa rates and loans

CashNetUSA Rates and Loan Limits

The above picture lists the rates and terms for a CashNetUSA Flex Loan if you live in Tennessee. Your loan terms depend on your credit score and state of residence.

Can CashNetUSA Garnish My Wages?

One of the huge downsides of payday loans is their aggressive repayment schedule. CashNetUSA can only garnish your wages with a court order, but you should still try to repay your Flex Loan as quickly as possible so you can eliminate the monthly payment and have more disposable income sooner.

Every day, your remaining balance accrues daily interest and customary fee that roughly amount to 0.75%. If you have an $800 balance initially, you tack on $6 in interest and fees each day. Any payment you make is first applied to these fees and any remaining amount is applied to the principal.

cashnet usa for bad credit loansThis is typical of most payday loans, even the ones that charge an upfront fee. The only difference is that traditional payday lenders calculate all your fees upfront for the two-week repayment terms and charge for it all at once. By calculating your fees daily, CashNetUSA gives you the opportunity to pay off the loan sooner and save.

Your minimum monthly payment with CashNetUSA is at least $35 or the sum of these three factors:

  • 5% of your outstanding principal balance
  • Accrued interest
  • Customary fee

CashNetUSA requires biweekly payments—every 14 days—so your initial payment on an $800 loan will be $124 each two weeks. As long as you keep making the minimum payment, your account remains in good standing, but your cumulative interest and fees paid be as much or more than the original amount borrowed.

This is another benefit to the online payday lender versus traditional payday loans. Your loan turns over every two weeks instead of having to take out another loan to pay off the last.

While a single loan might be affordable, you can run out of money quickly if you need to apply for more payday loans to pay the bills. Eventually these high interest rates become too much and that’s why these types of loans are about the worst kind of debt you can use.

One complaint I’ve heard is of scammers impersonating CashNetUSA lenders and calling you stating you qualify for a loan and ask for your personal information. All correspondence should take place online between you and CashNetUSA. Do not give any information over the phone. Use the link here to go directly to the official CashNetUSA website to apply for your loan.

Should You Apply for a Payday Loan from CashNetUSA?

Whether you should use CashNetUSA or not depends on how badly you need the money. The good news is that the online payday lender accepts applications from applicants with really bad credit. The bad news is be prepared to fork over some extra money for fees that make your APR at least 200% once you factor in the fees and daily interest.

CashNetUSA is a legit company that serves a need in the financial community but you should only consider them for these purposes:

  • You can repay your loan within one or two billing cycles
  • All other borrowing options have been exhausted
  • The money borrowed is used for essential expenses only (electric bill, water, rent)
  • You only borrow what you need and not a dollar more

 

If you haven’t tried some of the recommended online loan sites for bad credit like Personalloans or NetCredit, I would start there before applying to CashNetUSA. Rates are lower and you can borrow enough to get out from your debt, not just enough to get you to the next payday. If you have tried other p2p loan sites but with no luck, the online payday lender provides a good option that is still cheaper than traditional payday loans.

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