CashNetUSA review: High-interest payday and installment loans

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In a Nutshell

If you need cash for an emergency but you’re having trouble qualifying for more traditional loans, CashNetUSA might work for you. But be careful: This online lender often has super-high interest rates.

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Pros Cons
May qualify with no credit or credit issues High interest rates
Potential to get cash quickly with approval Fees and rates vary based on where you live
  Not available in all states

What you need to know about CashNetUSA personal loans

CashNetUSA is an online lender that offers several types of loans depending on where you live, including payday loans, installment loans and lines of credit. Available loan amounts can vary from state to state, but payday loans generally come in amounts ranging from $100 to $500, while installment loans and lines of credit range from $100 to $3,000.

CashNetUSA loans are available in only 29 states. The amount and type of loan you might qualify for depends on where you live, so be sure to check CashNetUSA’s website for details.

Potential for high interest rates

With all CashNetUSA loans, one thing to keep in mind is that the annual percentage rate, or APR, tends to be higher than what you may find from other personal loan lenders. Depending on the type of loan and where you live, your APR could range from the low to high triple digits.

According to the National Consumer Law Center, 36% is the upper limit of what’s considered an affordable interest rate.

Varying loan terms

CashNetUSA charges a fee for cash borrowed. These loan fees, as well as repayment terms, will depend on where you live. In general, you can expect to pay a flat fee and will often have a repayment due date as early as your next payday.

Loans despite lower FICO

If you’re rebuilding your credit, it can be tough to find a lender willing to see past low credit scores. But CashNetUSA uses an approval process that takes into account credit info and scores other than your FICO scores. This means you may be able to get a personal loan even with FICO scores on the low side.

A closer look at CashNetUSA loans

Here’s what else you should know about a loan from CashNetUSA.

  • Availability: CashNetUSA loans are available in 29 states, and the types of loans offered vary. Be sure to check if CashNetUSA is available in your state and what loans are offered.
  • Potential to receive funds quickly: If your loan application is approved, CashNetUSA says you could get the money transferred to your bank the same day or next business day.
  • Checking account required: In order to qualify for a CashNetUSA loan, you need an active checking account that will accept an electronic transfer of funds.
  • Educational resources: CashNetUSA provides interactive tools and educational resources on money management for customers on its website.
  • Discount program: CashNetUSA partners with some merchants to provide discounts for borrowers on a range of products.

Who a CashNetUSA loan is good for

If you’re in a tough situation and facing emergency expenses, a short-term loan or a line of credit through CashNetUSA could be an option, and may be a better one over something like a title loan. Title loans can be risky because they require your car as collateral, and the lender can repossess your car if you can’t keep up with payments as laid out in your loan agreement.

Still, any loan with such high interest rates should be avoided if possible.

How to apply for a CashNetUSA loan

To apply for a CashNetUSA loan, you have to fill out an online form at cashnetusa.com that asks for some basic personal information and banking details.

  • Full name/address
  • Date of birth
  • Social Security number
  • Length of time at residence
  • Phone number
  • Email address
  • Proof of income
  • Bank account details

You must be a U.S. citizen or permanent resident with verifiable income and a checking account to apply. If CashNetUSA is able to make an instant decision on your application, you could receive your funds the same day or next business day.

Not sure if a CashNetUSA loan is right for you? Consider these alternatives.

  • Avant: Avant may be another loan option if you have lower credit scores or if you need to borrow a larger amount (anywhere from $2,000 to $35,000).
  • FreedomPlus: FreedomPlus also says it looks beyond credit scores when considering applicants. But with a minimum borrowing amount of $7,500, it won’t work if you’re looking for a smaller loan.

Another possible option could be a payday alternative loan, which is a small short-term loan offered by some federal credit unions that come with lower fees and interest rates than a typical payday loan.