CashNetUSA is a licensed online lender that offers payday loans, lines of credit, personal loans, and a few other types of loans in select states (more on that below). Currently operating in 30 states, more than 3 million borrowers have used the company’s services since it launched in 2004.
A flagship brand of Enova International, CashNetUSA was among the first licensed short-term lenders to provide cash advances and installment loans to consumers over the Internet.
While you won’t need to visit a storefront with your paystub in hand to get a loan from CashNetUSA, it does operate much like a payday loan company. The lender offers loans with extremely high interest rates to borrowers with poor credit.
Let’s take a deeper look at CashNetUSA to find out if it’s right for you.
Is CashNetUSA a legitimate company?
Yes, the company is legitimate. In fact, its Better Business Bureau rating has gone from a “D” to an “A-” in recent years. The company currently has a 3.5-star rating (out of 5 stars) based on 35 customer review ratings.
The company’s previous low rating was primarily due to several complaints. Many of the complaints were the result of scammers who called customers and claimed to be representatives of CashNetUSA. These scammers requested advance payments in order to process personal loan applications.
Many of those issues have now been resolved. During the past three years, CashNetUSA was able to close 189 complaints.
However, the company has had its share of other problems, including a 2015 government action against the company’s California division for violating a series of financial codes. CashNetUSA was charged with requiring an “unlawful” amount of interest and debiting more than an agreed-upon sum from clients’ bank accounts.
What does CashNetUSA offer?
CashNetUSA currently services 30 states. But not every service is available in all 30 of the company’s operational states.
This is a very small, short-term loan that the borrower is supposed to pay back on their next payday. In some states, loan extensions are available.
This type of loan has a slightly longer term and a higher loan amount. It’s repaid in installments over time, typically once or twice monthly. There is no penalty for repaying CashNetUSA’s installment loans ahead of schedule.
Line of Credit
A line of credit is a loan that you apply for once and it can be increased upon request. There are several ways to repay a line of credit loan. You can make minimum payments each month, much like a credit card, or you can repay your balance in full whenever you like.
Credit Service Organization (CSO) Brokered Payday Loan
This is a short-term loan provided by a third-party lender that works with CashNetUSA. This is called a “brokered loan.” You are required to pay back the entire CSO loan on your next payday.
Currently, the company only offers this type of loan in the state of Ohio. Because CashNetUSA doesn’t offer payday loans in Ohio, this is the alternative.
Credit Access Business (CAB) Payday Loan
This is similar to a CSO loan, but based on new loan regulations. Once again, a short-term loan is provided by one of the lenders CashNetUSA works with. You must repay the loan on your next payday.
Currently, the company only offers this type of loan in the state of Texas. Because CashNetUSA doesn’t offer payday loans or CSO loans in Texas, this is the alternative.
A flex loan is similar to a line of credit. You apply once, then can request cash advances as often as you need up to your available credit limit. Like lines of credit, you can repay this loan in minimum payments over time or repay your balance in full at any time. Tennessee is currently the only state where CashNetUSA offers flex loans.
This type of loan is a combination of — you guessed it! — an installment loan and a payday loan. This medium-term loan is paid back in six months, with each payment typically made on the borrower’s payday. Again, this loan may be repaid early at any time with no prepayment charges. Illinois is currently the only state where CashNetUSA offers this type of loan.
Credit Availability Loans
Similar to an installment loan, a credit availability loan is a medium-term loan that is repaid gradually. Like CashNetUSA’s other loans, this loan may be repaid early at any time with no prepayment charges. Mississippi is the only state where this is offered by CashNetUSA.
Requirements to apply
In order to apply for any of these loans at CashNetUSA, you must be at least 18 years old and have:
- An active email address
- A checking account
- A driver’s license
- Employment for at least one month
- S. citizenship or permanent residency status
Rates and terms
CashNetUSA’s interest rates and loan terms vary based on state regulations.
For example, in California, customers can borrow up to $255.00 for a payday loan and up to $3,500 for an installment loan. For a line of credit in Idaho, new customers are able to borrow $1,000 with a current interest rate of 299%. In Oregon, the maximum loan amount is either 25% of the borrower’s net monthly income or $300.00, whichever is less. These rates are just examples. Please visit CashNetUSA’s profile for the latest rates.
In addition, state regulations require a seven day “cooling-off” period after your loan is paid in full. During that time, you will not be allowed to contract for a new loan.
Pros and cons
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If you’re in the market for one of these loans, check and see whether or not you qualify. Just be aware that all of the loans offered by CashNetUSA come with high interest rates.