CashNetUSA is the leading online payday lender in the United States. As well as payday loans, CashNetUSA is also a direct lender of installment loans and lines of credit. The application process takes a few minutes, and borrowers receive an instant lending decision. In some cases, money can be transferred by the next business day. The catch is that CashNetUSA has high-interest rates.
So, is it a good idea to apply for a loan with CashNetUSA? How does it compare with other installment and payday loans? This review takes an in-depth look at the cost and terms of CashNetUSA Loans. We will also take a close look at its application process and eligibility requirements.
Who Are CashNetUSA Loans Designed For?
CashNetUSA Loans are designed for persons with poor credit, looking for a flexible funding option that doesn’t require them to leverage property as collateral. Unlike title loans, pawn store loans and mortgages, CashNetUSA loans are not secured. They have flexible eligibility requirements that make their loans an attractive option for people who need cash now and have limited access to more traditional sources of credit, such as banks and credit unions.
CashNetUSA is a brand of Enova International and was first launched as Check Giant LLC in 2003. In 2004, Al Goldstein joined the company and turned the business toward online consumer lending. In 2006, Enova was purchased by Cash America, the world’s largest pawn company with 859 stores in operation across the country today. The purchase was made to create an internet-based division of their brand, allowing further customer reach. Al Goldstein left the company and proceeded to launch another successful online lending company: Avant.
Enova is a holding company for a variety of finance technology businesses. As well as CashNetUSA, its flagship brand, Enova also owns NetCredit, Headway Capital, QuickQuid, OnStride and Dollars Direct. Headway Capital offers business loans. QuickQuid and OnStride provide payday loans in the United Kingdom. Dollars Direct operates in Australia and Canada. Enova also does business in Brazil (as Simplic) and China (as YOUXINYI).
By 2014, CashNetUSA had become a growing business with a revenue of $615 million and a net income of $89.2 million. CashNetUSA is based in Chicago, Illinois, and is licensed in all the states it operates.
How Do CashNetUSA Loans Work?
CashNetUSA offers three main credit products: payday loans, installment loans, and lines of credit. The products available vary depending on state laws. In Texas, for instance, payday and installment loans are available but lines of credit are not. In Utah, on the other hand, only lines of credit are available. However, all the products are fast and easy to apply for. Cash can be deposited within 24 hours of applying, and people with poor credit can qualify. Here is a brief summary of the products available.
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 Payday Loans. 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 cannot contract for a new loan.
Compare the pros and cons to make a better decision.
- People who may be rejected by a bank or other traditional lender can usually get a loan
- Most loans do not have a penalty for early repayment
- Fast application process. It takes only a few minutes
- Instant lending decision
- CashNetUSA is a direct lender.
- Money deposited within 24 hours
- CashNetUSA is the largest (and first) online payday lender in the United States
- Flagship brand of Enova: an international holding company of online lenders
- Fixed payments and a transparent fee schedule
- Selection of credit products: payday loans, installment loans, and lines of credit
- High interest rates
What Is The Application Process Like?
The application process is one of the strong points for CashNetUSA. Yes, interest rates are high. But if you’re looking for a fast source of cash that doesn’t perform credit checks or require you to fill in pages and pages of financial information or fax documents, it’s hard to beat CashNetUSA.
Instead of performing extensive credit checks on applicants, CashNetUSA searches the Clarity database. The Clarity database keeps a record of transactions of customers with cable television accounts, rent-to-own shops, check cashing, consumer finance companies, and other businesses.
These are the steps and screens you can expect to take if you apply for a loan with CashNetUSA.
1. Create An Account.
Creating an account will require choosing a password and providing general personal information, such as your Social Security Number and date of birth.
2. Additional Information.
In the second and final page of the application form, you will need to provide additional financial and work information. This information includes the loan amount you want, your license number, and the contact details of the company where you work.
3. Sign Contract.
If you meet CashNetUSA’s eligibility requirements, you will need to sign the contract and provide banking information so your money can be deposited.
CashNetUSA’s eligibility criteria are simple. As with other payday lenders, borrowers:
- Must be a US citizen or permanent resident
- Have been employed for at least a month
- Have an active checking account
- Must be at least 18 years old
If you’re looking for a loan and your credit is not great, CashNetUSA may be a good option. Just be aware that all of the loans offered by CashNetUSA come with high-interest rates.
Andrew is the managing editor for SuperMoney and a certified personal finance counselor. He loves to geek out on financial data and translate it into actionable insights everyone can understand. His work is often cited by major publications and institutions, such as Forbes, U.S. News, Fox Business, SFGate, Realtor, Deloitte, and Business Insider.