Company Profiles

CashNetUSA Review

by Jim Hughes   September 15, 2017

An in-depth look into CashNetUSA’s prequalification requirements, application process, financial products offered, and more.

Never have Americans been able to borrow funds as they can today. Online banking and financial technology make it easier than ever to apply for loans. Lenders like CashNetUSA offer a range of financial products for consumers with all types of credit scores.

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CashNetUSA is an online lender with over a decade of experience. They offer financial services to customers across the US, although not all products are available in every state. CashNetUSA also has a trained customer service team that is based in the US and is available seven days a week. Below is a review of CashNetUSA’s services as well as an overview of some its policies.

Eligibility Requirements for CashNetUSA Products

With the motto, “Money’s on the way,” CashNetUSA advertises fast cash, a simple process, and dedicated service. Anyone is welcome to submit an application. However, before doing so, potential borrowers should meet a number of requirements. These include:

  • Being a US citizen or permanent resident
  • Being employed for at least one month
  • Having a valid driver's license
  • Having an active email address
  • Having an active checking account
  • Being at least 18 years old, except for Mississippi residents who must be 21 and Alabama and Delaware residents who must be at least 19

The Application Process

The initial application is straightforward and asks for personal information (email address, name, address, phone number, DOB, Social Security Number) and work information. It takes only a few minutes to complete.

After completing this initial form, the applicant receives an immediate decision. According to the site, most approved applicants can have their funds directly deposited into their bank accounts as soon as the following business day.

Repaying CashNetUSA Loans

Like any other loan product offered online or by traditional lenders, loan repayment happens over a predetermined period of time according to the schedule agreed upon by the borrower and the lender.

These days, electronic transfers make paying bills and transferring money simple and easy. Like most online lenders, those who borrow money through CashNetUSA make their loan payments through electronic transfer. When the payment is due, the lender receives the payment automatically.

Types of Financial Products

CashNetUSA groups all their loans products under the broad category of “Cash Advance,” short-term loans with fast approval. Applicants can choose Payday Loans, Installment Loans, or a Line of Credit. Below are details for each of these.

  • Payday Loans - Small, unsecured, short-term loans, usually made for $500 or less. These are typically repaid within two weeks in a single payment. This type of loan is frequently used to fill in financial gaps between paychecks.
  • Installment Loans - Offered in greater amounts and with longer terms than Payday Loans. These are paid off over multiple payments or installments.
  • Lines of Credit - Slightly different than Payday Loans and Installment Loans, applicants receive a limit they can borrow from without a new loan application. When the borrower needs money, they submit a request (also called a ‘draw’) and the funds arrive in their bank account as soon as the next business day. They can draw funds until they reach the credit limit. For each draw, the borrower is charged interest along with any fees. The repayment is also more flexible allowing the borrower to pay either a minimum payment each billing cycle or more.

As stated above, not all products are available in every state. Also, rates and terms vary depending on the borrower’s state of residence. Check the website for availability, rates, and terms in a specific state.

Sample Products Offered in Certain States

CashNetUSA’s specific products differ depending on the borrower’s state of residence. In addition, the APR, rates, and terms depend on the amount borrowed and the number of payments. Below is a sampling of products offered in a handful of states (these details are presented for informational purposes only):

  • California - California residents are eligible for payday loans and installment loans. For payday loans, the most a California resident can borrow is $255. For installment loans, the minimum amount for California residents is $2600, and the maximum loan amount is $3,400 with a loan term of 18 months.
  • Delaware - Delaware customers can borrow a minimum of $300 and a maximum of $2,600. The minimum loan term is six months, and the maximum loan term is 18 months.
  • New Mexico - The minimum amount New Mexico residents can borrow is $600. The maximum is $2,600. Loan terms vary from a minimum of six months to a maximum of 18 months. The APR depends on the amount borrowed and the number of payments.
  • Washington - In Washington, residents can borrow either 30 percent of their gross monthly income or $700, whichever is lower. In general, loan fees are $15 per $100 borrowed for the first $500 of the loan, then $10 for each additional $100.

Read the Fine Print

As is always the case when applying for a loan and borrowing money through CashNetUSA or other online lenders, be sure to read the fine print before signing a loan agreement. These legally binding agreements obligate you to repay whatever funds you borrow along with interest, fees, and other associated costs.

Final Thoughts

When you’re searching for a provider or not, it helps to know some of the companies respected within the industry. CashNetUSA is a popular option. We hope these details about the company helps you decide whether to take the next step with them. If you want to request funding from our network of loan providers, you can get started right now.

Jim Hughes   OpenCashAdvance Marketing Manager
Personal Finance
Jim Hughes remembers checking his first email on the original BlackBerry 850 nearly 20 years ago. It was spam, and he fell for it. Even so, he’s been on the beat every day since, following the ebbs and flows of financial technology. Look to Jim for insider exclusives on shorter-duration loans, installment loans, and other popular products in fintech today.
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