What is CashNetUsa?
CashnetUSA is an online financial institution providing lines of credit and payday loans. CashNet is a subsidiary of Enova International, Inc.; a publicly traded company on the New York Stock Exchange. CashnetUSA.com, currently based in 175 West Jackson Chicago, IL went online in 2004, spearheaded by founder and CEO Al Goldstein.
How Does CashnetUSA Work?
All you need to do is apply for a payday loan through their website, and they will notify you via email if they can trust you with their money. They can lend you cash even if other lending institutions shut their door on you. They just need five minutes of your time to complete the application process on their website. You will need your basic details including your social security number and employment details.
What Are The CashNetUSA Fees?
The amount you qualify for will depend on where you live, your credit score and the amount you need. The state you live in also counts as much. Their pricing policy is as follows.
• Loans range from $255 to highs of $500
• Fees range from 4 cents to 10 cents on the dollar
• The Annual Percentage Rate (APR) ranges from 205% and 800%
• Repayment period ranges from 2 weeks up to 60 weeks.
The application process is quite simple; all they require from you is your name, your best email address, an active checking account, and your Social Security number. You will also need to have a valid driver’s license, be at least 18 years old, and be a US Citizen or on permanent residence. You will also have to prove you have been under employment for at least one month.
A notification email will be sent to your mail immediately you complete the application process.
Next Day Cash
If your application is approved, and all the information you provided checks out, you can get a loan the next day.
Depending on the amount of loan on offer, CashnetUSA’s repayment period is between 6 and 18 months. You can repay the loan gradually before the slated period ends.
What Do We Like About CashNetUSA?
It is fast!
Provided you meet their requirements that border on the stringent, they will give you a lifeline before the landlord kicks you out. The funding period is within 24 hours, and depending on your memory and typing speed, you can complete the application process within five minutes.
Positive BBB Rating.
At the time of this review they are rated A- with the Better Business Bureau, with a composite score of 3.49 out of 5 based on 18 customer reviews.
Their interest rates are ceiling high. Example if you live in California and you take a six-month, $500 payday loan with an APR of 323% you will pay $1671 after the six months. Three times as much!
Poor Customer Service
A good number of customers complained of snappy customer care agents, who will shrivel your session with them and dismiss you with wall-street financial jargons.
Frequent sales calls and emails
Once you give them your contact information, you qualify for a call and email at own discretion. Some customers have complained of getting irritable calls every week, and emails on a daily basis. They call to offer you cash that you do not need, with crafty offers, discounts, and sales pitches.
So Can You Trust CashNetUSA?
The good news is that with CashnetUSA, you will get cash fast and easy. The bad news is that you will probably need more than one job to offset the payday loan if you don't pay it back quickly. The loans are expensive, to say the least. But that is the nature of payday loans and to CashNetUSA's credit they make it clear this should be used as a short term solution.
Now you know where you stand with CashnetUSA. We would love to hear what you think in the comments section below!
CashNetUSA is actually a legitimate PayDay Loan company with positive ratings. However their customer service and some of their marketing practices can be annoying.
It is great to hear that Cash Net USA can be trusted if you find yourself in a bad spot. If you are in the position of needing money you would not want to be caught off guard by a company claiming to be helpful. I am thankful for your review, and I will keep in mind the cost of taking this type of loan in the event that I need to do so.
I’m glad to hear it Brendon.
Great review of CashNetUSA and glad to hear that it is a legit payday loan company and not another scam.
I had to laugh at their marketing video, though, it was a bit cheesy and I can see their marketing can be a bit annoying as you mentioned.
This sounds like a good option though, if you need some cash fast!
I actually enjoyed their cheesy videos. lol The marketing I was referring to is when they opt you into marketing of other companies. That can get very annoying from what I understand.
Thanks, Eddy, for the review. It is good to know what door to knock in case one needs some extra cash for unexpected expenditures. Not that their services are cheap, not at all. I appreciate knowing the fees so that we can understand that the financial speed comes at a price.
This is a good review of Cashnet USA. I see their cheesy commercials all the time….lol. I don’t think people should be using these programs casually. This should only be a consideration if you’re going through some serious financial trouble.
Did you find this review helpful? Yes (2)No
I agree payday loans shouldn’t be used too often especially if you can’t pay them back quickly. You’re right the commercials are cheesy but they make me laugh. lol
Yeah you’re right they are funny though..lol
It’s great to hear that CashNetUSA is not a scam. I appreciate the way you laid out the cost impact of getting a $500 “loan” from them, and that you should only be using this sort of quick cash when you are in dire straits financially. I can see how someone could easily get in over their head without understanding the full cost.
Agreed Jen. Everyone needs to be very careful with these type of loans.
Hi, Eddy and thanks for the review. I am from Latvia, but despite being a small country and only about two million population, there are many similar moneylender offices here. In my mind, it is even worse than gambling. So many young people are trapped and have become hostages of such a pesky business.
Hey Andrejs, Sorry to hear that so many young people are misusing these payday loans in your country. They can be very bad if you’re not able to pay them right away. It’s probably why they don’t operate in all states here in the US. Some local governments have banned or limited their ability to operate in certain states. So I get it.
A payday loan can seem to be a lifeline if you are desperate for quick cash, but I think this type of loan should be approached with extreme caution. Yes you can get the cash quickly, but when it comes to the payback, this is often when the problems start. It might be an idea for the lender to tighten their lending criteria, which would minimise the number of people finding themselves locked in a payday cycle they can’t break.
I think it’s less the loaner’s responsibility. Anyone going into payday loans know that the fees are high. The paydayloan companies are in the business of making money. So it’s up to the individual to be sure they don’t borrow more than they can pay back right away.