CashNetUSA Review: Fast Cash in a Pinch with High Fees

Is CashNetUSA legit?

CashNetUSA is a legit lender that’s been in business since 2004. It’s based in Chicago and is owned by Enova International, a publicly traded company that also includes brands such as OnDeck, Headway Capital and NetCredit, among others. To date, it’s served more than four million customers.

It has an industry-standard privacy policy that outlines how it shares your personal information for its own marketing purposes, everyday business practices and joint marketing efforts with other financial companies. However, you can limit this sharing by visiting the Opt out page on its website or calling its customer service number.

Its website and application also feature SSL encryption to protect any information you enter online. In addition, CashNetUSA has an entire page dedicated to understanding online safety, protecting your information and avoiding common scam tactics. If you have any questions, you can contact CashNetUSA via its customer service phone number or email address.

What makes CashNetUSA shine?

While some high-cost lenders tend to hide the costs of borrowing — or bury them in the fine print — we appreciate that CashNetUSA is up front about its rates and fees and even gives concrete examples of exactly what you’ll pay for a loan. And it clearly points out your options to minimize those costs. This information is critical for borrowers to be aware of before they apply.

CashNetUSA also aims to offer more than just loans to its customers. In addition to its installment loans and lines of credit, CashNetUSA also offers two other services for its borrowers:

• Savings program. CashNetUSA partnered with other companies to offer exclusive discounts on everything from tax preparation to eating out.
• Financial literacy. When working with CashNetUSA, all borrowers get access to free online financial education courses and interactive tools to help them take control of their finances.

There’s also a blog on its site that’s free to use. Among many topics covered, you can find tips to repair or build your credit and tools to help you create a budget.

Where CashNetUSA falls short

The biggest drawback of CashNetUSA is that it’s a very expensive form of funding. APRs start at 229% and can go over 300% in some states. It also charges a transaction fee of 15% for each advance you get from its line of credit.

Plus, your minimum payment can vary significantly if you get a line of credit and carry a balance between billing periods, which can make it difficult to fit into your budget. For example, your scheduled payment includes interest and fees accrued but may also carry an extra charge of up to 12% of your carried balance, depending on your payment plan.

Also, CashNetUSA only offers installment loans in three states and LOCs in 10 states, so most borrowers across the country will need to find another option. And even in the states it services, loan amounts vary significantly. In some cases, minimum loans may be too high for some borrowers, and maximums could be too low, so you may want to consider other lenders similar to CashNetUSA before deciding.

CashNetUSA loan details

Minimum credit score/credit range	No minimum
APR	229% to 325%
Loan amount	$100 to $3,000, but minimum and maximum amounts vary by state.
Terms	Installment loans: Up to 24 months Lines of credit: Indefinitely
Approval turnaround	Funding possible as soon as the same day
Availability	Only available in: Alabama, Delaware, Idaho, Illinois, Kansas, Louisiana, Mississippi, Missouri, South Carolina, Tennessee, Texas, Utah, Wisconsin
Fees	15% transaction fees on LOCs Late or NSF penalties No prepayment fees
Other fees	Unknown

CashNetUSA contact info

Phone number	888-801-9075
Customer service hours	Weekdays: 7 a.m. to 8 p.m. CT Saturday: 8:30 a.m. to 5 p.m. CT Sunday: 10 a.m. to 6:30 p.m. CT
Email	support@cashnetusa.com
X, formerly Twitter	@CashNetUSA
Facebook	@CashNetUSA

How to qualify for CashNetUSA

To qualify for a loan or line of credit from CashNetUSA, you need to meet the following requirements:

• Active checking account
• Verifiable, regular source of income
• US citizen or permanent resident
• At least 18 years old

Unlike traditional loans from banks or credit unions that rely primarily on your credit score, CashNetUSA looks at all aspects of your application to determine approval. It also considers how long you’ve been employed, your income and how frequently you get paid.

How to apply

Here’s how to apply for a loan with CashNetUSA.

1. Apply online. The application process should only take about five minutes.
2. Receive a decision in minutes. You’ll quickly find out if your application has been approved or denied, or CashNetUSA may ask you to provide additional documentation.
3. Learn your loan amount. At this point, CashNetUSA will provide your approved loan amount or how much available credit you can access.
4. Review your agreement. If you accept the loan, you can review and sign the contract.
5. Follow your repayment plan. You can repay your loan gradually, pay more than the minimum payment or pay it in full with no prepayment penalty.

How CashNetUSA compares to other lenders

CashNetUSA reviews and complaints

There are almost no positive reviews for CashNetUSA on the Better Business Bureau (BBB) site. Common complaints involved high rates, scheduled payments increasing over time and getting denied for a loan. There were also quite a few people claiming to be victims of fraud, discovering loans in their name they didn’t apply for.

The lender does better on Trustpilot, with a 4.7 rating. Satisfied customers praise the reliable, convenient service and a fast approval and funding process. But even happy users complain about the high rates, and a few people say verification and funding took longer than expected.

What do people on Reddit say?

Most people on Reddit agree that CashNetUSA is a legit lender and helpful in an emergency. But no one likes the high rates it charges, and a few people recommend only taking a loan if you can pay it back quickly. A couple of Redditors claim to have been scammed by the lender, but others pointed out that it seems more likely they were dealing with someone fraudulently using the CashNetUSA name or one that sounds similar.

Frequently asked questions

Will CashNetUSA improve my credit score?

No. CashNetUSA doesn’t report payments to any of the three major credit bureaus. However, if you default on a loan and it is sold to collections, you may see a drop in your credit score.

Is it hard to get approved for CashNetUSA?

While it always helps to have good credit, CashNetUSA uses alternative sources to evaluate your application and determine loan approval. Poor credit won’t necessarily prevent you from getting loan approval with this lender.

What happens if I don’t pay CashNet USA?

If you miss a payment or two, CashNetUSA may assess late fees or other penalties. If you fail to repay it at all, you’ll likely be sent to collections, which can hurt your credit score and make it difficult to qualify for credit in the future.

Do I need to send any documents to CashNetUSA?

If you receive benefits or are self-employed, you may need to submit additional documentation to prove your income. You can upload these documents to your online CashNetUSA account (recommended) or send them by email or fax.