CashNetUSA is a payday lending company that also specializes in installment loans, Credit Services Organization, Line of Credit, Credit Access Business loans, and loan matching services.
As a national payday loan company, CashNetUSA takes into account the laws of each individual state their clients may live in. Because of this, they don’t offer all services in every state. You must look at their state guide to see what services are offered in your home state.
In order to be eligible for a payday loan or payday advance from CashNetUSA.com, you must be a citizen or permanent resident at least 18 years of age, with an active checking account, who has been employed for at least one month.
Payday Lending
Payday loans, or payday advances, are short term loans given to people who can verify they have a regular income and a checking account. Credit scores and equity will not be taken into account.
These loans must be paid back very quickly, generally on your next scheduled payday, and carry very high interest rates and loan disbursement fees.
Many times payday loans can be so high they make it difficult for borrowers to reasonably pay back the money according to the loan terms. This has made payday lending and payday lenders the subject of much criticism and scrutiny.
Is CashNetUSA Different?
CashNetUSA claims to strictly follow all the laws and regulations put into place by the state in which you live. For some people, this is important because certain states have made laws which significantly benefit those looking to borrow payday loans, often limiting the interest rates and fees that can be charged.
But other states have very relaxed laws regarding these loans, and therefore it is up to the borrower to make sure they understand all the borrowing terms and fees before they accept any loan.
For those who do choose to use CashNetUSA for payday lending or short term installment loans, they do have a Preferred Member Savings program that all clients are immediately enrolled into.
In the future, if you need to use CashNetUSA for another loan, you can use your membership number to be eligible for savings on your loan fees.
Note: If you’re interested in learning more about Payday Loans check out our detailed guide, “Payday Loans Explained: Should You Ever Get One?” for more info.
I personally don’t like taking these loans (even though we are always stellar and they love our business) because of the ridiculous amount of interest that is charged and they used to offer smaller amounts between $250 and $400 that served their purposes i.e., getting you through a tight spot until your next check arrives…(My economics professor would have a corollary heart attack and give me a straight up “F” on this one). But CashnetUSA has been great with us and in a perverse and in an odd way we love doing business with them when we have to; we reserve them as our first choice if we encounter emergencies. My only gripe is that we have been such faithful and loyal borrowers and payors with this company yet we never build any credit or equity with them in the future. They state very clearly on the Website what you are about to do, the ridiculous cost of these loans and their requirements (and your agreement)for repayment. They do what they do and they want their money back…so if you don’t have a plan on how to repay maybe you folks shouldn’t be looking for business from them…
I called CashNetUSA on July 30, 2016 and July 31, 2016 to remind them that my next scheduled pay day was August 11, 2016. I was told that they had my updated pay day and they would debit $80.00 on August 11, 2016 which they did. My balance was $102.08 after the debit. But my account showed that my next debit due date was August 15, 2016 instead of August 22, 2016. On August 15, 2016 CashNetUSA debited my account in the amount $90.00 which caused our checking account to be "Overdrawn" by the amount of ($92.41). I called CashNetUSA on August 15, 2016 to advise them of the "Unauthorized" debit of $90.00.
The "Customer Reps" told me they had no record of me sending them my updated pay scheduled. I ask to speak to a "Supervisor" and she also told me that there was no record of my updated pay period that I sent to them via email on Julu19, 2016. But I have a return email from "Trenton B." the first "Supervisor" that I spoke with on July 19, 2016 acknowledging he had received my updated pay dates. The "Supervisor" said that it was nothing they can do about the "Unauthorized" debit because per CashNetUSA it was scheduled for August 15, 2016 instead of August 22, 2016. My current is $12.08. But we have been caused great financial harm and our checking account could be closed because of this "Unauthorized" debit.
I want all "Consumers" in the United States that have seen the commercials on TV or the internet regarding the ease of borrowing money from CashNetUSA, DO NOT BORROW MONEY FROM THIS COMPANY! They use fraudulent business practices to us the "Consumers" that reside in United States. I believe because we are near the end of paying this deceptive, deceitful business called "CashNetUSA" they want to drag this out by using the above described unsavory business practices to keep in an endless web of "Emotional Distress" and "Financial Hardship". We have found the hard way. Do Not Use this company or any other "Pay Day Loan" company to borrow money from. This may happen to you.
They were a true blessing when I truly was in need. I would go back if I ever needed help again.