Cashnet USA Payday Loans
As an established company in operation since 2004, Cashnet USA is a well-known payday loans provider catering to those who need to borrow modest sums of money for short periods of time. The company offers loans in more than 30 states in America and have serviced over 2 million customers.
Those who use the company can enjoy the peace of mind and protection that comes with using a lender that is a member of the Community Financial Services Association of America.
Loan Details and Benefits
Cashnet offers installment payday loans for customers who need emergency cash to cover expenses. An installment payday loan is a medium-term loan that is paid back through a series of management payments. After approval for a loan, the cash can be made available to you within the next business day.
Loan rates vary from state-to-state. Cashnet has a tool on their website that allows you to view different rates and terms depending on where you live. As an example, the maximum loan amount Illinois residents can take out with Cashnet is $2,250.00 while residents in California can only take out a maximum of $255.00. According to the law in Illinois, you must pay your loan back within 6 months or less.
Cashnet stresses the fact that the loans they offer are not intended to help meet long term financial needs but rather to help you make emergency or one-time payments. The loans are regulated by the Department of Financial and Professional Regulation and the APR can vary depending on where you live from 100% to 400%. Your best option is to compare loan amounts, terms, and interest rates on Cashnet's website for your particular state in order to get the most realistic impression of what can be offered to you.
Some disadvantages of considering a loan or even obtaining a loan with Cashnet include the fact that they don't service borrowers in every state. A lot of people can't even consider taking out a cash advance loan because they will automatically be ineligible based on where they live.
Cashnet isn't entirely responsible for this however. There are different laws among several states that forbid or make it extremely difficult for people to obtain a payday loan.
Another disadvantage would be the APR offered on some of their loans. Even if you live in a state where you are eligible to apply and you are offered a loan, the interest rate could be pretty high causing you to pay back even more money over the repayment term.
Other payday loan lenders may offer lower interest rates to consumers.
In some states, there is a minimum loan amount that must be reached before you can finalize your agreement and receive the money. For example, the minimum loan amount in New Mexico is $600. This could be seen as a negative if you don't actually need $600 and only need $300. On the contrary, Cashnet doesn't offer strict minimum loan amount requirements in a select number of other states.
You can make your application for a payday loan online with Cashnet USA, which means that you can benefit from increased convenience and ease. The application process takes just a few minutes and most borrowers receive an instant decision after submitting their materials.
There are, of course, eligibility requirements in place including employment for at least one month and an active checking account. You must also be at least 18-years-old and be a permanent US resident or citizen. There are some instances where you will need to fax in proof of income if you are self-employed, receive alimony, social security or disability, or live in any of the following states: IL, MT, NM, NV, WA. Once approved, you can get the money deposited to your account the very next day. It's important to note that Cashnet USA and the lender reserve the right to make adjustments to your approval until the time you receive funds in your bank account.
When the funds are disbursed to you, you will most likely be charged a loan fee which is a charge for borrowing the actual money. The loan fee is specific to your state of residence so it may vary.
Your application and current circumstances will determine how much you will be able to borrow. The repayment term varies from just a few days to six months. You can make extra or early payments on your loan at any time without any prepayment penalties.
An extension can be arranged in the event that you are unable to make the repayment by the date that it is due. If you fail to pay back your loan or establish an agreement with your lender, you could face penalties or even have legal action taken against you.
In addition to offering loans, Cashnet USA also provides access to a host of tools and resources to help consumers better manage their money and learn more about effective budgeting strategies. Customers and potential customers can utilize their FAQ section to get answers to common questions about installment loans and basic information about Cashnet's loans.
When it comes to customer services, Cashnet USA offers around the clock assistance, with operators available both by phone and via live chat.
Verdict - Great
If you find yourself in a situation where you need to borrow a small sum of money for a short period of time, Cashnet USA is a reliable and experienced provider that will lend you a helping financial hand.
The company has scored high on consumer sites such as Indeed.com and Trust Pilot. It also has a very good rating of A from the Better Business Bureau.
If you're interested in this type of lender, you should check to see if they offer loans in your state and get more information about the terms and interest rate. Determine how the interest rate will factor into your monthly payment and your ability to pay the loan back with the timeframe you have been given.
Since you'll only have 6 months or less to pay back the loan, remember to keep your borrowing amount low, manageable and just enough to cover the expenses that you need.