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Cashnet USA Reviews

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  • Pros
  • Available in more than 30 states across the USA
  • Member of the Community Financial Services Association of America
  • Online application for convenience
  • Funds can be deposited the next working day
  • 24/7 customer service & live chat
  • Cons
  • Services not available in all states

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.

Disadvantages

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.

Application

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.

Repayment Process

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.

Resources

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.

Last Updated:

Cashnet USA Consumer Reviews

Average Customer Rating

5 out of 10 rating 5 3 User Reviews

User Rating Distribution

Ratings: 10 - 9 0
Ratings: 8 - 7 2
Ratings: 6 - 5 0
Ratings: 4 - 3 0
Ratings: 2 - 1 1
8 out of 10 rating 8 Helpful team None

Cashnet has helped me a couple of times over the year when I have needed a bit of extra help and I have never had a problem with them. They have always been extremely helpful and have never had extra charges I was not made aware of.

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2 out of 10 rating 2 None Their interest rates

I keep getting calls from Cashnet USA and I've told them to stop calling, but almost twice a week I am getting a call saying I have been approved for a loan of $5,000. I've told them I don't want a loan and to leave me alone. I know a colleague who used them for a small loan and the interest just left her stuggling to pay it back. Stay away.

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7 out of 10 rating 7 Good service as long as paid on time Customer support need more technical knowledge

I took out a loan with Cashnet and it was all paid back on time and with no problems, until I received an email saying I needed to log into my account, where it said my loan application has been denied. I haven't applied for another loan, so I called the customer services who could not work out what the issue was, so in the end they had to close the whole account down.

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In order for MoneySavingPro to remain a consumer free service, many of the companies covered in our industry reviews compensate MoneySavingPro for new sign ups.

However, the results of our comparison tools, the rankings of the providers and the information presented is not affected by compensation. Indeed, many of these companies approach us for an advertising partnership after we have already written a published their reviews.

While we try to research and review as many providers as possible in the 100+ industries we cover, we have not reviewed every company available.

Our rating system is independent of compensation and reflects our true understanding of the industry and the company based on a variety of factors. The companies that receive the highest rating will always be the providers that we believe offer the best value to the consumer.

Advertiser Disclosure

In order for MoneySavingPro to remain a consumer free service, many of the companies covered in our industry reviews compensate MoneySavingPro for new sign ups.

However, the results of our comparison tools, the rankings of the providers and the information presented is not affected by compensation. Indeed, many of these companies approach us for an advertising partnership after we have already written a published their reviews.

While we try to research and review as many providers as possible in the 100+ industries we cover, we have not reviewed every company available.

Our rating system is independent of compensation and reflects our true understanding of the industry and the company based on a variety of factors. The companies that receive the highest rating will always be the providers that we believe offer the best value to the consumer.