CashNetUSA Review: High-Cost Loans with Fast Funding
CashNetUSA provides fast funding with minimal credit requirements, but triple-digit APRs and high fees make these loans extremely expensive. If you already have high-interest debt, settlement or debt management offers a better path to financial freedom than taking on more costly loans.
Settle High-Interest DebtCashNetUSA provides online installment loans and lines of credit in over half the United States. The company also acts as a broker for other lenders in certain states. Fast approval and quick turnarounds attract many people facing financial emergencies. However, the high fees and triple-digit interest rates can trap you in serious debt.
CashNetUSA has fans and critics in equal measure. Satisfied customers praise the user-friendly website, interactive application process, and same-day deposits. Others call the company a scam after experiencing outrageously high APRs. Understanding the truth helps you make an informed decision about borrowing.
Struggling with CashNetUSA or Other High-Interest Debt?
You can settle high-interest loans for less than you owe. Our partner Solo helps you negotiate with creditors and resolve debt without court battles or bankruptcy.
Settle Your Debt NowHow CashNetUSA Works
CashNetUSA operates as a legitimate online lender in select states. Visit the website and enter your state to see available products. Availability and loan limits vary significantly by location.
As of 2024, CashNetUSA is unavailable in several states including California. In Texas, it operates only as a Credit Access Business, connecting you to licensed installment-loan lenders. In Wisconsin, it offers installment loans up to $1,000 and lines of credit up to $1,550. Products and loan limits change frequently, so check the website for current information.
CashNetUSA no longer provides payday loans. The company now positions its installment loans as a better alternative because of extended repayment periods.
Qualification Requirements
You must meet these criteria to qualify for a CashNetUSA loan or credit line:
- Be a US citizen or permanent resident
- Be at least 18 years old
- Live in a state served by CashNetUSA
- Have a steady income
- Have an active checking account that accepts electronic transfers
Your FICO score is not a major factor. CashNetUSA evaluates your current income and ability to repay loans using alternative credit bureaus. You could have a less-than-perfect credit score and still qualify for credit.
When CashNetUSA Might Be an Option
The Better Business Bureau gives CashNetUSA an A+ rating, but the business is not accredited. Customer reviews tell a different story with only 1.12 out of 5 stars. The company has received more than a hundred complaints in 12 months. Many complaints stem from scammers posing as CashNetUSA staff.
CashNetUSA should be a last resort for specific situations:
- You have a poor credit score or limited credit history. CashNetUSA looks beyond your credit score when making lending decisions.
- You need fast approval. You will likely know your approval status within minutes of applying.
- You need emergency funds quickly. CashNetUSA deposits money in your account on the same business day if approved before 1:30 pm CT Monday through Friday.
- You want an easy online application. The entire application process happens online without paperwork hassles.
Before applying, you must understand the substantial drawbacks of CashNetUSA loans.
Major Drawbacks of CashNetUSA
Several serious problems make CashNetUSA a risky choice for most borrowers. You should carefully consider alternatives before moving forward with this lender.
Triple-Digit Interest Rates
CashNetUSA charges a daily periodic rate on the amount you borrow. APRs often reach triple digits, causing severe financial stress for consumers. These absorbent rates can trap you in a cycle of debt. Our partner Solo can help you settle existing high-interest debt before taking on more.
Rates Vary Dramatically by State
Your loan may attract vastly different interest rates depending on where you live. A line of credit in Utah attracted a 299% APR with a 15% transaction fee every time you draw funds. Tennessee flex loans carried APRs of 229% to 275.85% with daily customary fees of 0.56% to 0.69% applied to the principal balance.
Limited State Availability
Many consumers cannot access CashNetUSA loans because they live outside qualifying states. The company operates in only about half of US states.
No Major Credit Bureau Reporting
CashNetUSA does not report to major credit bureaus. You lose valuable credit history even when you consistently pay on or before the due date. You miss opportunities to improve your credit score through responsible payment behavior.
Better Alternatives to High-Cost Loans
High-interest rates and transaction costs make easy money extremely expensive. CashNetUSA is not recommended for long-term credit needs. However, some consumers face limited options and need immediate access to funds.
If you have taken out high-interest loans or struggle to pay multiple debts, you have options. Settlement can help you resolve existing debts and achieve financial freedom. You can negotiate lower payoff amounts with creditors and create a realistic payment plan.
Debt collectors may be pursuing you for unpaid CashNetUSA loans or other high-interest debt. You have rights and options to respond effectively. Professional help can guide you through debt validation, lawsuit responses, arbitration, and settlement negotiations.
Managing Multiple High-Interest Debts
If you carry multiple high-interest loans, debt management may provide relief. Our partner Cambridge Credit Counseling can help you consolidate payments and reduce interest rates. A structured debt management plan helps you pay off debt faster without taking on new loans.
You deserve a path forward that does not trap you in endless debt cycles. Exploring alternatives to predatory lending protects your financial future.