About CashNetUSA

If you’ve found yourself in a financial emergency, you may have thought about taking out a loan through CashNetUSA, a lender that claims to provide short-term, small-principal payday loans and lines of credit. When compared to the competition, CashNetUSA claims that they can provide you with an instant approval and cash the next day, which is important during times of crisis.

But after everything is said and done, are the funds provided by CashNetUSA worth it? We deposited the facts, and here’s what we found out.

How CashNetUSA Works

While CashNetUSA.com provides lines of credit in some states, their primary product is payday loans, which are short-term, small-principal loans that are typically repaid quickly.

According to the CashNetUSA website, you can apply for your payday loan online, and can receive an instant decision via email, even if you have less-than-perfect credit, and even if you’ve been turned down by other lenders. In order to begin the 5-minute application process, you’ll need to provide your name, address, phone number, email address, DOB, Social Security number, and work details.

Once you’ve been approved, CashNetUSA claims they can send the funds to your bank via ACH the next business day, as long as your application is approved by 9pm CT. From there, most loans are then repaid in full on your next payday, although the company claims that they can extend your payoff date in some instances.

CashNetUSA.com Pricing & Refund Policy

What your CashNetUSA loan will ultimately cost depends largely on the amount borrowed, your credit score, and the state in which you live. However, with this in mind, fees are generally as follows:

  • Loan amounts range between $255 and $500.
  • Loan fees range between $10 and $45 per $100 borrowed.
  • APRs range between 205% and 800%.
  • Loan terms range between 2 weeks and 15 months.

Because CashNetUSA specializes in short-term loans, the full payoff amount will typically be due on your next scheduled pay day. However, according to the company’s website, you can pay your loan off early, which may provide a refund for a portion of your loan fees.

In order to process an early payoff or inquire about any other aspect of your loan, you’ll need to contact CashNetUSA’s 24/7 customer support at 888-801-9075.

What’s the Bottom Line About CashNetUSA?

Now that you know more about CashNetUSA, should you consider a payday loan from them if you find yourself in a financial emergency? Maybe, but keep the following in mind:

High Price for a Small Loan

Along with nearly al other payday lenders, CashNetUSA charges extremely high interest rates, on top of applicable loan fees. This means that you should avoid utilizing these types of lending services unless you have no other options. If you do take out a loan though, make sure you pay it off as quickly as possible.

Take the following as an example: If you live in Delaware and take out a $600 loan with a 388% APR and a 7-month repayment schedule, this means you will have paid a total of $1551, which means you’ll have paid more than $950 in interest. If you live in another state which charges an additional fee per $100 financed, your costs will be even higher.

Scammers Pretending to be CashNetUSA

As we mentioned in our recent ACE Cash Express review, there have been hundreds of instances of scammers pretending to be CashNetUSA who called individuals and told them they’re approved for a loan. However, customers will be asked to put money on a prepaid Green Dot MoneyPak or Vanilla card and send it over, which will often be accompanied by follow up requests for increasingly greater amounts of money. However, this is not a practice that CashNetUSA claims to adhere to, so if you receive one of these calls, hang up immediately and file a complaint with the FTC.

Online Customer Reputation

Overall, it appears that CashNetUSA has a mostly negative online customer reputation, with the most common complaints citing high-pressure sales calls and extremely high interest rates, which may end up costing you twice as much (or more) as your original loan amount.

Unwanted Sales Calls/Emails

According to CashNetUSA’s Privacy Policy, they may provide your information to advertisers, who will then contact you in an attempt to sell you their products and/or services.

Right Choice for You?

Between the extraordinarily high interest rates and low online customer reputation, it’s important that you fully weigh all your options before taking out a loan through any payday lender, including CashNetUSA.

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9 Customer Reviews for CashNetUSA

Average Customer Rating: 2.4
Rating Snapshot:
5 stars: 2 4 stars: 1 3 stars: 1 2 stars: 0 1 stars: 5
Bottom Line: 33% would recommend it to a friend
Showing 1-9 of 9
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  • 11 out 12 people found this review helpful

    Terrible scam

    • Norfolk, VA,
    • Oct 3, 2016

    I got approved for $5,000 and thought it was too simple and good to be true. Well, it was. Mark was the man who took down all of my information. He told me that they were going to deposit $996 to my account and the next day I would have to send back the money to prove that my account was valid. So as dumb as I am I gave him my info and about 6 hours later I started receiving emails about all these checks being deposited and then declined. I then contacted my bank and they said that I had been scammed. I am now having to cancel my accounts and debit card because of fraud. The number they are calling from is as follows: (929) 800-4052 New York, NY.

    I would hate for this to happen to anyone else.

    Bottom Line: No, I would not recommend this to a friend

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  • 16 out 16 people found this review helpful

    Unauthorized Debit of Money

    CashNetUSA first of all has it's business headquarters in Canada. When you borrow money from them, you are to pay back the money on your scheduled pay date. CashNetUSA have debited my checking account on dates that are not the dates I get paid. These unauthorized debits has caused me overdrafts to my account. When I called to tell CashNetUSA of these unauthorized debits they were disrespectful, in complete denial by their "Customer Service Reps" as well as their "Supervisors" that are employed by CashNetUSA. This company will cause you great financial harm and emotional stress. I would not recommend any consumer to do business with this company. They are a very bad, bad business to do business with. We are still fighting to recover the unauthorized debited monies they have taken from us. I repeat - Do not borrow money from this company. Do so at your own peril.

    Bottom Line: No, I would not recommend this to a friend

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  • 10 out 10 people found this review helpful

    Bad business

    I'm a first time customer and I believe that CashNetUSA is a company set up to keep you in debt. I received a loan for $450 and within 7 days or less they took every penny I had saved out of my account. When my repayment was only $589.00 they took almost 1000.00 out of my account. They are thieves.

    Bottom Line: No, I would not recommend this to a friend

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  • 7 out 19 people found this review helpful

    Legitimate

    • Nevada,
    • Jul 28, 2016

    I haven't used them in a couple of years but they are legitimate. Just like any quick loan company, their rates are going to be higher than banks. I used them in a pinch where the late fees or overdrawn fees would far exceed CashNetUSA interest rates. You know what you're paying, plus the flexibility of payment options if for some reason you can't pay all you promised. Have you ever experienced being overdrawn 4 times for purchases less than 3.00 that was covered by bank with overdrawn fees of $30.00 each on your account. So for emergency funds easily accessed without having to borrow from your family they are a good alternative. Lastly, any company that is based on repayment via banking institutions is not going to be around if they are ripping off people.

    Bottom Line: Yes, I would recommend this to a friend

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  • 18 out 19 people found this review helpful

    It's a scam. Don't do it.

    • Bronx, NY,
    • Jul 23, 2016

    I received a call from this company telling me that I was approved for a loan. I gave them all of my personal information to my bank account to have the money deposited. They told me that they had to deposit a check in the amount of $998 in my account first and I would have to send them the money back to prove my account was legit. I did this and come to find out what they do is deposit bad checks into your account for them to be cleared. Bottom line I had to have my account shut down for fraud. I never received any money. Don't use this company.

    Bottom Line: No, I would not recommend this to a friend

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  • 17 out 22 people found this review helpful

    Never had issues

    • New Mexico,
    • Jul 17, 2016

    I've read some crazy stories on consumer sites about having monies deposited and verified then not given back or some accented person calling, etc. I've never experienced this. I borrowed $800 last year and they deposited it in my account the next day and withdrew $114 every two weeks out of my checking. Never had any issues and they never called to bug me. Ever. So maybe there is another company claiming to be this company and scamming people. I borrowed another $600 in May and haven't had problems either. The only calls I get are a week before payment, reminding me of a payment coming up and it's recorded. Other than the high interest, I've never had any issues with CashNet.

    Bottom Line: Yes, I would recommend this to a friend

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  • 14 out 21 people found this review helpful

    Good loan

    • Feb 10, 2016

    Very good company. Props to David Smith.

    Bottom Line: Yes, I would recommend this to a friend

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  • 23 out 25 people found this review helpful

    Beware of Rebate Scam

    • Columbus, OH,
    • Jan 4, 2016

    This company cashnetusa.com will approve you for a loan quickly because they charge exorbitant fees. For a short term loan, you are paying 200% or more over a period of 4-6 weeks. Once you pay off a loan, they send you discount coupons in the mail to suck you in to take out another loan.

    Once you apply for another loan and use the discount coupon, it never gets applied in their system. They just deny the rebate when you ask them about the rebate, even though they tell you at the time of application you will get the rebate 72 hours after you pay it off.

    Find other means to borrow money. Do not use CashNetUsa.com.

    This is an unethical organization.

    Bottom Line: No, I would not recommend this to a friend

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  • 15 out 21 people found this review helpful

    Fairly good

    Got my money deposited right in my bank the next day, UT does charge top much extra!

    Bottom Line: No, I would not recommend this to a friend

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