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CashNetUSA Installment Loan Review

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Unlike many other lenders, CashNetUSA does not require you to have a strong credit score to borrow a loan. It offers small-amount installment loans that you can pay off over six months to two years.

But CashNetUSA loans come with sky-high interest rates, sometimes as high as 449.00%. Although this lender can offer quick cash, use caution before borrowing a loan with such high interest charges.

This review explains more about the CashNetUSA installment loan.

CashNetUSA installment loans at a glance

85.00%–449.00% APR Loan terms from 6 to 24 months Loan amount up to $2,200 (varies by state) Origination fee Not specified
Note: Rates and information were accurate as of Aug. 24, 2021

CashNetUSA lends small installment loans in New Mexico, Ohio, Oklahoma and Wisconsin. CashNetUSA also offers payday loans, lines of credit and a few other financial products in some other states.

Unlike most installment loan lenders, CashNetUSA does not necessarily check your credit score when you apply for a loan. Instead, it typically uses alternative credit-scoring models to decide whether you’re eligible to borrow. This approach can be helpful for borrowers who need access to quick funds but don’t have a strong enough credit score to qualify with another lender.

The downside, however, is that CashNetUSA loans come with sky-high interest rates ranging from 85.00% APR all the way to 449.00% APR. These high interest rates can make your loan very expensive.

If you can’t pay off the amount within your six- to 24-month repayment term, it might not be worth borrowing from CashNetUSA. Make sure you understand what your monthly payments will be before borrowing from this online lender.

Pros Cons
  • Fast funding: Loans may be funded the same business day.
  • Equal monthly payments: Installment loans have equal monthly payments over a period of six or more months.
  • Alternative credit accepted: CashNetUSA doesn’t check your FICO credit score. CashNetUSA uses an alternative credit-scoring mechanism, so people with thin credit files or less than perfect credit may be approved for a loan.
  • Triple-digit interest rates: CashNetUSA installment loans are high interest loans. Rates can be as high as 449.00% APR.
  • Installment loans are not available in all states: Installment loans are only available in New Mexico, Ohio, Oklahoma and Wisconsin. In other states, CashNetUSA offers other products, such as line of credit or payday loan options.

CashNetUSA loan requirements

Unlike most lenders, CashNetUSA doesn’t look at typical markers of creditworthiness, which is what you’d find when trying to qualify for a traditional personal loan. Instead, it looks at alternative credit histories — such as whether you pay your bills on time — and whether you have a stable income.

  • Minimum credit score: Less-than-perfect credit won’t necessarily disqualify you for an installment loan, according to the lender website.
  • Minimum credit history: Not specified.
  • Maximum debt-to-income (DTI) ratio: Not specified.

In addition to those factors, CashNetUSA needs you to have an open checking account.

Who’s a good fit for a CashNetUSA installment loan

With typical interest rates in excess of 100% APR, a loan from CashNetUSA is not a top choice for most borrowers. The time to consider a high-interest installment loan is when you don’t have any other alternatives to a loan. That means, you don’t have access to credit cards, loans from friends or family or even the ability to sell a few items to get cash to fill the gap.

However, there could be circumstances where a high-interest loan may make sense. For example, if you’re facing eviction or need to pay for prescription medication, and you have a large check from your employer on its way, you may opt to take on the debt. That said, even if you have bad credit, you may qualify for a better rate on other financial products.

What borrowers are saying about CashNetUSA

CashNetUSA offers high interest loans, but borrowers have overwhelmingly positive experiences with the lender. Reviewers mentioned the easy application process and professionalism of the lender throughout the borrowing process.

Hemp from Houston wrote, “The process was easy and simple. I highly recommend this company for your financial needs. [Great] service.”

Prentiss from Los Angeles wrote, “The process was so smooth [and] unencumbered. I was so surprised that it was that easy. I am so pleased with CashnetUSA that I will use them again when I need them and will recommend them to my friends.”

The company’s mostly positive reviews for customer service will be appealing to borrowers who may feel that they are in a financial situation where few others are willing to help.

However, borrowers should still try to compare interest rates, and get the best rates and terms on any loan.

Applying for an installment loan from CashNetUSA

Applying for a loan from CashNetUSA is a straightforward, online process. You’ll start by creating a personal profile which includes information like your name, address, date of birth and Social Security number. Once you’ve created a profile, CashNetUSA will allow you to complete an online application.

After you’ve filled out the online application, CashNetUSA may approve you right away, or it may request proof of income through pay stubs or other documentation. Once you’ve provided the necessary documentation, CashNetUSA will make the approval decision. If approved, CashNetUSA can initiate the loan funding on the same business day.

Alternative loan options

Before applying for a CashNetUSA loan, consider these alternative options for a personal loan that might offer you better rates.

Avant

  • APR: 9.95%–35.99%
  • Minimum credit score: 600
  • Terms: 24 to 60 months
  • Origination fee: Up to 4.75%

If you’re looking for a personal loan with modest interest rates for people with imperfect credit, Avant is a company to consider. Most of its borrowers have credit scores between 600 and 700.

Avant’s rates range from 9.95% APR to 35.99% APR, far lower than the rates offered by CashNetUSA, but you may not qualify with subprime credit. There may also be minimum loan amounts, so be sure to check with the lender.

OneMain Financial

  • APR: 18.00%–35.99%
  • Minimum credit score: Not specified
  • Terms: 24 to 60 months
  • Origination fee: 1.00% - 10.00% of your loan amount or a flat fee between $25 and $500, depending on where you live

With OneMain Financial, you can start a personal loan application online, but before getting funding, you’ll have to meet with a loan specialist. While borrowing from this company may take a little longer than borrowing from CashNetUSA, the lower interest rates may be worth it, if you qualify.

LendingPoint

  • APR: 9.99%–35.99%
  • Minimum credit score: Not specified
  • Terms: 24 to 60 months
  • Origination fee: 0.00% - 6.00%

As of 2019, LendingPoint was offering personal loans to borrowers with credit scores as low as 585. While the origination fees can be as high as 6% and the APRs can be as high as 35.99%, the overall cost of LendingPoint’s loans are lower than CashNetUSA’s. And if you qualify for a loan, you can get the money fast. LendingPoint offers next business day funding.

For more options, check out our recommendations for personal loan lenders with the best rates.

 

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