CashNetUSA is an online creditor that many people use, but is this the right lender for you? Learn about the different loan options available to bad credit borrowers so you can make a confident personal finance decision.
Many of us must deal with unexpected emergencies requiring quick solutions. But unfortunately, many people do not have savings to fall back on. In 2021, approximately 5.9 million Americans did not have a checking or savings account at a bank or credit union.1 If you need financial help, cash loans from certain lenders may offer instant relief.
Finding the Right Personal Loan
Many people use personal loans to get speedy cash in their bank account, but is this the right option for your financial needs? There are multiple financial products available, which is great, but the number of similar choices can be overwhelming.
Here are some of the common choices you may come across in your search for bad credit loans:
| Company | Loan Amount | Interest Rate | Loan Term |
| Upstart | $1,000+ | Up to 35.99% | Up to 5 years4 |
| MoneyMutual | Up to $5,000 | Varies | Varies4 |
| OppLoans | $500 – $4,000 | Up to 179% | 6 – 36 months5 |
| Rise Credit | Up to $5,000 | Up to 299% | Varies6 |
| Cashnet USA | Up to $3,000 | Up to 449% | Varies7 |
| GreenDay Online | Up to $1,500 | 261 – 782% | ~2 weeks8 |
Types of Loans Available
CashNetUSA offers various types of loans. Suppose you are looking for loans like CashNetUSA. In that case, it’s a good idea to learn how similar online payday loans, personal loans, cash advances, and lines of credit differ to determine which works better for you.
| Feature | Installment Loans | Payday Loans | Lines of Credit |
| Loan Term | Typically 3-60 months | 2-4 weeks | Indefinite (revolving) |
| Interest Rate | Usually lower | Very high | Varies |
| Loan Amount | $1,000 – $50,000 | $100 – $1,000 | Varies |
| Repayment Structure | Fixed monthly payments | Lump sum at due date | Flexible |
| Credit Check Required | Usually | Rarely | Usually |
| Usage | General or specific use | Short-term emergency | Flexible |
| Collateral Required | Sometimes | No | Sometimes |
| Fees | Origination, late fees | High fees | Annual, over-limit fees |
What To Know Before Taking Out an Online Loan
Before you apply for quick cash loans, it’s important to know how your FICO score and credit history are affected. Credit scores directly affect insurance rates, housing applications, loan approval, and much more. High credit scores can help consumers save money and access better opportunities.
Credit Checks
When borrowers apply with direct lenders, they likely have to agree to a credit check. There are two types of credit checks: soft and hard. Soft credit checks, also known as soft pulls or soft inquiries, do not affect credit scores. In contrast, hard credit checks decrease credit scores by a few points when consumers submit a loan application.
No credit check loans and lenders are available that do not require hard credit checks. While individuals with poor credit may lean towards these loans, they may not be the best choice. No credit check loans usually have higher interest rates and fees that can make repayment a financial challenge. Remember that certain direct lenders offer flexible credit score requirements, so it’s still possible to get short-term loans with bad credit.
Credit Reports
A credit bureau is an agency that collects and stores the financial information of every active borrower. Your information is used to create a credit report which can be accessed by creditors and other private businesses to make approval decisions. There are three major credit bureaus in the United States: Experian, TransUnion, and Equifax.
The information on your credit report directly affects your credit score. Most credit scores are determined by these 5 distinct financial categories:
- Payment History — 35%
- Total Debt — 30%
- Length of Credit History — 15%
- New Credit Inquiries — 10%
- Credit Mix — 10%
As you can see, your payment history counts for 35% of your total credit score. That’s why it is crucial to avoid late payments. If you miss a loan payment with your lenders, then your credit may decrease, and you will likely have to pay a late charge. But making continuous on-time monthly payments can reflect positively on your credit history and help you build credit.
Loans Like CashNetUSA: What You Need To Know
CashNetUSA is not a direct lender in all states, as they operate as a Credit Access Business (CAB) in certain states, such as Texas. A CAB helps eligible applicants acquire lines of credit and installment loans through an unaffiliated third-party lender.
CashNetUSA has been servicing loans since 2004, and they are part of the publicly traded company Enova International, Inc. Their headquarters is in Chicago, IL. Customer data is kept safe through high-grade security software, such as TrustedSite.
Currently, CashNetUSA has 4.6 stars on Trustpilot from 29,137 customer reviews. CashNetUSA has 1.12 stars from 78 reviews on the Better Business Bureau website. The company is not BBB Accredited, although they have an A+ rating.
What Are the Loan Terms?
CashNetUSA does not service every state, and every state has different loan options for borrowers. If you are interested in loans like CashNetUSA, or similar lenders, you must know whether they are available in your state and what types of loans you can get.
CashNetUSA services the following states:
- Alabama — Line of credit limits up to $2,000.
- Delaware — Line of credit limits up to $2,000.
- Idaho — Line of credit limits up to $1,700.
- Kansas — Line of credit limits up to $1,900.
- Louisiana — Line of credit limits up to $1,500.
- Mississippi — Credit Availability Loans up to $1,800.
- Missouri — Line of credit limits up to $2,000.
- South Carolina — Line of credit limits up to $1,600.
- Tennessee — Flex Loans up to $1,850.
- Texas — CAB installment loans up to $1,200.
- Utah — Line of credit limits up to $1,700.
- Wisconsin — Installment loans up to $1,000 and line of credit limits up to $1,550.
The APR for lines of credit range from 229% to 299%, but remember that approval and loan terms vary based on applicant qualifications, specific lenders, and by state. You may only see your potential loan amount, rate, and repayment length by submitting a loan application and getting an offer.
Who Are They For?
Loans like CashNetUSA are for individuals that need speedy cash for unexpected expenses. Their short-term loans are meant as alternatives to payday loans. Many poor credit borrowers use traditional and online payday loans and lenders when they need quick cash, but payday loans tend to have strict repayment terms that create extra financial stress.
Most payday loans must be repaid within two weeks, which is hard to accomplish. Payday loan borrowers have to pay back the full principal balance plus interest fees. But with loans like CashNetUSA, borrowers can repay through manageable installments.
According to CashNetUSA, they are a good payday loan alternative because they offer more flexible repayment periods and loan amounts. Loans like CashNetUSA usually have longer loan periods and higher loan amounts.
What Are the Benefits?
CashNetUSA offers the following benefits:
- Same-day funding (if approved before 1:30 p.m. CT Monday – Friday).
- Instant approval decisions.
- Quick online applications.
- A savings program that offers exclusive discounts.
- Online financial education courses and interactive tools.
- Steady job board with work opportunities.
How Does CashNetUSA Work?
If you want to borrow money with loans like CashNetUSA, you must meet the following requirements:
- Be at least 18 years of age (must also adhere to state requirements).
- Be a U.S. citizen or permanent resident.
- Have a verifiable source of income.
- Have an active checking account.
To get an installment loan or line of credit through CashNetUSA, you must sign up for an online account and submit a loan application. You will need to provide basic personal information, such as your name, address, date of birth, email address, etc.
Most applicants do not need to provide documentation, but there are some instances where proof of income is required. If you need to provide paperwork, you can upload documents to your online account, email, or fax.
If you are eligible to get installment loans or lines of credit with CashNetUSA, you will receive an email notification. The amount of time it takes to get your direct deposit depends on when your application is approved and when you confirm your email address.
CreditNinja: How Does It Compare?
If you are looking for loans like CashNetUSA, consider working with CreditNinja. We have been helping consumers across the nation access quick cash since 2018. We have serviced over 475,000 personal loans, and our customer base keeps growing.
We currently have an excellent rating on Trustpilot from 7,665 reviews. We encourage interested applicants to read our online reviews from satisfied past customers.
CreditNinja’s Personal Loans
CreditNinja is a lender that provides installment loans like CashNetUSA. If you want to avoid taking out high-cost payday loans and cash advances, know that we offer fast online installment loans with competitive rates and flexible repayment plans.
Many people choose loans like CashNetUSA to take advantage of revolving credit, but lines of credit have some drawbacks. Read about some common loan options below to see how they compare to our installment loans.
Payday Loan
Traditional and online payday loans are single-payment loans that are meant for small emergency expenses. A payday loan is also known as a cash advance loan or payday advance.
Most payday loans only offer a few hundred dollars, which may not be enough to cover car or house repairs. Payday loan rates range from 391% to 600%, which many financial experts consider criminally high.2 If you cannot repay the full loan amount plus fees, you may have to roll over the loan and be subject to even more fees, resulting in a debt cycle.
Getting a payday loan is not always possible, as many states ban them or have strict regulations in place. It’s hard to find a payday loan that does not come from a predatory lender because most loan terms are meant to take advantage of consumers in need.
Bad Credit Loan
A bad credit loan is a loan designed for people that have bad credit scores. Many people with less-than-perfect credit struggle to get loan approval, but bad credit loans may help them get instant cash in their bank account. But while bad credit loans sound convenient, they can be expensive.
Bad credit loans usually have higher than average rates and fees to offset the lending risk. If you have a low credit score, try inquiring about flexible installment loans before settling for bad credit loans.
Line of Credit
A line of credit allows borrowers to borrow funds, repay, and then borrow again. But this type of loan generally has high-interest rates that greatly raise the cost of borrowing money.
High-interest rates can eat away at your available balance over time and decrease your credit. The amount of credit you use usually counts for 30% of your credit score calculation. If you max out your credit line, you may reduce your financial options in the future.
Most creditors that offer lines of credit do not enforce strict repayment schedules, so many borrowers only pay the minimum amount due monthly. Paying the minimum increases the total interest you pay and makes full repayment much more challenging. Unfortunately, many people end up struggling to regain financial freedom from revolving credit accounts.
How Does CreditNinja Stand Out?
Our installment loans have flexible terms that work for a wide variety of financial needs. We offer small to large loans, so you can get money for all kinds of emergency expenses.
Worried about your FICO score? Rest easy knowing that we work with all types of credit backgrounds. At CreditNinja, we understand that life happens, and your credit will not always be perfect. That’s why we consider more than just your FICO score when making approval decisions.
If you’re interested in loans like CashNetUSA, check out our exclusive benefits:
- Easy online application process
- Small to large loan amounts
- Competitive interest rates
- Quick approval decisions
- Same-day funding*
- Flexible repayment terms
How Will the Loan Process Work?
To apply for a personal loan with CreditNinja, you will need to complete 3 simple steps.
Step 1: Inquiry
Our secure online application form can be completed on a mobile device or computer. For us to determine your eligibility for an installment loan, we will need basic personal information. Prepare to provide your name, date of birth, address, etc.
Step 2: Approval
Once we have all of the necessary information, we will make a quick approval decision. Remember that we consider more than just your credit score. It’s entirely possible to get money for an unexpected expense with less-than-perfect credit.
You will receive a personalized loan offer if you qualify for emergency cash. Your offer will include your repayment details, so you can decide whether or not to proceed.
Step 3: Get Your Funding
To get your money, you will need to complete a bank verification process. This necessary process ensures that your bank account information is accurate, so we send the money to the right individual. After you verify your bank details and sign the electronic loan agreement, you can get your money!
Frequently Asked Questions About Loans Like CashNetUSA
CashNetUSA offers various repayment structures depending on the type of loan and the state in which you reside. Typically, borrowers can expect monthly installment payments for installment loans. It’s essential to check your loan agreement for specific repayment terms.
Pros include quick online application processes, instant approval decisions, and same-day funding for eligible applicants. Cons might include higher interest rates compared to traditional bank loans and limited availability in certain states.
Typically, CashNetUSA does not charge prepayment penalties, but it’s always a good idea to check your loan agreement or consult with their customer service for specific details.
You can contact CashNetUSA through their official website, where they provide contact details, including phone numbers and email addresses. They also have a dedicated customer service section to assist with queries.
CashNetUSA typically offers automatic bank withdrawals for repayments. However, borrowers might also be able to pay via checks or online, depending on their preference and the loan type.
The fees and interest rates vary based on the loan type, loan amount, and the state you reside in. It’s crucial to review your loan agreement for specific details on fees and interest rates.
If approved before a specific cut-off time, you might be eligible for same-day funding. However, in most cases, funds are deposited into your account within one business day.
A Summary of Loans Like CashNetUSA from CreditNinja
Do you need a loan and have been refused everywhere? Many people search for cash advances and loans like CashNetUSA to tide them over when unforeseen expenses arise. At CreditNinja, we offer personal loans with flexible repayment terms, competitive rates, and excellent customer service.
However, we firmly believe consumers should carefully research their options before working with us or an alternative lender. Weigh your options carefully and ask yourself how much you can afford to borrow. Check out our free online blog to learn the ins and outs of the lending industry.
References:
- 2021 FDIC National Survey of Unbanked and Underbanked Households│FDIC
- How Do Payday Loans Work?│InCharge Debt Solutions
- State│CashNetUSA
- Loans Like Cashnet USA | BadCredit.org
- What Is an Installment Loan? | OppLoans.com
- Rise Loan Reviews | WalletHub
- Cashnet USA Review 2024 | Finder
- Greendayonline.com
Websites Like CashNetUSA
It’s important to remember that there are plenty of similar lenders out there for folks who need quick cash. It’s wise to thoroughly research several lenders before making a final decision. Luckily, CreditNinja has all the information you need to make an informed decision.
