CashNetUSA Review

Dena Standley | August 04, 2023

Dena Standley
Legal Expert, Paralegal
Dena Standley, BA

Dena Standley is a seasoned paralegal with more than 20 years of experience in legal research and writing, having received a certification as a Legal Assistant/Paralegal from Southern Technical College.

Edited by Hannah Locklear

Hannah Locklear
Editor at SoloSuit
Hannah Locklear, BA

Hannah Locklear is SoloSuit’s Marketing and Impact Manager. With an educational background in Linguistics, Spanish, and International Development from Brigham Young University, Hannah has also worked as a legal support specialist for several years.

Summary: CashNetUSA provides online installment loans and lines of credit in over half the United States. It also acts as a broker (Credit Access Business) for other lenders. The fast approval and quick turnarounds are attractive to many in a financial fix. But the high fees and triple-digit interest rates can result in serious debt.

CashNetUSA has fans and critics in equal measure. So sifting through the reviews can be confusing. However, closely examining the company's website and other reliable platforms can shed enough light on the pros and cons.

For example, satisfied customers swear that CashNetUSA is an industry leader. Their comments stem from their experience with the user-friendly website, interactive application process, quick approval, and same-day deposits. Others who did not anticipate the outrageously high APRs have branded the company a scam.

So what is the truth? And is a CashNetUSA loan and credit for you? Let's find out.

Sued for debt? Settle before going to court with the help of SoloSettle.

Settle with SoloSettle

Make an Offer

How does CashNetUSA operate?

CashNetUSA is a legitimate online lender in select states. To find out if it is available where you live, go to the website and enter your state. This will tell you whether CashNetUSA serves your area and the products you can access.

For example, as of July 2023, CashNetUSA is unavailable in California. In Texas, it only operates as a Credit Access Business (CAB), connecting you to licensed installment-loan lenders. And in Wisconsin, it offers installment loans of up to $1,000 and lines of credit of up to $1,550. The products and loan limits are subject to changes, so finding the most current information on the CashNetUSA website is advisable.

CashNetUSA no longer provides payday loans. But it presents its installment loans as a better alternative because of the extended repayment period.

To qualify for one of CashNetUSA's loans or credit lines, you must meet the following criteria:

  • Be a US citizen or a 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 of funds.

You may have noticed that your FICO® score is not a factor. CashNetUSA looks at other factors, such as your current income and ability to repay loans using alternative credit bureaus. So you could have a less-than-perfect credit score and still qualify for a credit line or a loan.

What is a good credit score?

Is CashNetUSA a good choice for you?

The Better Business Bureau (BBB) gives CashNetUSA an A+ rating, but the business is not accredited. The customer reviews tell another story. As of July 2023, it has a 1.12/5 stars review and has received more than a hundred complaints in just 12 months. Many complaints are evidently the result of scammers posing as CashNetUSA staff.

CashNetUSA should be a last resort for those who find themselves in the following situations:

  • You have a poor credit score or limited credit history. CashNetUSA looks beyond your credit score.
  • You need to know your fate quickly. You will likely know whether you are approved, denied, or need to attach additional documentation within minutes.
  • You are in an emergency and need funds fast. CashNetUSA promises to deposit money in your account on the same business day if you receive approval before 1:30 pm CT Monday-Friday. Applicants approved later in the day get deposits on the next business day unless more information is necessary.
  • You desire an easy online application process—no need to run around locating, filling, and delivering paperwork. The entire application happens online.

Before applying for a CashNetUSA loan, it is crucial that you consider the substantial drawbacks.

What are the drawbacks of CashNetUSA?

You should consider staying away from a CashNetUSA loan or line of credit for several reasons.

High-interest rates

Almost all same-day online credit have one problem in common, high-interest rates. CashNetUSA charges a daily periodic rate on the amount you borrow, and APRs often reach triple digits. These absorbent rates often cause financial stress for consumers. Carefully review your options before moving forward with CashNetUSA or any other lender charging excessively high rates.

Rates vary by state

Your loan may attract a higher or a lower interest rate depending on where you live. When writing this article, a line of credit in Utah attracted a 299% APR. A 15% transaction fee is also applied every time you draw funds. The APR for a Tennessee flex loan was 229%-275.85% and attracted a daily customary fee of 0.56% - 0.69% (applied to the principal balance).

Not available countrywide

Some consumers cannot access loans for living outside the qualifying states.

Does not report to the major credit bureaus

You can lose precious credit history if you consistently pay on or before the due date.

CashNetUSA's saying, "Money's on the way," can be true in your case if the company approves you. You may soon be smiling with relief after a deposit notification.

Resolve debt and find financial freedom

As a responsible consumer, you should always pay attention to the high-interest rates and transaction costs accompanying easy money. SoloSuit does not recommend CashNetUSA for long-term credit. However, SoloSuit recognizes that some consumers find themselves with few options and need immediate access to funds.

If you have taken out high-interest loans, or have several loans that you are struggling to pay, SoloSettle, powered by SoloSuit, can help you settle your debts and give yourself a financial reset. SoloSuit also offers other options to help you resolve debt — whether you are trying to stop debt collectors, respond to debt collection lawsuits, push your case into arbitration, or settle.

We recently helped a real SoloSuit customer settle her credit card debt; check it out!

What is SoloSuit?

SoloSuit makes it easy to fight debt collectors.

You can use SoloSuit to respond to a debt lawsuit, to send letters to collectors, and even to settle a debt.

SoloSuit's Answer service is a step-by-step web-app that asks you all the necessary questions to complete your Answer. Upon completion, we'll have an attorney review your document and we'll file it for you.

>>Read the FastCompany article: Debt Lawsuits Are Complicated: This Website Makes Them Simpler To Navigate

>>Read the NPR story on SoloSuit. (We can help you in all 50 states.)

How to Answer a Summons for debt collection in all 50 states

Here's a list of guides on how to respond to a debt collection lawsuit in each state:

The Ultimate 50 State Guide

Debt collector guides

Are you being contacted by a debt collector? We’re making guides on how to resolve debt with each one.

Arbitration

If the thought of going to court stresses you out, you’re not alone. Many Americans who are sued for credit card debt utilize a Motion to Compel Arbitration to push their case out of court and into arbitration.

Below are some resources on how to use an arbitration clause to your advantage and win a debt lawsuit.

Bankruptcy

Bankruptcy is a great way to legally resolve debt, but it's usually best to consider it as a last resort. Here are some bankruptcy guides to help you decide which debt resolution option is best for you.

Check your case status

Don’t have time to go to your local courthouse to check the status of your case? We’ve created state guides on how to check the status of your case throughout the US, complete with online search tools and court directories.

Credit

Debt has a big impact on your credit. Below is a list of guides on how to repair and improve your credit, even while managing major debt, along with other credit-related resources.

Debt collection FAQs

Find answers to some of our the most commonly-asked questions about debt collection below.

Debt collection documents and templates

If you're dealing with debt, these documents and templates will help you respond, protect your rights, negotiate, and resolve your debts.

Debt relief

We’ve created a specialized guide on how to find debt relief in all 50 states, complete with steps to take to find relief, state-specific resources, and more.

Debt settlement

Debt settlement is one of the most effective ways to resolve a debt and save money. We’ve created state guides on debt settlement. Find out how to settle in your state with a simple click and explore other debt settlement resources below.

Eviction

Facing an eviction? The following guides will help you navigate your situation with confidence.

Federal debt collection laws

Knowing your rights makes it easier to stand up for your rights. Below, we’ve compiled all our articles on federal debt collection laws that protect you from unfair practices.

Legal aid

Helping people find access to justice is at the heart of Solo's misison. If you're dealing with a legal debt issue, the following guides will help you through it.

Medical debt

Having a health challenge is stressful, but dealing with medical debt on top of it is overwhelming. Here are some resources on how to manage medical debt.

Personal finance

Learn how to manage your finances and overcome crushing debt. Check out our personal finance guides below.

State debt collection laws

Debt collection laws vary by state, so we have compiled a guide to each state’s debt collection laws to make it easier for you to stand up for your rights—no matter where you live.

Statute of limitations on debt

Like all debt collection laws, the statute of limitations on debt varies by state. So, we wrote guides on each state’s statutes and more.

Stop collection calls

Do you keep getting calls from an unknown number, only to realize that it’s a debt collector on the other line? If you’ve been called by any of the following numbers, chances are you have collectors coming after you, and we’ll tell you how to stop them.

Wage garnishment

Forgot to respond to your debt lawsuit? The judge may have ordered a default judgment against you, and with a default judgment, debt collectors can garnish your wages. Here are our guides on how to stop wage garnishment in your state, plus other wage garnishment resources.

The Debt Hotline

Hosted by Team Solo, The Debt Hotline breaks down debt and personal finance topics with help from attorneys, financial experts, and industry pros. We respond to real questions to help you navigate debt with knowledge and courage.

Other debt resources


It only takes 15 minutes.

And 50% of our customers' cases have been dismissed in the past.


"Finding yourself on the wrong side of the law unexpectedly is kinda scary. I started researching on YouTube and found SoloSuit's channel. The videos were so helpful, easy to understand and encouraging. When I reached out to SoloSuit they were on it. Very professional, impeccably prompt. Thanks for the service!" - Heather



Get Started

Contents

Affordable Legal Help
Trustpilot

Respond to Your Debt Lawsuit

Get your professionally reviewed Answer in minutes. No expensive lawyers needed.

loading...
Get My Answer
Affordable Legal Help
Trustpilot

Respond to Your Debt Lawsuit

Get your professionally reviewed Answer in minutes. No expensive lawyers needed.

loading...
Get My Answer
loading...
Get My Answer