When you need money right away and using a payday loan service is your only option you consider CashNetUSA. Their fees are high like all payday loan services but they operate transparently and the service comes with a good 24/7 customer service that is available via phone, email or live chat. The company makes sure you know what you are getting in to before signing up for the loan. If you want to check out the company before signing CashNetUSA makes it easy with a list of all the states they do business in provided on the website. The company also provides phone numbers to each state’s licensing board so you can call to check out any consumer complaints.
Ease of use
The CashNetUSA website is well organized and easy to use. The application form is simple and takes about ten to fifteen minutes to complete. The loan forms are all available online and in many cases there is instant approval with cash deposited into your bank account by the next day. The company is U.S. based and the site operates with VeriSign encryption methods so that your financial information will be secure. The company is a member of the Better Business Bureau.
Types of loans
In addition to general payday loans which are usually payable with your next paycheck, CashNetUSA also offers installment loans, CSO loans, and lines of credit. Installment loans are medium term loans that the consumer can repay over a period of four to five months. A credit service organization (CSO) loan is a loan negotiated with a third party lender offered through CashNetUSA. The final option available from CashNetUSA works similar to a credit card with a line of credit which is payable over a period of time. CashNetUSA offers a preferred member’s program like a loyalty program from a credit card company. It is possible to save up to 30% in loan fees as a member of this program.
Terms / fees
The general requirements for being approved for a short term loan are employment and a regular paycheck. The amount that you can borrow is restricted by your income and in some cases in which state you live in. It is possible to be turned down for a loan but in general bad credit will not prevent you from being considered for a loan. The company uses national databases to verify employment and other applicant information. CashNetUSA does not operate in all states. If you live in a state where CashNetUSA is not available then the company acts as a credit service organization between you and a third party lender. At the time of writing the fees for a payday loan were $25 for every $100 you borrow.
When to use a payday loan
A payday loan is not for frivolous expenses but when an emergency hits and you don’t have the money a payday loan could be the answer. The car breaks down, your bank account is overdrawn and the fees are mounting, or any kind of short term financial emergency. See also, Military Loans.