PROS / This service grants you a line of credit against which you can borrow whenever you need extra cash.
CONS / While you can be approved for a loan over the phone, you cannot complete the loan process over the phone and must sign your loan agreement online.
VERDICT / The line of credit CashNetUSA offers can be beneficial when you need extra funds, but this setup makes it easy to borrow more than you may need because the funds are so readily available.
Many payday lenders approve you for a one-time loan and require you to reapply after paying off each loan. CashNetUSA works differently from those services; instead of a one-time loan, this direct payday loan lender offers a payday loan line of credit. If you're approved for that line of credit, you can borrow against it whenever you find yourself needing a little extra money between paychecks (provided, of course, you have not maxed out that line of credit). This model for payday loans can be both a blessing and a curse because you can borrow funds so easily and interest is constantly accruing on any outstanding amount you haven't paid back yet.
Although CashNetUSA is a bit different from other services in offering a line of credit, it follows the same payday regulations and standards of other companies, and the APR is competitive. The company currently offers loans in 30 states.
To apply for a loan, you must complete the online application, which may require personal and banking information. While this service can approve applications over the phone, if you're approved for a loan, you must sign the loan agreement online, and you cannot finish the loan agreement process via telephone.
CashNetUSA often offers payday loans with no credit check. Because you are borrowing from a line of credit that is continually available to you, the term of your loan will vary from that of traditional payday loans. You still have regular payments due, but those depend on how much you borrow. Payments are automatically deducted from your checking account when they are due.
This lender has a comprehensive website with a wealth of information about its process and your loan. The FAQs page is a good resource for answers to general questions and explanations about having a line of credit rather than a typical loan. If you have further questions, you can complete an online contact form, call customer service or use the handy live chat option. We used the live chat and were impressed with how quickly and efficiently our questions were answered.
CashNetUSA takes a different approach to payday loans by giving you a line of credit against which you can borrow when you need to, as long as you have not already maxed it out. This means you generally don't have to wait until you pay off one loan to borrow more, which can be a good thing or a bad thing depending on how quickly you can pay off the borrowed amount. This service provides competitive fees and interest rates, and it generally does not require a credit check for approval of a line of credit.