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. It is a direct payday loan lender that approves you for an instant payday loan line of credit. After approval for that line of credit, you can borrow against it whenever you find yourself needing a little extra money between paychecks. This also means that there is no waiting period between loans: If you have not maxed out your line of credit, you can borrow more, though this can be both a blessing and a curse because you can borrow funds so easily and interest is constantly accruing on any outstanding amount.
Although CashNetUSA is a bit different from other services, it follows the same payday regulations and standards. You can receive a line of credit of up to $1,000, similar to normal payday loans, and the APR is competitive, ranging from 235% to 683%, or $10 to $25 per $100 borrowed for a 14-day loan. The company currently offers loans in 30 states.
To apply for a loan, you must complete the online application, which requires personal and banking information along with proof of employment. Unlike some services on our lineup, this service does not approve applications over the phone. You must have been employed for at least 30 days, but CashNetUSA does not require a minimum monthly income, and it offers payday loans with no credit check. Because you are borrowing from a line of credit that is continually available to you, there is no specific length or term to the loan. You still have regular payments due, but those vary depending 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 the representative answered our questions.
CashNetUSA takes a different approach to payday loans by giving you a line of credit against which you can borrow when you need to. This means you 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 compared to other services on our site, and it does not require a credit check for approval of an instant line of credit.
This service grants you a line of credit, against which you can borrow whenever you need extra cash.
This service does not approve loans over the phone.
The line of credit CashNetUSA offers can be beneficial when you need extra funds, but you may find yourself borrowing more than with other services because the funds are so readily available.