CashNetUSA Review

Cashnetusa, a styling of Enova International, is one of the original names in short-term, high-interest loans, entering the market in 2003. A provider of three types of finance products, namely, payday loans, installment loans, and lines of credit, the company operates out of 29 US states and holds an “Excellent” rating on the TrustPilot rating and A- grade with the Better Business Bureau.

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    Cashnetusa has approved around three million loans in its nearly two-decade-long history but it only lends amounts in the two to three-figure region. And, as a payday loan company, its application process is open to almost anybody and includes installment loans for bad credit. The Cashnetusa application itself can be completed within five minutes.

    According to Cashnetusa reviews online, customers applying for Cashnetusa products will not have their FICO or Vantage credit score affected by the process, but state limitations may affect some customers' experience. Automated next-day payouts are not available in all states, for instance.

    Inevitably, Cashnetusa's rates are high and vary according to applicants' credit scores and the length of their credit history. The company's offering is not intended for debt consolidation or large purchases.

    Why Cashnetusa?

    Cashnetusa specializes in loans to cover emergencies or cash shortfalls that can be ameliorated over a short period. For this reason, interest rates are high, though any additional monies given as an extension to the initial loan amount will retain the original rate. The FTC has cleaned up the payday loan space in recent years, making Cashnetusa legit and safe.

    Cashnetusa loan reviews suggest that current and previous customers use the service to pay things like unexpected utility bills and to cover holiday expenses, such as at Christmas or New Year. Rates and fees are presented upfront, with no hidden charges.

    With instant decisions and next-day payments in many cases, Cashnetusa suits most applicants, though it's unlikely to offer suitable products to high-earners, people who want to apply online for a mortgage, and those with strong credit ratings, who can usually get lower interest rates elsewhere. The loan provider has customer service representatives available seven days a week and their effectiveness is a fixture of positive Cashnetusa reviews.

    What does Cashnetusa Offer?

    Cashnetusa offers loan products that range in value from $100 to $1,000. The amount of money that customers can access depends on their credit history and on state-imposed restrictions on lending. Cashnetusa reviews indicate that payday loans, in particular, are paid back in a single installment. Typically, applicants will pay an APR of between 207% and 805%. On average, that means that, for every $100 borrowed, customers will have to pay back $10-$30 to Cashnetusa in interest fees.

    Only people that are residents in Nevada, Wyoming, Texas, and Rhode Island will be able to borrow the maximum loan amount. Nevada and Rhode Island also allow the largest APR rates in the United States, at 1140.63% and 1140.63%, respectively. However, these are general figures and may not be indicative of Cashnetusa requirements.

    California, Maine, Minnesota, and Oregon all restrict their citizens to borrowing levels of $300 or less. Figures are representative of payday loans only but restrictions apply to credit lines and Cashnetusa installment loans too.

    Eligibility Criteria

    As mentioned, loans from Cashnetusa are not available in 21 states, including Colorado, Indiana, Massachusetts, and West Virginia. The company also requires that applicants have:

    • A current driver's license
    • An email address
    • An active checking account

    Cashnetusa requirements stipulate that potential customers must be over 18 years of age and either be a US citizen or a permanent resident in the country.

    Those criteria aside, Cashnetusa has low application barriers by nature of the wider payday loan industry model, which relies on high-interest rates to filter out problem applicants. Cashnetusa also allows applications from customers with poor FICO credit scores and those seeking installment loans for bad credit.

    Pros & Cons


    • Low loan application requirements.
    • Next business day deposits by ACH.
    • Customer service is available seven days a week.
    • Soft FICO credit check.
    • Three loan products to choose from.


    • Very high APR (207%-805%) payday loans.
    • Only short-term loans are available.
    • Extensive state restrictions on borrowing.
    • Only small loan amounts ($100-$1000) offered.

    How to Apply for a Cashnetusa Installment Loan

    Applying for a Cashnetusa loan product is similar to the process used by many online providers. Click the Apply Now button in the top-right hand corner of their website or select your state in the center of the page and press the orange button. Fill in your financial information and personal details on the following page (make sure you have all the paperwork requested in the eligibility category) and submit your Cashnetusa application when ready. Cashnetusa can return an immediate response to your application but please note that, while Cashnetusa reviews suggest that the company does not require a credit check, it's worth being prepared for this possibility. 

    Rates, Terms, and Fees

    The lowest APR rate available from Cashnetusa is 207%. Customers' income, location, and expenditure information will determine how much they will ultimately pay in interest fees but it's unlikely to be any more than 805% of the total loan amount. Like most payday loan lenders, Cashnetusa does not charge an origination or setup fee. Late fees do apply as part of Cashnetusa requirements, however. A customer ten days in default will have a charge of 5% of the remaining balance or $7.50 applied to their account, depending on which produces the higher fee.

    Customers should also be aware that non-sufficient funds or NSF fees will apply if there's not enough money to cover their loan commitment in their checking account. NSF fees vary from state-to-state (and bank-to-bank) but a figure between $27 and $35 is standard. Guidance regarding loan APR and maximum borrowing amounts should be sought before applying for financial products, as regulation varies throughout the country. Cashnetusa does not apply a penalty for paying off a loan early but seven-day cooling-off periods apply in the USA, meaning that no new loans can be taken on for a week after an existing one has been paid off.

    Bottom Line

    Cashnetusa is a great option for customers seeking a short-term solution to money woes. Its high APR payday loan products are not for everybody though and people already struggling with debt should avoid this option. however, particular praise is given to its customer service representatives and the short turnaround for loan deposits in Cashnetusa reviews.