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CashNet USA Review: Payday Loan Reviews |
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Rating: |
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| BBB Grade of A+, repeat borrower incentives, clear website, 50% discount with coupon code: NEXTADVISOR50 | |
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[Editor's note: CashNet USA is offering NextAdvisor visitors a discount of 50% off its lending fees. Simply enter the coupon code NEXTADVISOR50 at checkout to receive the discount. Use the coupon code before April 30, 2012 to take advantage of this exclusive deal.]
CashNet USA is a well-established payday loan company which offers loans in many states in the US. The company is located in Chicago, Illinois, but is registered to do business in many states. CashNet USA is the only payday lender we reviewed that has Better Business Bureau accreditation. While this is a paid affiliation it should give consumers a measure of confidence that the company adheres to set procedures for dealing with customer complaints. CashNet USA's website is very clear and well laid-out. One nice feature is their no-nonsense opt-out form that allows you to choose the information CashNet USA can share with other companies. You'll also find many ways to contact them including 24/7 support via chat, email, or phone. Customers sign up online using a simple, secure form, and provide basic information such as name, address, phone number, Social Security number, and employment info. They will notify you via email of your offer. No credit check will be performed, but account verification will be run on your checking account. Once you accept, the money will be deposited electronically in your account. Overall their policies feel very fair to customers. They're the only payday loan company we came across that gives customers a one-day grace period if they get paid via a paper check. Most will simply withdraw the money owed on payday, a disadvantage for those who don't have direct deposit and need time to get to the bank. Interest, fees, and maximum loan amounts will vary by state. If your application is accepted, you'll receive a quote. Make sure you understand the terms of your loan, including refinancing rules, before accepting your loan. CashNet USA offers incentives for repeat borrowers: 10% off the 6th loan, 20% off on 11th loan, and 30% off on 15th loan. Of course, by that time you'll have already paid some significant fees on your loans. Customer service was fairly easily reached, though there's a somewhat complicated phone menu one has to navigate through. At one point we were asked to enter our social security number, though we were able to get help without doing so. The customer service was fairly friendly when we tried it. As we mentioned above, CashNet USA is accredited by the Better Business Bureau and has been since 2006. They also received an A+ rating from the organization. Payday loan companies take a lot of flack in the media for their high fees, but for some customers, particularly those with bad credit, it may be the best option. Often it's better than accruing late fees from creditors. CashNet USA gets our top recommendation due to the Better Business Bureau accreditation, the easy opt-out form, the 24/7 customer support, and the way the site displays information. Quite simply, it seemed the most credible and trustworthy. |
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