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CashNet USA Review: California Payday Loan Reviews |
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Rating: |
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| Best BBB rating, 50% discount with coupon code: NEXTADVISOR50, repeat borrower incentives, clear website and 24/7 customer service | |
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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 has been licensed in the state of California since September 8th, 2008 as a DDO (Deferred Deposit Originator), the standard, necessary license for all payday loan companies operating in the state. Since July 6th, 2009 they've also been licensed as a California Finance Lender which allows them to offer other services. The company is nationally headquartered in Chicago Illionois. It operates in California as Cash America Net. 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. The website is well laid-out, and provides multiple points of contact for customer service. In fact it offers 24/7 support via phone, email, or chat. We found it to be one of the most informative of the sites we looked at, clearly spelling out for users the particulars of the laws in their states. It also has an easy-to-use opt-out form, but we'll discuss that in greater detail below. As with all payday loan companies, customers provide information via a secure online form. They require all the vitals: address, social security number, checking account number, work history, etc. The checking account number is what assures them they'll get their loan and fees back on your pay date. Decisions are reportedly instant, and cash is generally available on the next business day. Overall their policies feel customer friendly. If you receive a paper paycheck instead of direct deposit, they will give you a one-day grace period. Just make sure your bank will credit your deposit that day. You don't want your deposit guarantee to bounce; that's a $15.00 fee from the lender, plus any applicable bank fees. Because the industry is somewhat regulated, the advertised loan offering is fairly standard, between $100.00 and $255.00 (the maximum allowed by California law). As per California law, the fee cannot be higher than $17.65 per $100.00 borrowed (their website advertises a typical fee of $17.64, though it may vary based on your financial situation). Currently CashNetUSA is offering a 50% discount on fees with the coupon code NEWCASH50. This translates into an APR of 229.95% on a 14-day loan. Your maximum loan period is the same as your pay period, but can't be longer than 30 days. California law prohibits loan rollovers so you will not be able to refinance at your next pay period. Note that members of the US Military cannot receive payday loans. CashNet USA offers incentives for repeat borrowers: 10% off the 6th loan, 20% off on 11th loan, and 30% off on 15th loan. We appreciate attempts by companies to reward customers for loyalty, but repeat payday loans can really add up. After 6 loans of $100.00 each, customers will have already paid $90.00 in fees. Like many service providers, payday loan lenders often try to share customer contact information to outside marketers. Fortunately, California law provides a lot of protection for consumers with regard to this. Still, we recommend customers not "opt-in" to any deals or offers that don't directly have to do with their loans. We likewise suggest consumers "opt-out" or uncheck any offers to have their information shared with other companies. Fortunately, CashNet USA provides an easy opt-out form on its website (http://www.cashnetusa.com/opt_out.html), if you miss these options while registering. 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. 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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Card Details:
| Advertised loan amount*: | $100.00 to $255.00 |
| Fee per $100*: | $8.83 (after 50% discount with coupon code: NEXTADVISOR50) |
| APR: | 229.95% |
| Loan period: | 8-31 days |
| BBB Rating**: | A+ Accredited Member |
| California License: | Since 2008 |
**Better Business Bureau rating based on 36-month reporting period
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