 |
CashNet USA Review: Texas Payday Loans |
| Sign up for CashNet USA | |
Rating: |
 |
| Best BBB rating, 50% discount with coupon code: NEXTADVISOR50, repeat borrower incentives, clear website and 24/7 customer service | |
|
[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 Texas as a CSO (Credit Service Organization). As a CSO, CashNet USA acts as an intermediary between you and the third-party financial institution that provides the loan. You will only deal with CashNet USA when applying for and paying off your loan. 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. As with all payday loans in Texas, you can cancel your loan within the first 3 days without financial penalty. Overall their policies feel very fair to customers. They're the only Texas 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. CashNet USA advertises its rates as $25.48 per $100.00. If taken out over a year, that APR would be a staggering 664.29%, but you should be paying it off in less than a month's time, meaning the effective interest is closer to 25%, if paid on time. And if you use the 50% coupon code of NEWCASH50, the APR is reduced to 332.15%. Even though it has the highest fees of the payday loan companies we reviewed, it's only ten cents over its closest competitor. Generally your loan is due on your next pay period, between 8 and 35 days away. Texas law allows for CSOs to charge a 5% (or $7.50) penalty on payments that are more than 10-days past due. Keep in mind that if you don't have available funds in your account, your bank can charge you fees for a bounced check. For this reason, you should always contact your payday lender before the due date if you'll be late. Texas law allows you to refinance your loan up to 4 times. CashNet USA requires you to notify them two business days in advance of your due date. You will have to pay the original $25.48 in fees (or $12.74 with 50% off coupon) and accept a new loan contract with an additional $25.48 in fees. Obviously this should only be done in extreme situations since it amounts to 50% of the original loan amount. 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. CashNet USA is an accredited member of the Better Business Bureau, with a grade of A+. We think this should give customers confidence in the business. 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. For those that need an occasional bit of extra cash, we think CashNet USA is a pretty good choice. Sign up for CashNet USA | Compare to Other Texas Payday Lenders |
|
| Loan Range: | $100.00 to $1800.00 |
| Advertised fee per $100*: | $12.74 (After 50% discount with coupon code: NEXTADVISOR50) |
| Advertised APR (14-day loan)**: | 332.15% |
| Max Loan Period (based on pay period): | 35 days |
| Registered Texas CSO: | Yes |
| BBB Score***: | A+ |
** APR (Annual Percentage Rate) is provided for comparison purposes to other forms of debt. Amount is calculated by multiplying interest and fees for an average 14-day loan period over the entire year. See FAQ for more details.
*** Better Business Bureau rating as of 01/01/2011
NextAdvisor Blog Headlines
Cardstore Deal: Buy 2 Father's Day Cards, Get 1 Free
In honor of Father's Day, custom photo card and invitation site Cardstore is offering NextAdvisor visitors a buy 2, get 1 free deal on Father's Day cards. To take advantage of this great deal, just click through to Cardstore from now through Sunday, May 27th, and use the code CWG2522 at checkout. With Cardstore's design tools [...]
How Should Married People Order Credit Reports?
A: How should married people order credit reports? Q: Although you are married, you each have your own individual credit report and you will each need to order your credit reports separately. That's because credit reports are based on credit information pertinent to a single person. If you've been married a while you might be [...]
Tiny Prints vs. Paper Culture: Comparing Photo Card Providers
Tiny Prints and Paper Culture both earned high marks in our recent tests of custom photo card providers, but what kinds of projects does each do best? Tiny Prints Maybe the best-known custom photo card site, Tiny Prints has a huge inventory of cards, announcements, and invitations. With everything from simple flat photo cards to [...]
