Sometimes it feels like life happens at the most inconvenient times: Your car breaks down on the way to work and you have to call off, or you have to make an unanticipated trip to the doctor right after payday. What do you do to make it through till your next paycheck?
If you’re like the 58% of Americans with less than $1,000 saved, these unexpected events feel impossible to manage, especially if you have weak or no credit.1 You may consider taking out a payday loan, a small, short-term loan to help you make ends meet. But will a payday loan with CashNetUSA affect your credit score?
Below we have compiled a list of some of the most popular questions about CashNetUSA loans and your credit score.
Question: If I apply for a CashNetUSA loan will it affect my FICO® score?
Answer: No, CashNetUSA does not affect a FICO® credit score, regardless of whether you’re approved or declined. CashNetUSA does verify your information via various third-party sources, and an entry from CashNetUSA may appear in these sources. We used trusted partners to verify your information and use varying technologies (Norton, McAfee, etc.) to ensure your personal data stays safe. To learn more about fraud prevention and security policies, visit our Online Security Center.
Question: Will CashNetUSA check my credit score?
Answer: CashNetUSA uses an alternative credit check in which we look at elements of your financial history rather than just checking your credit score. We then use our custom underwriting model to determine whether or not you are eligible for an online loan. If you have defaulted on past transactions, you may be declined for a loan from CashNetUSA.
Question: Does CashNetUSA report my loans or transactions back to the three major credit bureaus?
Answer: CashNetUSA does not report any loan or transaction information to the three major credit bureaus (Experian, Equifax and TransUnion). We may report back to the alternative credit bureaus we use, but this will not affect your FICO® credit score. FICO® credit scores are calculated based off the information provided by the three credit bureaus listed above. Your CashNetUSA application won’t have any impact on your FICO® score — we do not make an inquiry that would affect it.
Have additional questions about our loan products or the application process? Visit our FAQ page for more on the options available to you by your state, the application process, how repayment works and more. You can also give us a call at 888.801.9075 or visit Cashnetusa.com to chat live with an online representative.
1Huddleston, C. (May 15, 2019). 58% of Americans have less than $1,000 in savings, survey finds. Retrieved July 9, 2019, from https://finance.yahoo.com/news/58-americans-less-1-000-090000503.html