How Does CNU's Personal Line of Credit Product Work?
Our personal line of credit allows you to borrow and repay funds in a way that is far more flexible than a traditional payday or installment loan. Here’s how it works:
- Apply: Our online line of credit application can be completed in just minutes.
- Credit Limit: If approved, you will receive a credit limit. This is the amount of money you can borrow without needing to reapply.
- Taking a Draw: To get money, simply request a draw up to your credit limit, and CashNetUSA will deposit the money the following business day.* Depending on where you live, there may be a transaction fee for each draw.
- Interest and Fees: Once you draw on your line of credit, you’ll be charged interest based on the amount you’ve withdrawn. In some states, there may be additional fees.
- Repayment: There will be a minimum payment for each billing cycle, but you’ll still have flexibility in paying back what you owe. You can make your repayments as quickly as possible to reduce interest charges, or you can space your repayments by paying the minimum amount due for each payment period, costing you more in the long term.
- Available Credit: If you draw less than your credit limit, you can make additional draws up to your credit limit at any time.
What Kind of Credit Limit and Fees Can I Expect?
It depends on where you live.
We don’t offer lines of credit in all states, and our products differ from state to state. Though the basics of each line of credit product are similar regardless of state, there are differences in the requirements to apply, the credit limits, the repayment process and our administration fees.
Check our Rates & Terms page for all of the specific details on the product we offer in your state.
What Are the Requirements to Apply for a Line of Credit?
- Have an active email address
- Have an active checking account
- Have a driver's license
- Be a U.S. citizen or permanent resident
- Be 18 or older1
Does CashNetUSA Offer “Bad Credit” Lines of Credit?
We do not offer “bad credit” lines of credit.
When credit-reporting agencies calculate credit scores, they draw on a range of information, combining it into a single number that may or may not reflect an individual’s actual creditworthiness. So when someone talks about “bad credit,” they’re usually talking about low scores rather than the factors that went into calculating them.
At CashNetUSA, we recognize that a single number can’t summarize your entire financial history. That’s why we use an alternative credit check to look at different parts of your financial history.
This alternative credit check will show us past mistakes like defaults, but it will also show us positive indicators like consistent repayments. By looking at the whole picture, we can sometimes offer products to individuals with less-than-perfect-credit.†
Does CashNetUSA Offer Instant Approval for Lines of Credit?
In most cases, we are able to offer instant eligibility decisions to line of credit applicants.**
If you are approved for a line of credit and request a draw, we will be able to deposit your funds in your bank account as soon as the next business day.*
More About CashNetUSA
Since 2004, CashNetUSA has provided emergency funds, cash advances and short term loans to more than 2.5 million hardworking Americans.
Our U.S.-based customer service team is available 7 days a week and can answer any questions you may have. Please feel free to contact us or check out our FAQs page if you have any questions!