Step 1: Deciding to Apply for an Online Loan
Determining whether or not you need a loan can be a difficult decision.
Sometimes, it can come down to something as simple as “Will the cost of the interest of the loan or the loan fee outweigh any potential losses if I don’t have the money I need?” or “Will the total cost of the loan justify the purpose for which the loan is used?”
If the answer to either of these questions is yes, we encourage you to consider CashNetUSA.
The first thing you’ll need to do is check our Rates & Terms to learn which, if any, of our products are available in your state.
If we do offer products in your state, carefully review the details of the product type and determine if it is right for you.
We offer payday loans, installment loans and lines of credit.
Keep in mind our loans are intended to help with unexpected financial difficulties and are not intended as long-term financial solutions. Before taking out a loan, you may want to consider asking family and friends if they can assist you.
If you ultimately decide to apply for a loan from CashNetUSA, your next step is to complete our online loan application.
Step 2: Completing Our Online Loan Application
CashNetUSA’s easy online loan application process consists of two forms.
The first form asks for basic information such as your address, phone number and date of birth.
Please note that you must have an active email account to apply for a loan from CNU.
The second form asks for information that we use to verify your identity and that helps us make our approval decision.
This includes your employment status, income details and bank account (you must have a checking account to be eligible for a loan).
Once you complete the second form, we will run our alternative credit check model and, in many cases, provide you with an instant eligibility decision.*
Step 3: CashNetUSA’s Alternative Credit Check Process
When applying for things like loans, cash advances, credit cards and other financial products, organizations will often look at your traditional credit score.
Credit scores are calculated by three major credit agencies based on the financial information they have on file.
Under this system, if someone’s credit score is less-than-perfect, it can be very difficult for them to get the cash they need.
At CashNetUSA, we do things differently by offering online short-term loans with alternative credit checks.
With our alternative credit check, we use a variety of sources to look at parts of your financial history instead of just your credit score.
So even if your traditional credit score is less than-perfect, you may still be approved for a CashNetUSA loan if you have a history of responsible financial behavior (like making your payments on time).*
Furthermore, since we do not perform a hard inquiry on your credit report, applying for a loan with CashNetUSA will not affect your FICO® score.
Step 4: Eligibility Decision
Once we run our alternative credit check, we will come back with three possible statuses:
Declined: This means that you did not meet our requirements for offering you a loan.
If you are declined, we will send you an official statement with the reasons for declining your application within 30 days of the date that your application was declined.
More Information Needed: In some instances, we may need to collect additional documentation such as paystubs before we approve an application.
If you receive this status, we will provide you with instructions for how you can provide this documentation.
Eligible: If you are eligible, you will be taken to your contract which will outline the loan details and how much you are eligible to borrow.
Learn more about the process on our Instant Eligibility Decisions page.
Step 5: Signing Your Contract
If you are eligible for a loan, carefully review all of the details of your contract, including loan amount, interest charges, fees and repayment details.
If you are comfortable with the contract, complete and electronically sign the contract.
Then move on to the final steps, funding and repayment.
Step 6: Funding and Repayment
If you are approved by 6 p.m. CT Mon. – Thu. and Sun., we will generally be able to deposit your funds via ACH the next business day. When your payments are due, you can repay with ACH or, for some products, with a personal check.
Note About “Bad Credit” Loans
CashNetUSA does not offer “bad credit loans.”
“Bad credit loan” is a phrase often used to attract anxious or desperate consumers who may be concerned about their low credit score affecting their loan eligibility. Lenders or companies claiming they can provide a cheap loan with good terms to people with “bad credit” should be avoided — they may be con artists or unlicensed businesses that are trying to take advantage of you.