Apply online or on the go
Receive an instant lending decision,** even
with less-than-perfect credit†
Get cash by the next business day*
Traditionally, a payday loan was a loan that was repaid on or before the borrower’s next payday. Today, repayment of a payday loan may not always be directly tied to a borrower’s actual payday.
However, what all payday loans have in common is that they are:
Payday loans are usually due on or around the borrower’s next payday. This might be in a week or a month but is rarely much longer than that. Unlike an installment loan, which consists of multiple payments, payday loans usually have just a single payment.
Borrowers don’t need to offer collateral to take out a payday loan. Collateral is something valuable in the borrower’s possession — the deed to a car, for instance. If the borrower fails to repay the loan, the lender seizes the collateral, regaining some or all of their money. Unsecured lending is riskier for the lender, and because of this, unsecured loans are usually for lower amounts and have higher interest rates.
Because they are short-term and unsecured, payday loans are usually for smaller amounts than other types of loans. They are designed to help you deal with immediate financial difficulties while being small enough to pay back relatively quickly.
Like all short-term loans, payday loans are meant to help deal with immediate, emergency financial needs. These might include:
What these three examples have in common is their urgency. Payday loans are a temporary solution to a short-term financial problem; they are not a good way to solve long-term money issues and should only be taken out if you know you can pay them back on time.
For one thing, they’re entirely online. Unlike a more traditional payday lender with a storefront location, you deal with CashNetUSA over the Internet. You’ll never have to leave home or wait in line to apply for a loan, and customer service representatives are available 24/7 to answer any questions you may have via phone and online chat.
This has several advantages. First, you can apply for a loan and, if approved, manage and repay that loan from anywhere. With our online loans, you typically get fast lending decisions — sometimes even instantly!
Another of CashNetUSA’s advantages is our transparency. We clearly lay out your rates and terms before you sign your contract so there are no hidden charges or fees. With a CashNetUSA loan, you always know exactly what you’re getting.
Though CashNetUSA does not charge you unexpected fees, you should make sure that you are familiar with the terms of the bank you use to receive and pay back a loan. Your account may be charged by the bank itself based on the withdrawals and overdrafts that might result from your loan repayment.
CashNetUSA uses a repayment method called ACH. Simply put, this is a type of electronic debit in which funds are directly withdrawn from your bank account.
When you fill out your application, you provide CashNetUSA with the routing number of a bank account that belongs to you. If you’re approved for the loan, you can authorize CashNetUSA to withdraw your payment on your due date.
One word of caution! If you do not have enough money to repay on your due date, this might result in overdraft fees and other financial consequences. That is why it is important to consider whether or not to take out a loan and to carefully plan your repayment strategy. If you know you won’t be able to make a payment, call us in advance at 888.801.9075.
CashNetUSA is committed to helping its customers understand the terms and details of their loans — check out our FAQs page for general information on our products and services. If you have additional questions, feel free to contact our customer service department at any time. Our representatives are ready to talk over phone, email or chat seven days a week, 24 hours a day!