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Virginia Line of Credit

With a line of credit, you apply only once and can borrow up to your available credit limit, repaying interest and fees based only on how much you’ve drawn.

When you need more funds, you can draw up to your available credit limit without reapplying.


How It Works

  1. Apply in less than 5 minutes.
  2. Receive an instant lending decision.** Possible decisions include Approved, Need More Information and Declined. If more information is needed, you may need to send in additional documentation like proof of income.
  3. If approved, receive a credit limit and draw money from your line of credit — you can draw as many times as you want, whenever you want, up to your available credit limit (minimum $50 draw).
  4. Receive cash by the next business day when you draw from your account.*
  5. Repay gradually over time or in full. Every billing cycle, you will have a minimum payment. Your minimum payment will never be less than 10% of your credit limit, except when your total outstanding balance is less than 10% of your credit limit.
  6. Increase your available credit as you repay your principal, freeing up funds to draw, up to your credit limit.
  7. Draw from your available credit whenever you need funds.

Rates & Terms

Credit Limit

Up to $1,800 for new customers

Interest

The daily periodic rate applied to your account will be 0.8192%.

Annual Percentage Rate: The corresponding Annual Percentage Rate is 299%.

Transaction Fee

When you draw, you will be charged 15% of the amount drawn.

Late Fee

If a minimum payment over $25 is 10 days late, you will be charged a $10 fee. You will be charged a $5 fee if the late payment is less than or equal to $25.

What It Costs

With a line of credit, interest is calculated based on outstanding principal, while minimum payments are calculated based on outstanding principal, interest and fees. These numbers can change from payment to payment. That means your minimum payment will usually change from one payment period to the next.

Below, you can see an example of what it might cost to draw $600 once from a $1,000 line of credit and make different kinds of repayments.

If you make only your minimum payment bi-weekly, your repayment will look like this:

Number of Bi-Weekly Payments Total Repayment Time APR Fees and Interest Paid Total Repayment
9 4.5 months 299% $462.91 $1,062.91

If you were to repay more than the minimum each billing cycle, the time it would take to pay off your balance would go down, as would your repayment total. If you repaid $200 bi-weekly, your repayment would look like this:

Number of Bi-Weekly Payments Total Repayment Time APR Fees and Interest Paid Total Repayment
5 2.5 months 299% $314.29 $914.29

With an actual line of credit, your repayment might look different than the examples above. For instance, you could draw more money in the middle of a billing period, increasing your total repayment. Or you might repay a large sum all at once, reducing the cost and length of your repayment period.

In order to be eligible for any CashNetUSA product, you must meet our requirements:

You must be 18 or older1

You must have been employed for at least one month

You must have an active checking account

You must be a U.S. citizen or permanent resident

Terms Explained

Your account balance is the total amount due to CashNetUSA. This includes your principal balance, interest and fees charged.

Example: Jane Smith looks at her account and has an account balance of $500. This is the total amount she currently needs to repay.

Your Billing Period is the length of time between when your billing statement opens and closes. Depending on how often you’re paid, these periods might be bi-weekly, semi-monthly or monthly.

Example: Based on her application, Jane’s billing period is bi-weekly. This means her statements will close every 14 days.

Your principal balance is the amount you have drawn minus any principal payments you have made.

Example: As soon as she draws, Jane has a principal balance of $500. This will drop or rise as she make payments and draws more.

Each time you draw funds, you will be charged a transaction fee of 15% of the amount drawn.

Example: If Jane draws an additional $100, she will be charged $15 in transaction fees.

If a minimum payment over $25 is 10 days late, you will be charged a $10 fee. You will be charged a $5 fee if the late payment is less than or equal to $25.

Interest is calculated based on your outstanding principal. The daily interest rate for our line of credit is 0.8192%.

APR (annual percentage rate) is a measure of the cost of credit, expressed as a yearly rate. Our line of credit has an APR of 299%.

The minimum payment is the amount you must pay on each due date. It is the sum of the following amounts:

  • The interest accrued over the billing period.
  • 15% of your outstanding principal and fees.

Your minimum payment will not be less than 10% of your credit limit, unless that amount exceeds the account balance.

Example: Jane has a $600 outstanding principal balance at the end of her billing period. She incurred $90 in in transaction fees and $68.81 in interest during the billing period. That means her minimum payment is $172.31.