Tennessee Flex Loan
With a Flex Loan, you can draw up to your available credit limit, repaying principal, interest and fees based on how much you’ve drawn.
When you need more funds, you can draw up to your available credit limit without reapplying.
Rates & Terms
Credit Limit
$100 - $3,000
Annual Percentage Rate
229% - 275.85%
This includes daily interest and
customary fees.
Daily Interest
The daily periodic rate applied to your account will be 0.06575%.
Customary Fee
A customary fee between 0.56% - 0.69% is applied to your principal balance for each day in the billing cycle.
Actual flex loan terms may vary based on applicant's qualifications.
How It Works
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Apply online in less than 5 minutes.
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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.
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If approved, receive a credit limit and draw money from your Flex Loan Plan — you can draw as many times as you want, whenever you want, up to your available credit limit (minimum $50 draw).
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Request a draw before 1:30 p.m. CT Monday – Friday, and you will generally receive funds that same business day.
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Repay gradually over time or in full. Every billing cycle, you will have a minimum payment. You can pay more with no penalty in order to repay more quickly.
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Increase your available credit as you repay, freeing up funds to draw, up to your credit limit.
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Draw from your available credit whenever you need funds.
What It Costs
With a Flex Loan, interest and customary fees are calculated based on outstanding principal, while minimum payments are calculated based on your outstanding principal, interest and fees. 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 Flex Loan Plan 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
25
Total Repayment Time
1 year
APR
275.85%
Fees and Interest Paid
$918.15
Total Repayment
$1518.15
IIf you were to repay more than the minimum each month, your loan duration and repayment total would go down. If you made four bi-weekly payments of $200 and one payment of $30.02, your repayment would look like this:
Number of Bi-Weekly Payments
5
Total Repayment Time
2.5 months
APR
275.85%
Fees and Interest Paid
$230.02
Total Repayment
$830.02
With an actual Flex Loan, 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.
Requirements to Apply for a CashNetUSA Loan
In order to be eligible for any CashNetUSA loan, you must meet our requirements:
18 or older
Verifiable, steady source of income
Active checking account
U.S. citizen or permanent resident
Governing Law
The Flex Loan agreement will be governed by the applicable laws of your state. Unresolved questions or complaints should be directed to your state's regulatory agency.
Terms Explained
Account Balance
Your account balance, or outstanding 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 owes.
Billing Period
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, bi-monthly or monthly.
Example: Based on her application, Jane’s billing period is bi-weekly. This means her statements will close every 14 days.
Principal Balance
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 makes payments and draws more.
Customary Fee
The customary fee is a fee to cover the costs of opening, administering and terminating a Flex Loan Plan. We will charge a customary fee for each day in the billing cycle on the daily principal balance of your account at a rate between 0.56% - 0.69%.
Example: Jane is on a bi-weekly billing cycle and her customary fee rate is 0.69% per day. At the start of her billing period, she has an outstanding principal balance of $800, and she does not take any additional draws or make any early payments. Her customary fee is $77.28.
Interest
Interest is calculated based on your outstanding principal. The daily periodic rate for our Flex Loans is 0.06575%.
APR
APR (annual percentage rate) is a measure of the cost of credit, expressed as a yearly rate. Including both daily interest and customary fee, our Flex Loans have an APR range of 229% - 275.85%.
Minimum Payment
The minimum payment is the amount you must pay on each due date. This amount will depend on whether your billing period is bi-weekly, bi-monthly or monthly.
The minimum payment for bi-weekly and bi-monthly billing cycles will be the greater of:
- 5% of your credit limit OR
- All interest and customary fees accrued at the end of the prior billing period plus 5% of the outstanding principal balance
The minimum payment for monthly billing cycles will be the greater of:
- 10% of your credit limit OR
- All interest and customary fees accrued at the end of the prior billing period plus 10% of the outstanding principal balance
The minimum payment cannot exceed the account balance. In addition, minimum payments cannot exceed $450 for bi-weekly and bi-monthly customers, or $800 for monthly customers.
Example: Jane is on a bi-weekly billing cycle. At the start of her billing period, she has an outstanding principal balance of $800, and she does not take any additional draws or make any early payments. She is charged $84.64 in interest and customary fees, and her minimum payment amount is $124.64.