- Large, publicly traded online lender.
- Use promo code: NEWCASH25 to save 25%
- State Licensed. Based in IL. Since 2004.
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CashNetUSA is one of the main players in the subprime personal loan lending space which includes payday loans and installment loans. They are state licensed and we think a good choice for short-term emergency loans
CashNet USA has funded more than 4 million loans and operate online in 25 states. They offer installment loans, lines of credit and payday loans. Their website shows which products are offered in which states as well as licenses for each state.
CashNetUSA installment loans and CashNetUSA payday loans are only offered in states where they are licensed, i.e. like most licensed lenders they do not offer loans in all states. It is unclear what their strategy is as they also offer installment loans via Net Credit but, in general, it appears they are focusing on installment lending via Net Credit and other lending such as payday loans and lines of credit via CashNetUSA.
The rates and fees for CashNetUSA are generally competitive with other payday and installment lenders. Their focus on subprime lending means their rates do not go as low as some of the advertised rates from other lenders. This is because other lenders also offer loans in the prime to subprime space where rates are lower. For borrowers with poor credit who need an emergency loan we like CashNetUSA because they are state licenesed, operate brick and mortar stores, and are have been in the buinsess for a long time. In addition, they are publicly traded which means their operations generally have additional scrutiny from regulators.
Being regulated does not mean lenders are immune to violations. For example, in November, 2013, the Consumer Financial Protection Bureau first enforcement action against a payday lender was against Cash America International, the parent company of CashNetUSA. They were fined $5 million and ordered to refund $14 million to its borrowers due to violations of the Military Lending Act. In general, the Military Lending Act bars lenders from making payday loans to members of the military. So clearly, even licensed lenders can be out of compliance and break the law but the advantage of going with a state licensed lender and a publicly traded lender is that regulators are watching to ensure they stay in complicance with both federal and state laws and regulations..
CashNetUSA is part of Enova Financial, the internet based division of Cash America International, Inc. Cash America International, Inc. is a publicly traded company on the New York Stock exchange (CSH). It has been in the lending business since 1983 when the founder opened Cash America Pawn in Irving, TX. Today, according to their website, they operate over 900 stores in the US with additional stores in the United Kingdom, Australia, and Canada. They also own Net Credit which offers installment loans. Net Credit is also operated under Enova Financial. Other brands include brick and mortar payday lending and pawn shops such as Cash America Pawn, SuperPawn, Cashland, and Payday Advance. CashNetUSA is part of one of the largest players in the payday and installment loan space. It is likely that Enova will be spun off from Cash America International at some point in the near future. This will result in two entities: one that focuses on online payday and installment lending sites and other that focuses on storefront pawn, cash checking, and lending shops.
First time borrowers can get 20% off fees using NEWCASH25 as a promo code. CashNetUSA is a solid choice.