When emergencies arise and you feel like you have nowhere else to turn, a payday loan may seem like a good idea. But it’s important to know how payday loans work and what the risks are of getting these short-term, high-interest loans.
When it comes to payday loans, here are some things to think about: the costs and risks, as well as some options for people with bad credit who want to borrow money.
CashNetUSA is an online lender that offers different types of short-term loans, such as installment loans, payday loans, and lines of credit. CashNetUSA might be able to help you if you need cash quickly but have been turned down by other lenders. But how much can you really borrow from CashNetUSA? Let’s find out.
Overview of CashNetUSA Loan Products
CashNetUSA offers several different loan products depending on your state of residence. Here’s a quick rundown of what’s available
Payday Loans
- Available in 14 states
- Loans range from $100 to $1,500
- Very short terms – typically your next payday
- High interest rates and fees
Installment Loans
- Offered in 28 states
- Loan amounts range from $100 to $3,500
- Longer terms of 3 to 24 months
- May have lower rates than payday loans
Lines of Credit
- Available in 9 states
- Credit limits ranging from $1,550 to $2,000
- Revolving credit – take what you need, pay it back, redraw if needed
- Interest charged only on borrowed amount
What Factors Determine Your CashNetUSA Loan Amount?
CashNetUSA considers several factors when determining loan eligibility and amounts, including
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State of residence—This is an important factor because each state has its own rules about loan amounts, rates, terms, and so on.
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Income – You must have verifiable income to qualify. Higher incomes may qualify for larger loans.
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Credit history – They may work with bad credit, but your history still impacts approval odds.
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Debt-to-income ratio – Too much existing debt can reduce loan eligibility.
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Specific lender policies – Loan criteria varies even within states.
Maximum Loan Amounts by Product
Now let’s look at the maximum amounts you may be able to borrow with each CashNetUSA product:
Payday Loans
- Oregon – $300
- Rhode Island – $1,500
- Texas – $1,800
- Wyoming – $1,500
Installment Loans
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In states like California, Delaware, Idaho, Illinois, Mississippi, Missouri, New Mexico, Utah, Washington, and Wisconsin, you can get up to $3,500.
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Up to $2,500 in other states like Alabama, Alaska, Arizona, Colorado, Connecticut, Hawaii, Indiana, Iowa, Kansas, Kentucky, Michigan, Minnesota, Montana, Nebraska, Nevada, New Jersey, North Dakota, Oklahoma, South Carolina, South Dakota, Tennessee, Texas, Vermont, West Virginia
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Up to $1,000 or less in remaining states
Lines of Credit
- Up to $2,000 in AL, DE, ID, KS, LA, MO, SC, UT, WI
As you can see, installment loans tend to offer the highest potential loan amounts at CashNetUSA.
Borrowing Limits Vary Person to Person
The maximums listed above are not guaranteed. Actual loan offers will vary person to person based on income, credit, debt, and ability to repay. For example:
- Applicant 1 may qualify for a $1,000 installment loan in Texas
- Applicant 2 may only be approved for a $500 installment loan in Texas
- Applicant 3 may get a $100 payday loan in Wyoming
You can see how much you could borrow, but the exact loan offer you get will depend on your finances.
Options If You Need More Than CashNetUSA Offers
If you need to borrow more than what CashNetUSA caps out at in your state, you may want to consider:
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Applying with another online lender – Lenders have differing criteria so you may qualify for more elsewhere. Do your research.
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Asking friends/family for help – An interest-free loan from loved ones may be possible if your credit prevents other options.
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Using a credit-builder loan – These loans help establish credit history and may open doors to more borrowing.
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Paying down debts to lower DTI – Reduce other debts so you qualify to borrow more.
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Alternative financial services – Crowdfunding, pawn shops, title loans are some other high-cost borrowing methods.
The amount you can borrow from CashNetUSA or any lender depends on your unique situation. Be sure to honestly assess your budget and only borrow what you can reasonably repay. High-interest debt can snowball quickly if not handled carefully. Consider all your options and borrow responsibly.
The Bottom Line
CashNetUSA provides a way for borrowers with less-than-perfect credit to access small-dollar loans. Maximum loan sizes range from around $100 to $3,500 depending on your state and individual qualifications. While CashNetUSA may not offer huge loan amounts, their products can serve as an option for covering an emergency expense when you’re faced with a short-term cash crunch. As with any high-interest loan, make sure you understand the terms and have a repayment plan prior to borrowing.
How Much Can You Borrow Through a Payday Loan?
The amount you can borrow through a payday loan is typically determined by state law. These loans are usually for smaller amounts, ranging from a few hundred to a few thousand dollars. Many states cap the amount you can borrow through payday loans at $500.
What Are the Risks of Taking Out a Payday Loan?
Payday loans come with many risks that borrowers should be aware of.
High interest rates and short loan terms. Payday loans often come with extremely high interest rates — the average annual percentage rate for in-store loans is about 400%. This can make repayment difficult, especially with a short loan term, causing borrowers to rollover the loan and increasing the cost of borrowing even more.
High fees. Payday lenders may also charge additional fees, such as origination fees, finance charges and late payment fees. These can add up fast and make it even more difficult to repay the loan.
It can be bad for your financial stability. Relying on payday loans can destabilize your personal finances. The high costs of borrowing and short loan terms can eat into your income, leaving you with less money for essential expenses. This can lead to a cycle of debt where you have to borrow money over and over to pay your bills.
How much can I borrow from CashNetUSA?
FAQ
What credit score do you need for CashNetUSA?
CashNetUSA doesn’t have a specific minimum credit score requirement for loan approval. Instead, they use a different credit check that looks at your whole financial history and a personalized underwriting model to see if you are eligible.
Can I request more money from CashNetUSA?
Unlike a traditional loan, you don’t have to reapply each time you need additional funds. Simply withdraw from the available credit in your account as you need funds. After you take a draw, you will have a minimum payment based on your outstanding principal and fees due for each billing cycle.
What is the lawsuit against CashNetUSA?
The lawsuit alleges, among other things, that CashNetUSA’s online consumer loan activities in Pennsylvania were illegal and in violation of various Pennsylvania laws, including the Loan Interest Protection Law, the Pennsylvania Consumer Discount Company Act (the “CDCA”) and the Unfair Trade Practices and Consumer .
Does CashNetUSA approve everyone?
No, CashNetUSA does not approve everyone who applies. While they offer loans to individuals with less-than-perfect credit, they still have specific eligibility requirements.