CashUSA Personal Loans Review of September 2024
When you have bad credit, it can feel like your options to get a loan are limited. CashUSA can help. CashUSA offers a variety of secured loan options to those with bad credit. By putting up collateral, lenders are more confident in your ability to pay, and thus, more willing to offer you a loan. What separates CashUSA from other lenders is their APRs are extremely competitive – even if you have bad credit. Like personal loans, their secured loan APRs range from 5.99% to 35.99%, and customers with bad credit have even received loan offers with rates as low as 10%. With installment loans ranging from 100 to $10,000, we believe CashUSA offers some of the best secured personal loan options in the marketplace today.
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| Loan Amount: | $100 – $10,000 |
| APR: | 5.99% – 35.99% |
| Min. Credit Score: | 0 |
| Approval: | < 1 Day |
| Terms: | 3 – 72 Months |
| Origination Fee: | N/A |
| DTI Ratio: | N/A |
| Check rates | |
What is CashUSA?
While CashUSA.com doesn’t lend any money itself, the company uses its large network of state and Tribal lenders to connect you with a counterpart that’s willing to offer you a loan. When navigating the site, you’ll find the company provides a user-friendly experience that helps make applying for a loan easy. This is a fast and convenient lending portal where you can apply for a personal loan. And if approved, you receive your funds in as little as one business day. Some of its lenders also offer lines of credit.
So whether it’s an emergency or you’re looking to consolidate high-interest debts, CashUSA provides reliable solutions.
What are The Minimum Requirements to Qualify for a CashUSA Loan?
To qualify for a CashUSA loan, there are a few boxes you need to check. While the list is not extensive, make sure you meet the company’s criteria before applying:
- Be at least 18 years old.
- Be a U.S. citizen or permanent resident.
- Earn a steady monthly income of at least $1,000 after taxes.
- Have a checking account in your name.
- Be able to provide work and home phone numbers, as well as a valid email address.
What Is The Minimum Credit Score to Qualify for a CashUSA Loan?
The best part about CashUSA.com is the company does not have a minimum credit score requirement. Unlike other lenders that rely solely on your credit score, CashUSA lenders consider your job history and payroll history to quantify your creditworthiness. The company won’t ask about your credit history during the application process, so even if you have bad credit – or no credit history at all – you can still obtain a loan through CashUSA.
How Much Can I Borrow from CashUSA, and What are The Interest Rates?
CashUSA offers loans ranging from $100 to $10,000, and – according to their website – the amount can increase depending on your qualifications. APRs range from 5.99% to 35.99%, and loan duration range from 3 to 72 months. If you have bad credit, expect your APR to fall at the high-end of the range, while if you have good credit, you can expect a competitive interest rate near the low-end. Regardless of your credit score, CashUSA APRs are still much more affordable than a car title loan.
Are There Any Additional Fees?
While CashUSA doesn’t charge any fees to apply or get approved for a personal loan – as we mentioned above – the company is not the actual lender. Once your loan request is approved, you will be redirected to the actual lender page, where you’re presented with all the information regarding applicable fees. Remember, just because you submit a request does not mean you’re required to accept the loan offer. Ensure you carefully read the terms and conditions to determine if the arrangement is right for you. As well, don’t be so quick to accept the first offer. If you have the time, shop around and see if another lender is willing to provide more attractive terms.
How Do I Repay My CashUSA Loan?
After your loan is finalized, funds are automatically deposited into your checking account. You provide this information to the company during the application process. When the time to repay the loan comes, the funds will be automatically deducted from the same account on the due date. To avoid excess fees, ensure your account has sufficient funds to cover the loan repayment, including interest and fees.
What Happens if I Can’t Repay My CashUSA Loan?
Outlined within CashUSA terms and conditions, additional fees will apply if you can’t repay the loan balance or miss a monthly payment. However, because CashUSA is not the actual lender, the company can’t quantify the exact amount, as it varies by lender. You should also read the terms and conditions and think about whether you can handle an unexpected outcome. Remember, personal loans don’t need to be scary. You need to plan for what can happen.
What are CashUSA Debt Collection Policies?
Because CashUSA is not an actual lender, its network of counterparties are the ones subject to the Fair Debt Collection Practices Act (FDCPA). If you find yourself in a position where you can’t repay your loan, understand that you have rights and that lenders cannot harass you to collect the debt.
Some FDCPA provisions include:
- Lenders cannot contact you by telephone either before 8 a.m. or after 9 p.m.
- Lenders are not allowed to contact you with the intent to harass or use abusive language.
- Lenders cannot use deception or misrepresentation to try and recoup funds.
- Lenders are not allowed to threaten you with legal action when no such action is permitted.
To CashUSA credit, if any lender is found to violate these practices, CashUSA “will not hesitate” to remove that company from its network and report the violation to the Federal Trade Commission (FTC).
What are CashUSA Loan Renewal Policies?
While many lenders within the CashUSA network will offer to renew your loan after a positive experience, actual renewal policies are subject to state regulatory laws. So, depending on your state of residence, lenders are required to present you with a list of possible options before you accept the original loan offer. As we mentioned several times, make sure you read the terms and conditions carefully before accepting.
What is The CashUSA Education Center?
Beyond just matching borrowers and lenders, CashUSA also offers educational resources helping you to increase your financial literacy and making smarter borrowing decisions.
Through the ‘education’ tab on the front page of its website, you’ll find plenty of helpful articles about how to improve your credit score, how to make debt work for you, how to stay safe when banking online and how to stay on top of your finances and keep outflows within your budget.
If you have some time, check it out. There is plenty of useful information available.
How Can I Contact CashUSA?
If you’re ever confronted with an issue, there are several ways to contact support:
- You can call them toll-free at 1-866-973-6587.
- You can email them at support@cashusa.com.
- You can also mail them directly at CashUSA.com 3315 E Russel Rd Ste A-4 Box #105, Las Vegas, NV 89120.
Pros and Cons of CashUSA Loans
Without a doubt, there are plenty of things to like about CashUSA.
Pros:
- CashUSA has a large network of lenders, making it more likely to obtain a loan.
- CashUSA does not have a minimum credit score requirement.
- CashUSA loans range from $100 to $10,000, making them perfect for most borrowers’ needs.
- CashUSA offers competitive APRs that range from 5.99% to 35.99%.
- CashUSA offers a flexible repayment duration, ranging from 3 to 72 months.
- CashUSA loans are deposited directly into your checking account and automatically withdrawn from the same account when repayment is due.
- CashUSA offers educational resources that aim to increase financial literacy and help you make smarter borrowing decisions.
On the opposite end, there are some negatives you need to consider.
Cons:
- To obtain a CashUSA loan, you must be employed for at least 90 days and have monthly net earnings of at least $1,000.
- CashUSA is not an actual lender, and the company cannot regulate the lending policies of companies within its network.
- Most CashUSA loans are subject to additional fees, which vary depending on the actual lender’s policies.
- Late or missed payments are subject to additional fees, which are at the discretion of the actual lender.
Pros and Cons of Secured Personal Loans
With secured loans, you’re required to put up collateral to put additional trust in the lender. When a loan is secured, your car, home, or other valuable asset act as surety to protect the lender. If you can’t repay the loan, the lender has the right to seize your collateral and sell it to recover the funds.
Although secured loans can be problematic, there are some positives to securing a loan:
- In many cases, putting up collateral is the only way to obtain a loan. Borrowers with low credit scores don’t have many options at their disposal. To receive funding, they need to provide lenders with security if they default. Often, providing collateral is the only way to achieve this.
- Another advantage of securing a loan is it can lower your APR. By providing collateral, lenders have more confidence in your ability to repay the loan, and thus, are more likely to offer favorable terms.
- Often overlooked, secured loans can help rebuild your credit score. If you’ve made some mistakes in the past that prevent you from receiving an unsecured loan, securing a loan can help rebuild your reputation. After successfully repaying in full and on time, your credit score will start to move in a positive direction.
Now for the negatives:
- Most importantly, securing a loan puts your collateral at risk. If you’re not sure you can repay the loan on time, we don’t recommend securing a loan. There are many cases where people put up their car as collateral and end up losing it in the process.
- A second risk is further deteriorating your credit score. If you happen to default on the loan, it will reduce your credit score and make it that much more difficult to obtain a loan in the future.
What Is The Difference Between Car Title Loan and Secured Personal Loan?
You’ve heard the term before, but what exactly is a car title loan?
As a type of secured loan, car title loans require you to put up your car as collateral. If you fail to make the payments, your car can be seized in the process. Because of a questionable reputation, car title loans are actually illegal in many states.
When marketing the product, lenders often lure customers by promising fast approval and no credit check. However, there is a reason for this. Lenders know your credit score is low and use this information to profit off those in financial trouble. They specifically target borrowers in desperate financial situations or with really bad credit.
The practice is extremely predatory.
Now how else do they cause financial harm?
- According to the Consumer Financial Protection Bureau (CFPB), car title loans have an average APR of 300%.
- About 20% of car title loan borrowers end up losing their car.
- Many car title loans have hidden fees and rollover charges.
- People often fall behind on their payments and get stuck paying interest-only; this increases your risk of falling into a vicious debt cycle.
Now for Secured Loans
Secured personal loans are a close cousin to unsecured personal loans. Despite the fact they also require collateral, secured personal loans come with APRs that range from 5.99% to 35.99% and allow borrowing amounts from $100 to $100,000. Also, they are usually repaid in installments ranging from 1-year to 10-years. And as we mentioned above, secured personal loans are used by borrowers with both good and bad credit.
For an in-depth look at how the two differ, check out our breakdown of the best car title loan alternatives 2022. We chose CashUSA as our best alternative lender due to its easy approval process and a fair range of APRs.
