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. Similar to 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 $500 to $10,000, we believe CashUSA offers some of the best secured personal loan options in the marketplace today.
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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 counterparty 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 simple and easy. Through its fast and convenient lending portal, you can apply for a personal loan, and if approved, received funds in as little as one business day. Some of its lenders also offer lines of credit.
So whether it’s an unexpected emergency, or you’re looking to consolidate high-interest debt, CashUSA can provide reliable solutions when you need it most.
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:
- You must be employed for at least 90 days and have monthly net-earnings of at least $1,000
- You must be at least 18 years of age
- You must have U.S. citizenship or be a permanent resident
- You must have a valid checking account with your full name listed as the primary account holder
- You must have a work and home telephone number
- You must have 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’s lenders take into account your job history and payroll history to quantify your creditworthiness. During the application process, the company won’t ask about your credit history, 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 Its Interest Rates?
CashUSA offers loans ranging from $500 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 durations range from 90 days 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 though, CashUSA’s APRs are still much more affordable than a car title loan.
Are Their Additional Fees Associated With A CashUSA Loan?
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’re re-directed to the actual lenders e-signature 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. Make sure 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 it comes time to repay the loan, the funds are automatically deducted from the same account on the loans due date. To avoid any excess fees, make sure 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’s terms and conditions, additional charges and fees will apply if you can’t repay the loan balance or you miss a monthly payment. However, because CashUSA is not the actually lender, the company can’t quantify the exact amount, as it varies by lender. Like the other details we mentioned above, take your time to 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 just need to plan for what can happen.
What Are CashUSA’s Debt Collection Policies?
Because CashUSA is not the 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 are not allowed to harass you to collect the debt.
Some FDCPA provisions include:
- Lenders are not allowed to 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 are not allowed to 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’s 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’s Loan Renewal Policies?
While many lenders within CashUSA’s 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 that aim to increase your financial literacy and help you make 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: firstname.lastname@example.org
- You can also send them direct mail 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.
Some positives include:
- CashUSA has a large network of lenders, which makes it more likely to obtain a loan
- CashUSA does not have a minimum credit score requirement
- CashUSA loans range from $500 to $10,000, making them perfect for most borrower’s needs
- CashUSA offers competitive APRs that range from 5.99% to 35.99%
- CashUSA offers flexible repayment durations, ranging from 90 days 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
At the opposite end, there are some negatives you need to consider.
Some negatives include:
- 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 polices
- Late or missed payments are subject to additional fees, which again, are at the discretion of the actual lender
Pros and Cons Of Secured Personal Loans
With secured loans, you’re require to put up collateral to guard against default. When a loan is secured, your car, home or any other valuable asset acts 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. In order to receive funding, they need to provide lenders with security in case 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 you secure 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 A Car Title Loan And A 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 those 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 that range from $1,000 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 2019. We chose CashUSA as our best alternative lender due its easy approval process and fair range of APRs.