CashUSA Personal Loans Review of February 2024

ElitePersonalFinance
Last Update: March 11, 2023 Loan Reviews

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.

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 subjec