Q:

How does CashNet USA work?

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Quick Answer

CashNet USA is a payday lender that makes small, short-term loans to anyone who is able to prove he receives regular income sufficient to repay them. As of 2015, the company loans money at a 36 percent interest rate.

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Full Answer

Those interested in obtaining a loan may apply online or by telephone. Requirements for receiving a loan include having an active checking account, having been employed for at least one month, being a U.S. citizen or permanent resident, and being at least 18 years old. Once a decision is made, usually instantly, applicants provide their banking information. The loan is directly deposited into the applicant's checking account the following day. Repayment is then required on the borrower's next payday that falls between 31 and 35 days from loan dispersal.

The terms of CashNet USA loans depend on the regulations of the loan applicant's state. For example, in Oregon, applicants are eligible for a maximum loan equal to 25 percent of their net monthly income or $300, whichever is less. The borrower must wait seven days after paying off the loan before applying for a new loan. If the borrower isn't able to repay the loan on time, he is allowed to make alternative payment arrangements with CashNet USA.

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