CashUSA Review 2020: A Solid Matchmaker for You and a LenderPersonal Loans
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- Best For: People who need help finding lenders willing to give them the best loan deals based on their circumstances.
- Pros: You’ll be able to reach multiple lenders with just one online form, which saves you time and effort. It can also help you find the best rate by putting you in contact with lenders you might not have otherwise heard about. They don’t exclude people with poor credit, so you may be able to find a fast loan, even with a less-than-ideal credit score.
- Cons: You may pay a lot for that loan because of its high APRs for those with poor credit. Since they are a lending platform and not the lender, they can’t say for sure what kind of terms you’ll be offered — you’ll have to wait and see.
5.99 to 35.99%
- MINIMUM CREDIT
Any credit welcome
90 Days - 72 Months
- ORIGINATION FEE
Depends upon each individual lender
It’s a bad feeling when you need money fast and you’re not sure where to get it. If you’re new to the lending process, you can use a lending platform like CashUSA to help you find suitable loans.
You’ll fill in one form and quickly be sent offers that you can either choose to proceed with or decide against.
It can be a huge time-saver for you, so you can focus on other areas of your life that need your attention.
This CashUSA review will help you decide if this site might be the answer to your problems or not worth the effort.
What is CashUSA?
One thing you should understand upfront is that CashUSA isn’t a lender. After you fill out the form on their website, they aren’t going to send you money.
What they will do is pass your form to the lenders they are affiliated with. Those lenders will look over your application and decide if you might be a good fit for them. If they like what they see, the lenders will then send you more information, such as rates and terms, so you can decide if you want to pursue a loan with them.
CashUSA, which has been in business for 22 years, offers its clients a fast way to find a loan.
You’re able to get as much as $10,000 deposited quickly in your checking account.
The minimum amount you can borrow is $500.
And if you’ve been rejected elsewhere for loans, you might be relieved to know CashUSA doesn’t require much for their eligibility requirements.
Wondering about the specifics of going through CashUSA? We’ll take a look at all the details.
As far as APRs go, CashUSA can’t make any guarantees about what its lender will offer you. On its website, all it says is that many of their lenders will give you a rate anywhere between 5.99 – 35.99%.
But it’s entirely possible that you could fill out CashUSA’s online form and end up getting APRs that exceed the top end of that range.
Since they don’t do the lending themselves, CashUSA doesn’t promise what your top APR could be. All they can do is state what guidelines most of their lenders follow.
That makes it tricky to know what you’re getting into.
But if you manage to qualify for the lowest APR one of these lenders offers, you should be pleased with that — 5.99% is a decent rate.
Since CashUSA is a lending platform and won’t send you any money themselves, you won’t know about any fees you may have to pay until you receive more information from potential lenders.
Although CashUSA gives you guidelines about what most lenders will do, they don’t offer any specifics about worst-case scenarios. While most of their affiliate lenders will offer a loan at no more than 35.99%, they don’t rule out higher amounts than that.
And since CashUSA also states that it works with tribal lenders, who usually have higher APRs than state-licensed lenders, your APR may be much higher.
They also don’t have a list of the fees you may likely pay. With today’s changing rates and volatile market, it might be hard to keep their website updated since they have multiple lending affiliates though.
CashUSA makes it easy to contact them. They offer their phone number, email, mailing address, and online form in a simple-to-find spot on their website.
But when it comes to helping you if you are experiencing hard times, there isn’t much they can do for you.
Since they’re not the ones lending you money, they don’t have any power over how willing your lender will be to work with you if you need a forbearance or are struggling to pay.
How quickly that much-needed money appears in your account will depend on which lender you go with. But, at least with some of the loans arranged through CashUSA, you can see that money as soon as the business day after you’re approved by a lender.
CashUSA welcomes everyone to fill out its online form to try to find a loan — even those who have poor credit. They only require some pretty basic criteria, including:
- Being 18 years or older.
- Owning a checking account — you can’t use someone else’s; it must be in your name.
- Living as a permanent resident or citizen of the U.S.
- Making a minimum of $1,000 per month after your taxes are withheld.
- Having a working phone number.
- Having a working email address.
Those are some of the easiest requirements you’ll find on a lending platform, especially since there’s no minimum credit required.
CashUSA won’t issue you a loan because they aren’t a lender. But as a lending platform, they can line you up with a lender without you having to fill out a lot of applications at various institutions.
How to Apply at CashUSA
It’s easy to get the ball rolling on CashUSA — the application process is a breeze.
Step 1: Fill Out the Online Form
You’ll have to have the last four digits of your Social Security number, as well as some other information you’ll know by heart, like your ZIP code and year of birth.
Completing the form will be easy and quick.
Step 2: Check Out Any Offers You Receive
Keep your eyes on your email immediately after you complete the application form. It won’t take long to receive some sort of response.
If a lender does try to connect with you, make sure to read through the offer they send.
Make sure you understand all of the terms, including the APR, fees, length of the loan, and anything else in their offer.
Step 3: Be Prepared to Send More Information
You might need to provide proof of your employment income or show that you have a bank account in your name. Try to avoid dragging your feet on submitting what they request of you.
If you stall, you’ll be slowing down how quickly you get your loan deposited in your bank account.
Step 4: Monitor Your Bank Account to See When Your Money Arrives
It might be as fast as the next business day. If you complete this process on a Friday, you likely won’t get your money until Monday. So don’t panic if you don’t see it in your account on Saturday.
CashUSA Consumer Reviews
Want to know how other people have fared with CashUSA before you give them a try? Let’s check out some of the ratings other customers have left for them.
Better Business Bureau
When you look at CashUSA on BBB’s website, you see they score an F. That’s not because of what customers have said about them.
It’s because they haven’t responded to six complaints that were filed against them through the BBB.
That shouldn’t necessarily stop you from going through CashUSA to find a lender though.
Taking a minute to examine those complaints, they were filed over a three-year span. Two of the complaints were regarding advertising or sales, two others were for billing or collections, and the final two were because of an issue with their product or service.
One of the complaints in the billing or collection department, for instance, had this to say:
“This company has fraudulently obtained my name and social security number and claims I have an outstanding loan with them. I have never heard of this company before and wish to have this taken care of.”
A complaint of that nature may not be CashUSA’s fault — it could be something else entirely, even a case of identity theft. While customer reviews can be helpful, they can also sometimes be misleading as well.
Use your common sense when reading customer reviews to decide how much weight they should carry in your decision as to whether you’ll do business with a company.
As far as actual reviews and not complaints, no one left any reviews of CashUSA on the BBB website.
On Trustpilot, another popular consumer review website, there has only been one review left about CashUSA. This review wasn’t from a customer — it was from someone who wanted to stop getting emails from CashUSA.
The reviewer, Michael, had this to say: “I have reported several unsolicited emails to the website only to have them reply ‘they can find my email address in their database.’”
APR5.99 - 35.99%
Minimum CreditOpen to any credit score
CashUSA Pros and Cons
If you haven’t made a decision about CashUSA, it might be beneficial to look at a pros and cons list.
- Easy to meet the application requirements: Since they aren’t picky about your credit score and only require a small amount of income, CashUSA is accessible to most would-be borrowers. That doesn’t mean you’ll be approved for sure, but at least you have a shot.
- It only results in a soft pull on your credit: Filling out CashUSA’s online form won’t hurt your credit. If you decide to proceed with a lender you’re matched up with, you should check to see if that will result in a hard pull, though.
- Fast money: You might be able to see the loan in your account the next business day.
- Time saver: You’ll be reviewed by multiple lenders by only filling out one form.
- Might qualify for a good rate: If you have outstanding credit and good monthly income, you might be able to get a 5.99% loan.
- Not a lot of loan details: You won’t know what kind of fees — origination, prepayment, and late fees — you’ll face until you hear back from a lender. If the terms aren’t to your liking, you’ll be wasting your time fielding offers you have no intention of taking.
- Short repayment term: Although it will vary based upon the lender you hear back from, most of the loan terms offered by their affiliates are 90 days to 72 months, according to CashUSA. It might be hard to repay the loan that quickly.
- May end up with a hefty APR: If you’re using CashUSA it might be because your options are limited. If that’s the case, you might wind up with a 35.99% APR or even higher.
CashUSA Frequently Asked Questions
- Can you guarantee what rate I’ll receive?
No, CashUSA can’t. CashUSA isn’t a lender, so they aren’t in control of what kind of offer you’ll get from their affiliate lenders. They can’t even guarantee that you’ll end up with an APR that’s within their published usual range of APRs (5.99-35.99%) given by their lenders. It could be higher than that, particularly if you go through a tribal lender.
- Do I have a say in how much of my personal information you share?
Not at the time you submit your loan request with CashUSA. After you’ve turned in that loan request, you can request that the website limit some of what is shared regarding your personal information. To do that, you’ll have to call 866-973-6587.
- Will filling out the CashUSA form to get matched up with a lender result in a hard pull on my credit?
No. CashUSA might do a soft pull which won’t hurt your credit score at all. If you move ahead with a loan through one of CashUSA’s affiliates, that lender may do a hard pull of your credit, and that can hurt your score temporarily.
- What if I have a problem paying my loan?
You should contact your lender directly to see if anything can be worked out. Always contact them before you miss a payment. If you know you’re going to have trouble making your payment, let them know upfront. Your lender will be more likely to work with you if they know you’re truly trying.
- I’ve been rejected everywhere else for a loan -- what are my chances of being accepted with CashUSA?
That’s hard to say, but if you meet all their criteria and you absolutely need money, it’s worth a shot. It only takes a few minutes to apply and you’ll find out quickly if a lender is willing to work with you. It is still a better option than being forced to take out a payday loan with a crushingly high APR.
Alternatives to CashUSA
Shannon is a mother of two and an award-winning journalist and freelancer who lives in Illinois. She obtained a bachelor’s degree in English from Illinois Wesleyan University before beginning her 20-year career in newspapers. When she’s not spending time with her children, she is often pursuing her favorite hobbies — running, metal detecting, kayaking, and reading about personal finance.