CashUSA.com Pros and Cons
- Quick and convenient – lenders come to you
- Loans tailored to your history and needs
- Works in all 50 states
- Loan terms are easy to understand
- Not a direct lender
- Maximum loan amount $10,000
- Interest rates up to 35.99%
- CashUSA profits from selling your contact data
- No way to know which lenders view your loan request
What is CashUSA.com?
CashUSA is an online lending marketplace that helps connect borrowers with lenders.
Rather than financing or servicing loans themselves, CashUSA processes your loan request and connects your profile to lenders that will work with you. The lenders in CashUSA’s extensive network offer unsecured personal loan services, which means you don’t have to put your car or house up as collateral.
That also means that you can use the cash for any reason, such as paying for emergencies, medical bills, your education, or even a new pool! Though we don’t recommend that last one. They also connect you with loans financed by Native American creditors, as borrowers who can’t qualify for a traditional loan might qualify for a tribal loan instead.
However, because institutions on tribal lands don’t usually have to comply with state laws regarding interest rates, fees, and other terms, these may prove more expensive in the long run. Always check the fine print before signing!
Regardless of the type of lender, CashUSA allows you to submit loan requests ranging from $500 to $10,000. Once you have the money, you start paying back your installment loan over the course of 3 to 72 months, depending on your lending agreement.
The APR on these loans ranges from 5.99% to 35.99% based on your creditworthiness, income, and other factors.
How Does CashUSA.com Work?
To get a loan through CashUSA, all you have to do is submit a single form on their website. At this time, no mobile app is available. You start the process by providing your name, email, and the amount you need.
Then, you fill in a variety of personal and demographic information such as your:
- Approximate credit range (poor, good, excellent, etc.)
- Social Security Number
- Driver’s license or other ID
- Bank account type and deposit information
- Whether you own a car or house
- How much and often you’re paid
- Official job title
While this may seem like a lot of information, the process only takes a few minutes – and you only have to do it once. After you verify that your information is correct, CashUSA sends your completed form to lenders in their network to review the loan request.
One of the most beneficial aspects of using CashUSA is that your loan request is submitted to relevant lenders.
In other words, lenders who won’t work with you based on your demographic information, loan maximums, or other factors are tossed from the mix as CashUSA sorts your opportunities. If a lender approves your loan request, you’ll be redirected to the lender’s page and be able to review the loan offer. This speed, efficiency, and convenience are what make CashUSA unique and advantageous to use. At this time, it’s crucial to look over the terms before you accept a loan, as each lender may have additional requirements. You’ll also want to examine the APR and repayment term.
If you agree to the terms, CashUSA will connect you to the lender to finish the financing process. Typically, funds will appear in your bank account within 24 hours of approval.
But if you don’t agree, you’re under no contractual agreement until you sign on the dotted line, and you can walk away penalty-free.
CashUSA Features and Benefits
Easy Online Process
At CashUSA, the online process takes only minutes to complete. Their forms are simple, navigable, and secure – and you can fill it out in just minutes!
Receive An Offer from a Lender
CashUSA does ask for a lot of information upfront, including demographic, identifying, and employment data. The purpose is to better connect you with a lender that will work with your situation. The more details you provide, the better your chances.
Fast and Convenient
Despite the amount of information requested of you, filling out the online form is actually pretty quick, painless, and straightforward. And after you hit submit, your online form is processed within minutes (compared to a traditional bank that may take days).
Unlike some competitors, CashUSA works with lenders that service loans to individuals with all backgrounds. That means credit requirements vary depending on the lender; however, all credit profiles are accepted.
In order to submit a loan request, CashUSA only requires you to be 18e a minimum income of $1,000 per month, be a U.S. citizen or permanent resident, and have a bank account, email address, and phone number. That’s it!
Because CashUSA is not a lender or financier of any kind, their service is free of charge for all users. Any fees or interest you pay will be determined by the third-party lender under the terms of your loan agreement.
That said, there is a catch (more on that below).
>> See: The Best Credit Repair Companies
CashUSA May Sell Your Data
We mentioned a catch, didn’t we?
While CashUSA is free to use, they have to make money somehow. And that somehow is by selling “limited information” such as your name, phone number, email address, and credit rating.
They can’t sell your sensitive information such as your banking details or Social Security Number, though – so don’t panic! CashUSA may sell this data to marketing partners such as debt relief officers or credit repair institutions if you indicate that you have bad credit.
You may also receive loan offers from lenders even after you close your loan. That said, you’re not without recourse: you can unsubscribe from individual offers or add your name to the “Do Not Call” registry if you’re not interested.
You May Not Get the Best Loan Terms Upfront
Another way that CashUSA.com makes money is from the lenders to which they connect you. While their service is technically free, only using CashUSA may result in you paying a higher interest rate than you might elsewhere.
Particularly, CashUSA.com states in its disclosure policy that “Many factors impact which lender we connect you with, but how much the lender or an intermediary third-party lender networks pays us has a big impact…. So, if you receive a loan offer, it is likely from the highest bidder and not from the lender offering the best loan terms.”
CashUSA used to advertise that it ran no credit checks and required no credit check information.
However, their policies have since been updated to reflect that they or their lending partners may “obtain consumer report information from your credit profile in order to o a credit check, verify your information…[and] review your creditworthiness.”
High Interest Rates
CashUSA’s lax borrower requirements provide relief to those with all kinds of backgrounds.
However, they may also lead to potentially higher interest rates – especially if your particular lender doesn’t run a credit check. It’s not uncommon to receive an interest rate on the upper end of CashUSA’s advertised 5.99% to 35.99%.
Who is CashUSA.com Best for?
CashUSA is best for individuals with bad credit who don’t qualify for loans from traditional lenders.
They’re designed to provide customers access to working capital for any need. (Just be sure you can pay it back!)
CashUSA.com Terms and Requirements
CashUSA has unusually lax loan requirements for borrowers. In order to submit a loan request, all you need is to be over the age of 18 and have minimum income of $1,000 per month. Additionally, you must:
- Be a U.S. citizen or permanent resident
- Have your own checking account
- Provide an email address and phone number
How Does CashUSA Compare to Other Loan Options?
#1. Personalloans.com vs. CashUSA.com
Personalloans.com is a website that offers peer-to-peer and installment loans of $500 and $35,000 – over triple the amount that CashUSA offers.
Their loans are otherwise similar, with a 5.99% to 35.99% APR range and terms between 3 to 72 months.
>> More: Personalloans.com Review
#2. Badcreditloans.com vs. CashUSA.com
Badcreditloans.com is a CashUSA alternative that services primarily bad credit loans.
Similar to CashUSA, they carry many of the same terms: APR of 5.99% to 35.99%, $500 to $10,000 loans, and terms ranging from 3 to 72 months.
>> More:Badcreditloans.com Review
#3. Avant Personal Loans vs. CashUSA.com
Avant Personal Loans offers loans between $2,000 and $35,000 at estimated APRs of 9.95% to 35.99%.
While their interest rates and minimum loan amounts are higher than those at CashUSA, they also work with borrowers who have credit scores as low as 550.
>> More:Avant Personal Loans Review
Frequently Asked Questions
Is CashUSA Safe?
The CashUSA site is modern, safe, and secure, as they use advanced encryption technology to transmit your data. They also vet all direct lenders to ensure and uphold their reputability.
Does CashUSA Run a Credit Check?
CashUSA.com used to advertise that it ran no credit checks.
However, the company has since updated its policies to state that it “may conduct a soft credit inquiry” to check your eligibility.
The site also notes that “lenders will more than likely conduct a credit inquiry” before offering you a loan, which may influence your APR.
Is CashUSA Free to Use?
CashUSA is entirely free to use. But as we covered above, they may sell some of your contact information to their marketing partners.
Is it Hard to Get a Loan from CashUSA.com?
That depends on you! CashUSA sends your loan request to a network of lenders, many of whom work with people with different backgrounds and income level.
How hard it is to receive a loan offer depends on factors like:
- How much you need
- Your credit history
- Whether you own a car or home
- Your income
- And a lender’s internal policies
How Does CashUSA.com Affect Your Credit?
CashUSA’s soft credit check won’t affect your credit score at all. However, lenders may run a hard credit check before finalizing a loan agreement, which can temporarily (slightly) lower your credit score.
Of more concern is your ability to repay a loan on time and in full. If you make late payments or default on the loan entirely, your lender may report your delinquency to the three major credit bureaus, which can negatively impact your credit score.
What are the CashUSA.com Requirements for Borrowers?
CashUSA.com has very lax requirements for borrowers. There’s no hard credit check upfront, and and they do work with borrowers with different backgrounds.
In order to submit a loan request, all you need is to be a U.S. citizen or permanent resident over the age of 18 with a minimum income of $1,000 per month.
You’ll also need a checking account, email address, and phone number to complete the form.
How Fast are CashUSA.com Loans Approved?
CashUSA states most borrowers receive funds within one day of approval. However, your waiting period will depend on your lender and how quickly you accept a proposal.
Bottom Line: CashUSA.com Review
CashUSA is an online marketplace that pairs prospective borrowers with potential lenders. Their service is safe and secure – though they do sell some of your data to marketing partners in exchange for using their free service.
Keep in mind that CashUSA is a marketplace, not a lender. The difference is that CashUSA will help you find a company to loan you money, but they won’t finance the loan or send you the money.
As such, when you’re partnered with a lender, be sure to check their policies, APR, fees, repayment period, and reputation before accepting a loan. While CashUSA does vet their lenders to the best of their ability, the onus is on you to do due diligence before signing the dotted line.
Moreover, CashUSA does work with people who have financial hardships. But because of that, you may receive proposals with higher interest rates than if you shop around on your own first.