Installment loans are a specific type of loan that the borrower pays back in chunks over a long period of time. Loans like student loans or mortgages are installment loans.
Installment loans are one of the most common types of credit available. The other is revolving credit, which refers to things like credit cards and lines of credit. While these have minimum payments and credit limits, you can use and pay them back on your own schedule.
CashNetUSA is an online lender that specializes in installment loans. The following CashNetUSA Review will give you a clearer picture of the advantages and disadvantages of taking out an installment loan through them.
CashNetUSA Review: Pros and Cons
CashNetUSA offers small payday loans, larger lines of credit, and specialized installment loans to borrowers. Payday loans are a type of emergency loan, designed to get you through a financial emergency to your next paycheck. The exact credit limit and credit rates all vary by state, with a full list is available on their website.
Advantages of CashNetUSA
CashNetUSA has an easy approval process: you can expect to receive your money by the next business day if approved. The application itself is quite simple. In some cases, you don’t even have to send in documents that verify your finances (only Illinois, New Mexico, Nevada, and Rhode Island residents need to send proof-of-income no matter what).
Depending on the state that you live in, you may be able to get approved in a matter of minutes, while some states require longer verification times.
Another advantage of choosing CashNetUSA is that the application does not affect your credit score. This is a huge benefit, as about 30 percent of all Americans have a poor credit rating.
CashNetUSA checks your credit rating through other sources. This means that your official score does not change, even as you gain access to loans.
Further, CashNetUSA is open to lending to borrowers with low credit scores. This means that you may be able to gain access to loans through them even if you would not be able to at a bank.
Disadvantages of CashNetUSA
CashNetUSA is only available in 30 states. This means that you may not be able to access any of their products, depending on your location.
Further, the varying interest rate by state means that it is hard to determine what you will actually pay. Installment loans can cost quite a bit of money over the long term, and you could find yourself paying double what you borrowed, depending on your state and how much you borrowed.
Borrow from CashNetUSA
As you can see from this CashNetUSA review, they are a great choice for borrowers who have poor credit scores and need access to money quickly. Their installment loans also offer a way to finance larger purchases than would be possible through lines of credit or payday loans.
For more information about online lending, check out this article on finding the best online loans.