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  • Report: #1044740

Complaint Review: CashNetUSA

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  • Submitted: Fri, April 19, 2013
  • Updated: Fri, April 19, 2013

  • Reported By: Elizabeth — Sandpoint Idaho
CashNetUSA
200 W Jackson Chicago Illinois 60606 Internet United States of America

CashNetUSA BEWARE!! BE WARNED!! DO NOT USE THIS COMPANY FOR A LOAN! RIP-OFF! Internet

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Like the others, I too was in a bind and needed fast cash so I got a Payday loan from CashNetUSA.  I realize that these are a short term fix and more times than not once you start getting these types of loans it is hard to climb back out of debt.  I received an email from CashNetUSA saying because I was a 'preferred customer' I now qualified for a line of credit.  I thought great!  It will help me get back on my feet again and get in the green.  Wrong!!!!  Do not fall for this!  Do not get money from CashNetUSA using their line of credit.  I will give you an example.  I borrowed less than $400.00 which was to be paid back in monthly payments, which they will not disclose the amount to you until a payment is due and then be sure you are sitting down.  My last statement (just received) has a minimum payment due of $154.37.  Of this $154.37 $92.76 is interest and they are charging a $20.00 transaction fee.  After loading on 2 months of interest at 299% the interest and fees charged are almost the amount of money that I borrowed and my balance, although paying huge monthly payments, hasn't gone down.  It goes up. The amount I now owe exceeds what my line of credit was.  Very little of the payment goes towards paying down the principal.  Almost all of the money goes towards paying an ungodly amount of interest and their fees.  This is the second billing statement and last months was almost identical with $16.00 of my $135.47 payment going towards the principal balance.  At this rate it will not take long before I owe CashNetUsa $1000 in nothing more than interest and fees.  I am disabled and on Social Security Disability.  This has put a real hardship on me.  I will go to my family and borrow the money to pay off this loan before it gets so large I can not get out from under it.  There really should be laws to keep companies like this from taking advantage of people who need to borrow fast cash but there isn't.  Apparently it is legal and they can charge any amount of interest and fees that they choose.

DO NOT under any circumstances get a Cash Advance loan from CashNetUSA unless you have a large cash settlement coming in a month or two or you plan on winning the lottery and you have the means to pay them off in a hurry.  Otherwise they will bankrupt you and clean out your bank account.  

This report was posted on Ripoff Report on 04/19/2013 08:15 PM and is a permanent record located here: http://www.ripoffreport.com/r/CashNetUSA/internet/CashNetUSA-BEWARE-BE-WARNED-DO-NOT-USE-THIS-COMPANY-FOR-A-LOAN-RIP-OFF-Internet-1044740. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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