Payday Loan Alternatives May Offer More Flexibility
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Online payday loan alternatives from CashNetUSA.
When people are in a pinch for fast funding, they may look for bad credit loans to address their needs. For example, they might seek a cash advance, no credit check loan, emergency loan, title loan or payday loan.
CashNetUSA doesn’t offer title loans or payday loans, but we do offer lines of credit and installment loans. And we can offer them without performing a hard credit check with any of the main credit bureaus. Instead, we conduct an alternative credit check that uses other sources of data such as Clarity. Because of this, applying with us will not affect your FICO® credit score.
Loans from CashNetUSA offer greater flexibility than payday loans. With our line of credit, you receive access to a set amount of funds that you can access as needed. With our installment loan, you receive a one-time lump sum that you repay gradually over time.
To learn if our funding options are available in your state, check out our Rates & Terms page.
Payday Loans vs. CashNetUSA’s Fast Funding Options
Installment Loan
Line of Credit
How do payday loans compare with installment loans?
Payday loans and installment loans both provide a lump sum of money. However, installment loans are repaid gradually in “installments,” while payday loans typically need to be repaid in a single payment.
Loan amounts and the length of the repayment period also differ. Installment loans almost always offer bigger amounts and longer repayment periods compared to payday loans.
How do payday loans compare with lines of credit?
Rather than getting one lump sum of money, a line of credit provides a specific amount of credit that can be withdrawn as needed. It's repaid based on what’s been borrowed.
There’s a minimum payment due for each billing cycle (based on outstanding principal and fees). Unlike payday loans, you can make partial payments over time, or repay in full to reduce interest. As you repay, the money becomes available to draw from again.
Can I get a loan with no credit check?
Some lenders can offer loans without performing a traditional credit check. Instead of determining creditworthiness from your traditional credit report, these lenders may verify your income, employment status and bank account information. Whether you can get a loan would then depend largely on those factors — especially having verifiable income to show you can repay the loan.
More commonly, lenders may perform a “soft credit check,” which is a credit check that doesn’t leave a hard credit inquiry on your FICO credit report. Here are some ways to improve your financial picture — regardless of if you’re able to get a loan with no credit check:
Build or repair your credit. By improving your credit history, you can qualify for better loans with lower interest rates in the future.
Explore government assistance programs. Some government programs offer financial assistance that may help you avoid high-interest loans.
Talk to a financial advisor. Find a free credit counselor or advisor that can help you explore other options and create a plan to manage your finances better.
What type of loan is easiest to get with bad credit?
When you have bad credit, getting approved for loans can be challenging, but some types of loans are easier to obtain than others.
Online Personal Loans
Some online lenders offer installment loans or lines of credit for borrowers with bad credit. These loans may provide longer and more flexible repayment structures, which can make them more manageable compared to payday loans.
Secured Loans
Secured loans are backed by collateral, which reduces the lender's risk. Those typically include title loans, secured credit cards, secured personal loans and home equity lines of credit.
Credit Union Loans
Credit unions often provide Payday Alternative Loans (PALs) — small, short-term loans with lower fees and interest rates compared to traditional payday loans.
Co-signed Loans
If you have a friend or family member with good credit who is willing to co-sign a loan, you may be able to qualify for a traditional personal loan despite bad credit.
What sets us apart.
Fast Funding
We understand how crucial it is to get the money you need, fast. You can get an immediate decision* and funds as soon as the same business day if approved before 1:00 p.m. CT on a weekday.†
Alternative Credit Check
Everyone deserves an opportunity for credit, even if their credit score is less-than-perfect.* That's why we base our eligibility decision on your overall financial picture — not just your credit score.
Data Security
The safety of your personal information is our top concern. We hold ourselves to strict data security protocols to keep your information safe and secure from potential threats.
Customer Support
We're with you every step of the application and funding process. You can call and talk to a real person seven days a week if you have any questions.
Proven Experience
We're part of the publicly-listed company Enova, NYSE:ENVA. Since 2004, we’ve helped more than 4 million people get their finances back on track.
Learn more about payday loan alternatives.
Online payday loans are short-term, small-principal loans that you can apply for using your mobile device or computer — sometimes with no credit check. These online loans are often used to take care of unexpected expenses and are repaid upon a borrower’s next payday.
CashNetUSA offers alternatives to payday loans in the form of lines of credit and installment loans. For more information about what is available in your state, visit our Rates & Terms page.
There are several payday loan alternatives that may be able to help you access cash without the financial risks that can come with payday loans. Keep in mind that the "best" loan option is the one that is best for the individual person.
Personal loans. Personal loans generally refer to installment loans, which often have lower interest rates and better terms compared to payday loans.
Credit card cash advances. If you already have a credit card, a cash advance can be a cheaper option than a payday loan. However, be cautious, as cash advances often come with high interest rates and additional fees.
Nonprofits or government assistance. Some nonprofit organizations or government programs offer emergency financial assistance or low-interest loans to help with unexpected expenses. These can be a good option if you need money for basic needs like housing, utilities or medical bills.
Borrowing from family or friends. While not ideal or possible for everyone, borrowing from family or friends can be a way to avoid interest and fees. Just be sure to set clear repayment terms to avoid straining relationships.
CashNetUSA currently operates in 12 states: Alabama, Delaware, Idaho, Kansas, Louisiana, Mississippi, Missouri, South Carolina, Tennessee, Texas, Utah and Wisconsin.
In order to be eligible to apply with CashNetUSA, you must:
- Be 18 years of age or older
- Receive a verifiable, steady source of income
- Have an active checking account
- Be a U.S. citizen or permanent resident
Depending on where you live, you may not be eligible to apply with CashNetUSA. Check out our Rates & Terms page to learn which products (if any) are available in your state.
A payday loan is a form of personal loan. However personal loans commonly refer to installment loans. The main differences between payday loans and installment loans are the repayment periods and loan amounts. Normally, payday loans are issued for smaller dollar amounts than installment loans and are repaid with your next paycheck.
Installment loans, on the other hand, can be issued for larger amounts of money than payday loans, depending on the borrower, location and lender. The loan repayment term for an installment loan is also typically longer, which can range from a few months to a few years.
At CashNetUSA, we strive to provide a fast and hassle-free funding process. Customers are generally funded the same day if their online application receives approval before 1:00 p.m. CT Monday - Friday. Applications approved other times are generally funded the next business day.† The exact timing of receipt of funds depends on the customer's banking institution.