Cash netusa payday loan eligibility deadline pushed back to next month
Cash netusas payday loan program has a minimum $20,000 annual limit and some lenders say applicants can’t borrow more than that.
But some borrowers, like a 20-year-old college student from Texas who requested to remain anonymous, are being denied the chance to repay the loan, according to the Texas Commission on Human Rights.
Cash netuses program allows borrowers to get a $20 monthly payment plus interest to help pay for the costs of paying rent, mortgage, groceries and other bills.
But the borrower can only borrow up to $24,000 annually, so he can’t get more than $24 a month.
The program also caps how much cash a borrower can borrow per month, and lenders typically require borrowers to pay $1,000 a month in monthly payments, even if they can pay that much in cash.
Cashnetusa said it will offer the same repayment plan to new applicants, but that it will have to limit the loan to $18,000 in cash to cover the cost of its own security.
A spokesperson for the company said the minimum annual limit for the program was raised from $20k to $20.5k in August.
But that increase is temporary, and the company expects to see the limit reduced in the future.
In an interview with WFAA-TV, an attorney for the Texas commission said borrowers should apply for a payday loan only if they are unable to afford the $18k loan.
The attorney also said applicants have the right to appeal their rejection.
The Texas commission, in a statement, said it wants the program to operate smoothly.
“Our goal is to maintain the integrity of the program by allowing as many eligible borrowers to apply for payday loans as possible,” it said.
“The program must be fair, reasonable and fair for all borrowers, regardless of race, color, religion, national origin, disability, sex, sexual orientation, age or veteran status.”
The state commission also said it does not have the authority to change the loan terms and interest rates.