How It Works & FAQ's

Click on a question below to see the answer, or scroll down to view all questions and answers.

What is a "cash advance" or "payday loan"?

What can a payday loan be used for?

How long does it take to get approved?

How do I receive the cash?

Do I need collateral to get a payday loan from 123 CashNet?

How will I know when I've been approved for the loan?

Can I get payday loan from 123 CashNet even if I've declared bankruptcy or if I have bad credit?

Can I get a payday loan from 123 CashNet even if I have a payday loan from another company outstanding?

Do you perform any credit checks on me while you process my loan application?

Do I need to have direct deposit set up with my employer in order to be approved?

What is the maximum amount I can receive?

If I am approved, when will the funds be available to me in my checking account?

Is the information that I enter on the online application secure?

I prefer to apply over the phone, is this possible?

When do I have to pay my loan back?

Can I pay my loan back early?

Can I request an extension on the time allowed for repayment of the cash advance plus fee?

-- What is a "cash advance" or "payday loan"?
A cash advance or payday loan is a small, short-term loan (usually $500 or less) that is paid back plus interest on your next "payday."
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-- What can a payday loan be used for?
You can use the money for whatever you like. Typically, payday loans are used to pay a bill or make a purchase that must be made within a few days. Payday loans are intended as a short-term financing solution for cash flow problems, and should not be used as a long-term solution.
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-- How long does it take to get approved?
After you fill out the online application and sign and fax the required documents we will begin to evaluate your application immediately. We will have an answer for you as soon as possible - often the very same day.
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-- How do I receive the cash?
Your cash advance will be wired directly to your bank account.
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-- Do I need collateral to get a payday loan from 123 CashNet?
No, your job serves as your collateral.
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-- How will I know when I've been approved for the loan?
Upon approval you will be contacted by email or telephone.
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-- Can I get payday loan from 123 CashNet even if I've declared bankruptcy or if I have bad credit?
Yes. Your job serves as your collateral, and if you meet all of the requirements you are likely to be approved.
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-- Can I get a payday loan from 123 CashNet even if I have a payday loan from another company outstanding?
Yes, we allow you to have up to one other loan outstanding.
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-- Do you perform any credit checks on me while you process my loan application?
No, we evaluate your employment, banking and residence history as well as a number of industry resources that help us evaluate your application.
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-- Do I need to have direct deposit set up with my employer in order to be approved?
No. Direct Deposit is preferred, but it is not required.
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-- What is the maximum amount I can receive?
First time customers are typically approved for a maximum of $200-$300. After a consistent payment history with 123 CashNet, we often allow many of our customers to receive cash advances of up to $500.
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-- If I am approved, when will the funds be available to me in my checking account?
Depending upon your bank, the funds will most often be available in your account the next business day.

Important: Funds credited on Friday or Saturday will be available on Monday.
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-- Is the information that I enter on the online application secure?
Yes. 123 CashNet uses several electronic security measures to ensure that your private information is kept safe. All pages on our website that collect information utilize SSL 128 bit encryption and an SSL certificate issued by Thawte, a leader in internet security.
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-- I prefer to apply over the phone, is this possible?
Yes. Our Customer Service team is available Monday - Friday 10:00 am to 6:00 pm EST.
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-- When do I have to pay my loan back?
Payday loans from 123 CashNet are due on your following payday - and most loans are due in no more than 14 days.
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-- Can I pay my loan back early?
Yes. There are no penalties or ramifications for paying your loan plus fee back before the due date.
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-- Can I request an extension on the time allowed for repayment of the cash advance plus fee?
Yes, you may request a maximum of 4 extensions. Upon receiving your extension of payment request, 123 CashNet will debit an extension of payment fee on your original due date for the continued use of the cash advance funds. (Please refer to the extension of payment form on our website for details.)
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If you have any further questions please feel free to contact our Live Chat support representatives, call us at 1 (866) 392-3504 or email us at info@123cashnet.com.