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Have you recently taken out a loan with CashNetUSA and are wondering what happens if your payment is returned by the bank? In this article, we will discuss everything you need to know about what happens if your CashNetUSA payment is returned and whether they will resend it through. With a thorough understanding of the process, you can make informed decisions and avoid any potential financial consequences.
Before diving into the details of returned payments, let's first understand how the payment process works at CashNetUSA. When you take out a loan with them, you are required to provide your bank account information for automatic payment withdrawal on your due date. This payment method is convenient for both parties and ensures timely payments.
If there are not enough funds in your bank account on the due date, your payment will be considered returned by the bank. In this case, CashNetUSA will charge you a returned payment fee, and the lender will likely charge a non-sufficient funds (NSF) fee as well. Additionally, your bank may also charge an overdraft fee if the returned payment causes your account to go into a negative balance. It is essential to ensure that there are enough funds in your account to cover the loan payment to avoid these fees.
Now that you understand the payment process and the potential fees involved, let's discuss what happens if your payment is returned by the bank. The first thing that happens is that CashNetUSA will contact you to inform you of the returned payment and the associated fees. They will also offer you the option to resubmit the payment to avoid any penalties.
If you decide to resubmit the payment, CashNetUSA will attempt to withdraw the funds from your account again after a couple of days. However, this time, they may charge you a second attempt fee, which is usually lower than the returned payment fee. This fee is charged to cover the additional costs that CashNetUSA incurs in trying to process the payment a second time.
If you do not have enough funds in your account to cover the payment, and you do not want to be charged a second attempt fee, you can contact CashNetUSA to discuss alternative payment options. They may offer you an extended repayment plan or suggest making a manual payment through a different payment method.
Now, the question you may be wondering is whether CashNetUSA will automatically resend a returned payment. The answer is no; they will not automatically resubmit the payment without your consent. This policy is in place to protect both the lender and the borrower from incurring additional fees and penalties.
If you do not want to pay the second attempt fee, you can choose to make a manual payment through a different payment method, as mentioned earlier. CashNetUSA accepts payments through a debit card, money order, or cashier's check. It is essential to communicate with the lender and inform them of your preferred payment method and the date you will make the payment to avoid any confusion or late fees.
In some cases, CashNetUSA may also offer to split the payment into smaller amounts over a period of time to make it more manageable for you. It would be best to discuss this option with them and come to a mutually beneficial agreement.
To sum it up, if your CashNetUSA payment is returned by the bank, you will be charged a returned payment fee, and the lender may also charge an NSF fee. You can choose to resubmit the payment, but this will incur a second attempt fee. If you do not want to be charged this fee, you can contact CashNetUSA to discuss alternative payment options. They will not automatically resubmit the payment without your consent to avoid any additional fees. It is crucial to communicate with the lender and keep them informed of your payment plans to avoid any confusion or late fees. We hope this article has provided you with valuable insights into what happens if your CashNetUSA payment is returned and how you can handle it effectively.
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