MY CASH NOW REVIEW

  • MyCashNow is a direct lender based offshore in Bermuda.
  • They operate in all but 13 states in the US and have the same loan fees across all the states they service which is different to some of the larger lenders.
  • Their fees and APR is competitive and note that they give 25% off initial loan fees for new customers. You won’t even need to enter a mycashnow coupon code to get the reduced rate.
  • It’s worth mentioning that their fees are relatively low for shorter dated loans in the range of 7 to 14 days when compared to other lenders. On the other hand, it’s also worth noting that the fees increase steadily for longer dated loans, all the way up to their maximum term of 31 days. On these longer term loans, the MyCashNow fees come in at slightly above the industry average.
  • Returning customers can borrow up to a maximum of $1,500. New customers can borrow up to £1,000, which is relatively high for first-time applicants. In both cases the maximum amount will depend on qualification criteria.
  • Their renewal policy is mentioned both in the FAQ and Disclosure sections of their website but we found the description of the terms confusing. You can extend your original loan up to 3 times by paying only the finance charge and fees and leaving the principal but be aware that after the third extension you need to pay a sum towards the principal (on top of the fees due). Also note that any discounted rates (such as those for first-time customers) will revert to the standard rate if the loan repayment is extended beyond the original repayment date.
  • Check with My Cash Now directly to see if credit checks are carried out for loan approvals and if they can provide faxless payday loans in your state.
  • They do not run a same day transfer service, but lender funds are generally deposited via ACH for delivery next business day if approved before 7pm EST Monday through Thursday.
  • MyCashNow offer convenience programs such as MyCashCard which transfers your loan on a card that you can use in most shops like a debit or credit card and MoneyGram which allows you to collect your cash at WalMart or 16,000 other locations across the US.
  • They do not hold membership with the CSF Community Financial Services Association (CFSA) and have no rating assigned by the Better Business Bureau (BBB).
  • They are not members of the Community Financial Services Association (CFSA) and have not been assigned a rating by the Better Business Bureau (BBB).
  • The MyCashNow.com website online application process is secured.

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