What is My Cash Now Loan?
Mycashnow-loan.com is not a lender and does not make any loan decisions. This is an intermediate service which tries to match you with a lender providing online payday loans with competitive rates. According to the website, they do their best to ensure that its clients are informed well and treated with respect. They say customers are not required to visit different banks and can apply for a loan at home.
The website lists a number of advantages of My Cash Now Loan. Fiest of all, they guarantee a very simple online process which will be processed very quickly. Besides, the intermediatory mentions that there is no need to submit any documents. They claim to be the best solution for all quick financial needs. They will ensure that a customer will get funds from the most trusted lender in the financial market.
|Loan types||Min.amount||Max.amount||Period||APR||Documents||Bad credit|
|Payday loans||$100||$5000||Varies by lender||Varies by lender||Social Security number, Driver License No.||Yes|
Types of My Cash Now Loans
Using this service, customers can get short-term loans helping people to get some extra money prior to the day they get paid. The amount of available loans ranges between $100 and $5000. Customers can use the funds for any financial problems such as paying medical bills, utility bills, buying the desired goods, going on a vacation, and so on.
After the customer has been approved for a loan, the lender transfers money to his checking account the same day or next business day.
Since My Cash Now Loan is not a lender, they cannot guarantee that applicants will be connected with a lender or approved for a loan.
The website advertises that using this website customers can get from $100 to $5000 but the footnote specifies that not all lenders from the network can provide only $1,000 and not all of them can approve the loan amount a client requested. It is mentioned that the maximum approved loan amount depends on several criteria: the client’s verification and qualification. According to the website, some clients may be required to fax documents to confirm its identity and paying capacity.
The website mentions the common eligibility criteria for getting a payday loan: an applicant must be at least 18, legally reside in the USA, be employed for at least 90 days, have an income of at least $1000 a month, a checking account, working and home phone numbers, and email address.
Exact loan terms and rates vary by lender and state and will be specified by a direct lender.
According to the website, you may qualify for a loan even if you have another loan. But you’ll need to inform the lender about having this loan.
My Cash Now Loan guarantees an easy application process. You can apply for a loan on the website 24 hours a day, 365 days a year. You will be required to provide the following details: name, phone number, email address, driver’s license/state ID, account number, income information, and so on. As soon as your application is complete, the service will attempt to match you with a payday loan lender.
The website illustrates the following advantages of this service: no need to fax documents (in most cases), quick online approval, money transfer the same day of approval:
However, the footnote below specifies that an applicant should have a printer in order to print out the documents and fax the last bank statement and a pay stub to the lender. So the website provides a confusing information and requirements and I am still not sure whether I should fax documents to the lender or not.
Mycashnow-loan.com claims that it is easy to repay the payday loan. The agreed amount will be automatically withdrawn from a client’s banking account after the payday. So customers need to ensure that they have the sufficient amount of money available. As soon as clients cancel the loan, they will get an opportunity for applying for a new loan. It’s mentioned that funds transfer times vary between companies and may depend on the bank. Loan repayment terms also vary by lending institution and state of residence.
Clients of this service should bear in mind that late or missed payments will result in increased interest rates or even penalties. Lenders may start collection process and the state laws will determine how much non-payment fees a company can charge. However, if the lender is an active member of CFSA, customers will not incur criminal charges. The company recommends contacting credit counseling if customers have problems repaying a loan.
Since all lenders offer various payment terms and methods, I advise you to confirm these details before signing a loan agreement.
My Cash Now Loan mentions that in some cases customers may be allowed to extend a loan period. A loan extension must be requested by contacting the direct lender some days before the due date. However, customers will have to pay additional fees for this option.
The extension availability varies by state. There are states that allow many loan extensions and there are companies that do not allow this practice at all. The members of Community Financial Services Association of America usually provide customers with an extended payment schedule once every year.
If you have cleared the loan payment, you can apply for a new loan after 2 hours.
MyCashNow-Loan.com Bad Credit
The intermediate service cannot guarantee that all clients with a bad credit score will qualify for a loan since the lenders from its network have a right to perform a credit check in order to verify the information provided by an applicant. However, even if a client has a bad credit, no credit, bounced checks, bankruptcy, and other negative credit-related issues, he may still be approved for a loan.
Technical Characteristics of MyCashNow-Loan.com
Regretfully, MyCashNow-Loan.com does not use any encryption on its official website. This means that an outsider or hacker may be able to steal your sensitive personal information. Besides, I came across some reports regarding the security of personal data held by the website. According to them, My Cash Now has been accused of selling customers’ personal details to the third parties. Some of these users say that their banking accounts were hacked into a few days after they were approved for a loan.
Considering this, I conclude that your personal information submitted via this website is at risk.
Checking Mobile Version
60% of users visit the Internet from mobile devices, and this figure is growing every day. Websites adapted for mobile devices make the resource simple and easy to use. The user does not need to waste time and nerves to find the right menu item or see the small font – mobile versions completely solve these problems. MyCashNow-Loan.com is well displayed on any device (and, by the way, looks almost the same both on the computer and on the phone).
There is no need to scroll the page to find the necessary section. Content is targeted to the needs of mobile users. All unpopular sections are abolished, only the most necessary ones remain. Lightweight functionality provides fast loading. This is especially important when you consider that according to statistics, more than 80% of users leave the site after 5 seconds of waiting for the download. Besides, you have a freedom of choice – you always have the option to upgrade to the full version.
Online lender websites (and intermediaries) must be 100% secure. All trusted websites use antivirus programs in order to protect sensitive data of customers from hacking. Regretfully, this website does not have an antivirus installed. I think it’s a sufficient disadvantage which must be eliminated.
The Convenience of Using MyCashNow-Loan.com
The company guarantees an easy and speedy online application process. Applicants need to fill out the inquiry form at the website and then wait a bit as MyCashNow matches them to a large network of online lenders. According to the website, it will take as few as just 2 minutes to complete this form which includes 3 parts: personal information, employment information, and banking details:
In the case you are approved for a loan, you will be redirected to a direct lender’s website, where you will be able to read the detailed terms (rates and fees) of your loan. If you are ready to accept the offered terms, the funds will be deposited into your banking account.
According to the intermediatory, a direct lender will receive your online application within seconds. Then the company will contact you and will ask to provide additional information (fax number) in order to send you some documents and you will also have to fax them a few things including your paystub.
I think it’s not very convenient to use a website which does not specify the exact loan terms and rates in advance – you can see them only after you have completed an application. It would be unpleasant for me to submit personal and sensitive details and then find out that the terms are not satisfying.
Is MyCashNow-Loan.com Legit?
According to ScamAdviser, MyCashNow website has a trust rating of 95% out of 100% and looks safe to use:
The analysis revealed that the domain was over 4 years. The site is located in the United States, constantly refreshed and loading very fast. However, the website’s popularity is unknown and according to ScamAdviser, this type of site may have some associated risk.
I expected to find testimonial section at the native website of MyCashNow but there are no reviews from customers who have used this online service in order to get a payday loan. So I cannot say for sure whether this company has a good or bad reputation. Even though this website is a link between an applicant and a lender. I recommend the website’s owner to let customers share their experience with this service. I had to search for testimonials from independent online reviewers.
Reviews on Third-Party Websites
I found dozens of MyCashNow reviews on third-party websites and regretfully nearly all of them were negative. Only a few people said that MyCashNow was a solid payday loan company with competitive rates and excellent discounts. However, all other users accused this service of providing their personal details to the third parties. They say the website’s security practices are troubling.
One of the users received a call from MyCashNow.com phone number stating that he took a payday loan out with them in 2010 and now he owed them a huge amount of money. By the way, this person had not taken any loan with this company.
All these testimonials testify that when using MyCashNow-Loan, your personal details are at risk. Numerous reviews evidence that the website shares customers’ sensitive information to the third parties. And this fact makes me worried. Obviously, you cannot trust this online service.
Regretfully, there is no contact information on the website. I have found only a contact form which can be used to get in touch with the company’s customer support. Even though MyCashNow is a link between the applicant and the lender, they could have provided at least an email address and phone number. I would like to use websites that are as transparent as possible.
The footnote at the bottom of the main page informs customers that this service is not available in all states, and they may change from time to time without notice. This is all information about locations I could find. No exact states are mentioned. Obviously, this is because of the fact that MyCashNow cooperates with lenders from various states.
Getting a Consultation
For questions regarding loan terms and rates, customers must contact their lender directly. MyCashNow cannot answer such questions since it is only an intermediatory. However, there is a way to reach the customer support group of this online matching service. You can fill out a contact form which is available on the main page and they promise to quickly respond to all questions and concerns.
I decided to figure out the number of lenders operating with this online service and fill out a contact form. An auto-reply informed me that the reply would come in a few hours to the provided email address. But the answer never came. That’s why I conclude that the customer support of MyCashNow loan service is poorly organized or the service is not active.
MyCashNow-Loan.com is service connecting customers with payday loan direct lenders. I cannot recommend this website since it has NO advantages but does have serious risks. I am very concerned about the website’s reputation because I found only negative reviews on the net. Dozens of customers accused this company of selling their personal data to their parties. As a result, they received calls from lenders stating that they owed huge sums. I conclude that this website is not safe and there is no way you should ever use it for finding the best lender. The final trust-rating for MyCashNow-Loan is 2.8 stars out of 5.