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MyCashNow Payday Lender Review From: MyCashNow

Easy application form Quick deposit Extensions available

High interest rate Cyclical in nature Poor customer service

MyCashNow is comparable in interest rates to other online payday loans but should be viewed as a temporary solution.

MyCashNow (PayDay Loans) Review - How does it compare to others lenders?

Bank account is overdrawn. Credit card is maxed. Rent is due. Refrigerator is empty. Car is on E. House is lit by flashlight. Yes, these are all reasons to rage into financial hysteria. If you aren’t blessed with an uncle who’s listed on the Forbes 500 or parents who allow you to crash in your childhood bedroom until you actually move them into a retirement home, you are on your own. Five words we all hate to hear: You are on Your Own.


So, what now? Swallow that tough pill, don’t fret and remember that misery loves company. We’ve all been there at one time or another. We’ve all had a taste of financial concern. Believe it or not, even those uncles who topped out on the Forbes 500. (After all they had to start somewhere didn’t they?)

We’ve established the need for extra pocket change (not in the way of “Save it for a rainy day” kind of situation – But now. Right now!). Instead of holding tight to the flashlight because the electricity is still off, you do the classic Pro vs. Con list.

  • Better job vs. Three months until benefits kick in
  • Smaller apartment vs. Damage deposit due immediately
  • Take public transit vs. Limited accessibility to better job and smaller apartment

It becomes a maze of confusion and if you’re not careful, you can be swept out into a sea of overdue bills. Light bulb moment – Payday loan. Specifically, MyCashNow. You’ve heard about it. You’ve seen it highlighted in your search engine. Apply. Apply. Apply. “It’s my cash… Now. Right now!” you think.

Wait a second. Hold the phone. Back up that bus. Before you go calling it ‘your cash’, let’s investigate a little. As a first time borrower, MyCashNow extends a delightful offering of 25% savings. It also permits borrowers the option of extending their loan should purse strings be even tighter the next go-round. Application is a snap and bad credit is OK.

On the negative side of things, break down that discount of first time borrowers. As stated on their homepage, MyCashNow has boldy indicated that virgins of this company only incur 364.09% (or, $13.97) in fees/interest APR. Unfortunately, it’s not likely that you’re hunting just a hundred bucks; instead you need to catch up on more than one outstanding bill. Why not take out the maximum loan amount? Well, because this can head south. Think: Antarctica-type south.

The guts of MyCashNow: As with most other payday loans, MyCashNow has a guideline for accepted applicants, this includes:  proof of age (18+), job verification and a valid checking account (opened for at least 90 days and illustrating a minimum deposit of $1000/mo). The application can be done via website or telephone and funds are typically transferred within a day or two (with consideration given to weekends and holidays). The site itself is straight forward and is clear in regard to FAQs.

The company, based solely on research, smells a little fishy. Numerous claimants state that additional fees were withdrawn from their accounts while some were bombarded with harassing phone calls (with personal information divulged on shared voicemail systems; a violation of the Privacy Act). Complaints have also been filed on numerous message boards where some cite the inability to contact customer service representatives to discuss delinquent payment.

Regardless of your situation, you must view MyCashNow as a temporary solution to a bigger issue. It’s easy to become reliant on payday loans as each paycheque dwindles away on interest alone. Trust your instinct and take a realistic look at your financial future. If you don’t feel comfortable with all the additional fees needing to be paid out, refer to your family tree… Just in case you do have a rich uncle.

Date Reviewed: November 1, 2011, 4:37 am
Reviewed by melissamac
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Reviewer has: Never Tested
Reviewer has never tested this product, all content in this review is purely based on speculation and should be treated as entertainment only.

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