My Cash Now

My Cash Now is another popular payday loan company. Some of My Cash Now’s least requirements are: you have to make at least $1000.00 a payday or have fixed income deposits per month, you have to be at least 18 years old, and you have to have a checking account opened for 90 days or more. You do need access to a fax machine if you are applying for your first payday loan with My Cash Now. This is because you have to fax your current bank statement plus a voided check before your application will even be looked at. Plus if you have already sent these documents, but your last payday loan was over 90 days ago you will have to refax all the documents. If you do not wish to complete an application online with My Cash Now, then you can call to have a representative help you fill out an application over the phone. You can only have one My Cash Now payday loan at a time. That is per household or back account. If you do pay a loan off in full then you must wait at least four banking days before receiving another.

My Cash Now operates strictly through their website from the application to you receiving your loan to your payment. Your payday loan is electronically deposited into your checking account. When you have to pay back your loan My Cash Now debits your checking account for the amount borrowed plus interest/fees.

My Cash Now allows you to roll-over your loan three times. If you do decide to roll-over your loan you are only responsible for the finance charges and fees until your third roll-over. If you still haven’t paid your loan off in full by the third roll-over there are different fees then. If your loan is $599.00 or less then you must pay at least $50.00 plus fees until the loan principal is paid in full. If your loan if over $600.00 then you must pay at least $100.00 plus fees until the loan principal is paid in full. Then if you have not paid your loans off within 27 days of getting the added $50.00 or $100.00, depending on your loan amount then the minimum payments on the principal are doubled. So in other words pay your loan off or you are going to get yourself into more trouble than what you were before you needed the payday loan. My Cash Now makes you pay for every roll-over because the loan is suppose to be a short term loan. So you are not expected to be depending on this short term loan to turn into a long term situation.