My Cash Now
mycashnow.com
My Cash Now realizes that certain states such as Connecticut don’t technically allow the traditional use of payday loan services so has set up this portion of their company to work with a lender based in Anguilla, B.W.I. By operating from a location outside the US, they are free to conduct their business without having to abide by individual state laws that can be very limiting. This can be both good and bad. Good because you can get a payday loan no matter where you live but bad because in some cases you may borrow more than you actually need and end up paying back more than you would have liked.
As long as you read all of the information provided by the lender carefully you won’t be surprised by high interest rates or fees. Companies like this may offer much larger loans than traditional US lenders so it’s a good idea to only borrow what you need and pay it back as soon as you can. It can be very tempting to get a large amount to pay back over a long period of time but this should only be done in rare cases and if you truly need that much right away for emergency use.
What They Offer
My Cash Now offers you extremely competitive rates on loans that can exceed $1000 if you qualify. The amount you can borrow is determined on many different factors. When your paydays are, how much you make per month (after taxes) and the validity of your references are all very important factors that will help you get approved.
As payday loans aren’t allowed in Connecticut, a loan you receive from this company will be called just a “loan” or a “short-term” loan instead. If you know others needing a service like this, My Cash Now has a $100 referral program if someone you know is approved.
Where They Are Located
This company is headquartered in the US but the lender is in the British West Indies where regulations on payday loans are more relaxed. This allows them to cater to more places around the world and provide loans to people who live in strict or restricted areas.
The entire loan process is completed online and the website is extremely secure so you don’t have to worry about a third party intercepting any of your personal information. You can apply no matter where you are though some states are not allowed to use this service. For a list of prohibited states, see the list at the bottom of the My Cash Now website.
Rates/Terms
The official website will work with you no matter what your credit situation is like and states that new customers receive 25% off the fees and interest rates of their first loan. You’ll pay $13.97 in interest for every $100 borrowed if this is your first time using them. This rate will change after your first loan but you’ll need to contact them for that specific information. First time borrowers will have an APR of 363% on a 14 day loan which is quite low.
