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My Cash Now – Payday Loan Review

Review of My Cash Now Payday Loan Service

After reading my editorial review, please leave your own review in the comment section. You can click off the star ratings and leave a comment. You quick input will help other borrowers of Payday loans make a better decision on whether or not to do business with My Cash Now.

Before I start any review of a lender for our CLF readers, I check out the company website to see what I can read what THEY want to tell their prospective customers/borrowers. It makes perfect sense that our first course of action for any review, of any Payday loan company would start, and stay on the Internet. Of course MCN (My Cash Now) uses their site to promote their products and services in the very best light, so you will have to review their site for yourself with your tongue firmly planted in your cheek – so to speak

When you visit the My Cash Now website, you will notice their byline is as follows,

“Quick and Affordable Cash Advances”

and their mission statement says,

“MyCashNow’s goal is to provide our customers with quick and easy personal payday loans.”

The whole purpose of this post is to simply conduct a sort of preview, and let the actual customers and borrows review them for us. This is the whole idea of the new launch in our Payday loan reviews category. So the MCN site loaded quickly, and was easily manageable, so that is one good thing.

MCN’s referral program is a good thing to have for THEM and not so much for your friend or acquaintance. I mean what kind of friend suggests that you spend $18-$20 for every $100 you borrow.

MCN offers borrowers a “half price deal” for your first Payday loan. It’s sort of like the dealer offering the fiend a “free taste” so they are hooked – in this case the borrower could end up being caught up in the vicious cycle of Payday loan debt. Being a Payday loan debtor is no way to go through life – right!

MCN also claims that a bad credit rating won’t hurt you either. Most Payday loan companies claim this to be true. They know that you are going to be on the hook for your Paycheck at astronomical interest rates. This is not a total dig at the My Cash Now company, but a truth about any Payday loan lending institution.

Most Important Page on the My Cash Now Web Site (APR!)

The most important page on the MCN site is their fee structure page to figure out the true APR of their Payday loans. This is where you get the facts on their true APR costs. Take a serious and conscious look at the math here. Now you know why there are so many Payday loan companies – there is a massive amount of profit in this lending product. See on the bottom right of the page – there is an APR calculator you can use. For a 7 day loan your APR is 485.45%.

So for a typical cash advance loan of $1500 for 31 days, your total interest on the loan is $309.22.

My Cash Now Does Not Serve Some States

Before I started this review, I noticed that the MCN Payday Loan company does not serve the following States;

  • Maryland
  • California
  • Nevada
  • Colorado
  • Georgia
  • Kansas
  • Montana
  • Ohio
  • Tennessee
  • Arkansas
  • Virginia
  • New Hampshire
  • West Virginia

So if you DON’T live in one of those States, you can use My Cash Now to apply and get approved for a short-term loan. They use the Teletrack service, so you have to have a clean borrowing history. They don’t use Teletrack after you have proved to be a low-risk borrower.

Please leave your quick and honest review at the bottom of the page (past our loan calculator). Help others it’s fun!

PS – we DO NOT make a commission from My Cash Now if you use their lending services.