Background
My Cash Now (mycashnow.com) was an online payday loan provider that offered short-term, small-dollar loans to consumers seeking fast cash advances. The company primarily targeted individuals with urgent financial needs who may have had limited access to traditional credit options.
History
My Cash Now was established in the early 2000s and quickly became a prominent player in the online payday lending industry. The company operated for over a decade, providing quick loan approvals and direct deposits for borrowers across the United States. However, My Cash Now faced increasing regulatory scrutiny and legal challenges related to its lending practices, including allegations of violating state lending laws and consumer protection regulations. As a result, My Cash Now ceased operations and is no longer in business.
Types of Loans and Fees Charged
Loan Types: My Cash Now specialized in short-term payday loans, typically designed to be repaid on the borrower’s next payday.
Loan Amounts: Loan amounts generally ranged from $100 to $1,000, depending on the applicant’s income and state regulations.
Repayment Terms: Loans were due in full on the borrower’s next payday, usually within two to four weeks of issuance.
Interest Rates (APR): The company charged high interest rates, often resulting in APRs exceeding 400%. Fees varied based on the loan amount and state laws.
Fees: In addition to finance charges, borrowers could incur late payment fees, returned payment fees, and other penalties if they failed to repay on time.
Locations
My Cash Now operated exclusively online and accepted applications from many states across the U.S. However, the company was not licensed in all states and did not serve residents where payday lending was prohibited or heavily regulated.
States Where Loans Were Offered and Not Offered
Available States: My Cash Now offered loans in states where payday lending was permitted by law. The exact list of states varied over the years as regulations changed.
Unavailable States: The company did not offer loans in states with strict payday lending regulations or outright bans, such as New York, Connecticut, Maryland, Massachusetts, and others.
Consumer Sentiment and Reviews
Consumer sentiment toward My Cash Now was mixed to negative. While some customers appreciated the speed and convenience of the loan process, many expressed concerns about extremely high interest rates, aggressive collection practices, and lack of transparency regarding loan terms. Numerous complaints were filed with consumer protection agencies, and some borrowers reported difficulty resolving disputes or obtaining customer support.
Current Status
My Cash Now is no longer operating. The website mycashnow.com is defunct, and the company has ceased all lending activities. Consumers seeking payday loans or alternative financial solutions should look for reputable, licensed lenders and carefully review all terms and conditions before borrowing.
