Magnum Cash Advance – My Cash Now

Posted on | November 20, 2009 | 1 Comment

There are many potential alternatives to be Magnum cash advance that I normally write about. One of those alternatives is that of My Cash Now . The My Cash Now site provides a different method of obtaining a cash advance with similar results. Primarily the difference is that the My Cash Now loans are standard in that they adhere to a typical cash advance scheme wherein ideally the user repays the loan within a 14 day period. However, my cash now is different from traditional payday loans in that they will extend the repayment period on a loan for up to three separate payment periods.

One of the things you need to know when using this type of payday loan is how they handle the accrual of interest fees and how those interest fees affect the money that you owe. For this particular lender, My Cash Now, they choose to use a flat rate of interest, basically simple interest that is applied toward the entire balance that one borrows. What this means, is that if you borrow $100 from my cash now your fee will be $18.36. By looking at their rate tables on their website it appears that for every additional $100 that you borrow there is an additional $18.36 of interest to pay. However, they do appear to offer a special introductory rate of about 50% off of their standard rates for new customers. Additionally, it also appears they have something called a preferred members club wherein individuals that use the service frequently are able to benefit by receiving a lower interest rate for the cash loans they take.

The basic length of cash advances through My Cash Now is a 14 day pay cycle; however, in the event that you receive a paycheck only one time per month they do have special provisions to provide you with service as well. As stated earlier in the article they do understand there are times when lenders are unable to repay the full amount borrowed at the end of that 14 day cycle and in those special cases they are willing to grant up to three extensions for 14 days each to repay the loan. They do have special instructions on their site regarding the processes and procedures that need to be followed when requesting an extension if you have additional questions about how that works. Additionally they have special rules regarding the extensions where in they do require in some cases additional principles to be applied act against the initial amount borrowed. Their reasoning for this is very sound in that they realize perpetual cash advance borrowing can place customers at risk. By applying the additional principle against the amount bar the customer is able to pay down what they own while getting out from underneath the patent. My Cash Now, much like Magnum cash advance, emphasizes to its customers that cash advances and payday loans should be short-term solutions to emergencies or plan for seen immediate needs… not long term cash liquidity solutions.

On the My Cash Now site they detailed very specifically the requirements for their borrowers. These requirements are very straightforward and not complicated. In order to do business with my cash now you must be at least 18 years of age, have a bank account open for at least 90 days, and have monthly deposits of at least $1000 coming into your account. On their site they do stay that faxes are not required most of the time, however they do require employer contact information so that they can verify your current employment.

As always I hope this information has provided a little insight into how My Cash Now does business, and hopefully if you have to use their services you will already have some of the information that you need when approaching them about doing business with them. If you have to use their services or do end up using their services in the future please consider coming back here and sharing your experience with us so that others can benefit from your comments.

Cheers and good luck with your financial stability.

Magnum cash advances

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