Tuesday, August 12, 2014

Getting a Loan From MyCashNow

Looking for MyCashNow.com ?

 My Cash Now
MyCashNow was a direct cash advance lender operated by SupportSeven LLC out of Chattanooga TN.  The service and website ceased operation in August 2013 after a ruling from New York Bank regulators that the firms lending practices did not meet U.S. banking guidelines.  The company owner, Carey V. Brown, claims its payday loan websites were not subject to U.S. banking regulations since they were operated overseas.

SupportSeven is contesting the ruling and intends to resume 
emergency loanoperations in the near future.   If you previously had an account open with MyCashNow, you will need to open a new account with a different lender for the time being.
ay loan and cash advance service lenders comply with U.S. banking regulations. 
The following payday loan and cash advance services were operated by SupportSeven and have ceased operations;

  • MyCashNow.com
  • PayDayMax.com
  • DiscountAdvances.com
If you are searching for an alternative to MyCashNow consider the following lenders.  They have similar fee structures and are both direct lenders.


Fixed $15 Fee Structure

Direct Lender


Fixed $30 Fee Structure

Direct Lender

When considering a payday advance or cash advance loan you should first consider less costly emergency cash alternatives such as borrow from friends or family. Although when used properly these "no credit loans" are useful as emergency financing tools, they should never be used as part of a long term finance or budget plan. Although monkeys fly in the wizard of oz, monkeys really can't fly. And so it is with quick fix financial solutions. They seem like real alternatives, but in fact, they can't fly.

Cash Advance Online from CashNet USA


 CashNet USA Unlike many other payday advance lenders, CashNetUSA is a direct lender.  What this means is that you can apply online directly to CashNetUSA and receive immediate approval with cash advanced usually overnight.  Other online cash advance lenders take your information and forward it to a network of lenders to review.  Occasionally this may provide better terms for your loan, but it also means each lender will pull a credit report.  Frequent credit inquiries will reduce your credit score.

 short term loans
Cash advance fees and maximum loan amount, will vary from state to state to state.  But in general we have found CashNetUSA to offer among the lost loan rates online. 

For example, if you live in Michigan a payday advance of $500 for 14 days will cost you just $56.  In other words, you will receive a $500 advance overnight, and 14 days later your checking account will be debited for $556.  Though credit card advances are a cheaper form of short term financing, if your credit card is maxed, or if you have no credit cards, a cash advance from CashNetUSA is a very reasonable alternative for your emergency cash needs.

Installment loans are also available from CashNetUSA in some states.  Installment loans of up to $2,000 are available with pay back periods of up to 15 months.

States Not Served

Not all states are served by CashNetUSA.  At this time the following states are not served.  You may review the terms for your specific state at CashNetUSA by clicking on this link.

West Virginia
North Carolina
New York
New Hampshire



Is A Direct Lender
Among The Lowest Fees
Flexible Repayment Terms

Up to $2,000 Advanced
Not All States Are Served

Rating:  4.5 Stars
Rating Justification
CashNetUSA has been given a 4.5 star rating for its uncomplicated application process, informative website, and low fee structures.  They lost half a star due to the fact not all states are serviced at this time.

A Payday Loan Can Be Convenient If Managed Properly

A payday loan, or cash advance, is a short-term loan intended to help you bridge gaps between paydays when emergencies arise finding you short on cash.  They are convenient and at times necessary when critical payments come due such as utility bills, mortgage or car payments, etc.  They can help you avoid a negative credit report.  But unless they are used wisely, they can cause more harm than good.  Understanding how they work can make the process less prone to problems.

Credit Union loans

What you Should Consider When Applying for a Payday Loan or Cash Advance

You can apply for these loans either online or in person at outlets scattered throughout most major cities.  Obviously online applications are more convenient for most people.  Regardless of which you choose the process is the same.  The lender will require identification in the form of a drivers license, your social security number, employment information, checking account information and the amount you wish to borrow.
In general you may apply for these loans regardless of the quality of your credit score.  This is because you give the lender permission to take funds directly from your checking account on payday, so their risk is minimize.  Processing times may vary between lenders but most loans can be approved or declined within minutes and funds transferred directly to your bank account the next business day.

Ask About Fees

Many payday loan services are not actual lenders themselves, they will take your information and submit it to multiple lenders for approval.  The advantage to this is that you may receive more favorable rates and repayment terms.  But often the servicer, acting as a middle man, will actually ad costs to your loan.   Some states require these companies to operate as a “Credit Servicing Organization” or CSO and restrict the amount they may charge for their services.  So for example, they may obtain a 30 day loan for you at a rate of 15% of the face value of the loan plus a fixed fee of $50.  So a $300 loan can cost you $45 for the 15% lender fee plus $50 for the CSO, for a total $95 fee on a $300 loan.

Your best option is to locate a cash advance or payday loan lender who operates as a direct lender.  Not only can the approve your loan quickly, often within minutes, but their fee structure is typically much lower.  Many will offer a flat rate fee based on multiples of $100.  For example a $15 flat rate fee per $100 borrowed for 14 days would cost $90 for a $600 loan.

The actual fees charged by a lender can vary depending on your state of residency.  State laws governing credit service organizations regulate the fees they may charge.  So don't be surprised to see relatively large differences in finance fees from state to state for the same loan amount.

Do Your Research Online

The Internet is a valuable tool for researching these payday loan services.  Most lenders have online websites that provide details about their fees, repayment terms, and your rights as a consumer.  Better still search for 3rd party websites the provide reviews of multiple lenders.  These sites make it easy to compare fees, interest, and payment terms side by side to determine which best fits your needs.  Most of these sites receive a fee for referring you, so keep that in mind when reviewing banks or lenders on these 3rd party sites.  Don't take their opinions at face value.  Make up your own mind based on the data they present.

PayDay Loans and Cash Advances

PayDay Loans and Cash Advances

Creating a budget for your financial expenses

Fast money Payday design loans or cash loan could not be the best remedy for your temporary cash demands. Specifics may differ from loan provider to lender, yet in genera, here's just how they work: The customer issues a personal check to the loan provider for the length of the cash advance or cash advance plus interest and service Credit Counseling costs charged by the loan provider.

The lending institution offers the customer the face value of the check minus the charges and holds the check until the due date of the loan which is commonly, yet not consistently, the next payday for the customer. The fees on the cash advance (financing) can be based upon increments of the money obtained, e.g. a fee for each $50 or $ONE HUNDRED borrowed, of they can be a portion of the stated value of the check composed by the debtor. If the financing is prolonged, the borrow could be asked for additional charges.

The federal Honest truth in Lending Act calls for loan providers to divulge the true expense of the payday loan. Lenders needs to supply in composing the finance charge (service charge) and the interest rate (APR) before you sign the loan. The APR might differ, and is based on the length of your financing, the service charge, your interest rate, and the quantity obtained.

A Payday loan can be a really expensive funding device. Let's say you obtain $200 for 2 weeks and you create an individual check for $225, with the additional $25 being the charge to borrow the cash. The lending institution agrees to hold your check for the 14 days. When that time comes, the lender places the check and $225 is taken off from your checking account. If you "roll-over" the loan for an added 14 days, an additional $25 service charge is added, so in 14 days, $250 will be taken off from your checking account. You will certainly have paid $FIFTY to obtain $200, which equates to an annualized passion price of 300 %!

Alternatives to Payday Loans

A payday loan may not be the very best alternative for your circumstance. Think about these options.

Consider joining a cooperative credit union. Small short-terms financings might be feasible using autos or other home for collateral, or your very own individual credit rating. Asking for a cash advance on your credit card at 21 % is high passion, yet still substantially less than the payday loan or cash advance.

If you take a payday loan or cash advance, shop online for the cheapest expenses. Compare the money fee (service charge) and APR, which features interest and other credit expenses.

Even with securities payday advance loans are costly financial obligation. , if you roll-over the payday loan the real cost of the borrowed funds could be double the amount lended.. Making the effort to look for various other credit haves may net you lower prices.

Contact your loan servicer, or lender, when you realize you are having difficulty making payments. If they believe you are acting in excellent faith, most will will work with customers and offer an expansion on your expenses.

Call a credit therapy service to help create an individual budget or to work out a debt payment strategy with financial institutions. There are non-profit teams in every state that provide credit report counseling to consumers at no price.

Collect your daily and monthly costs and make a reasonable budget plan. Plan for your investing necessities and prevent unneeded investments. Little everyday products like coffee or papers accumulate. Commit to allot a small amount for savings each week, also $5 will certainly accumulate and assist with emergency situation or rainy day costs. Conserving the charges on a $200 on a 6 month cash advance, for instance, will produce a substantial buffer versus requiring the financing in the first place.

Obtain overdraft defense for your checking account. This is NOT a loan, however it will aid protect you from checks being gone back to lenders and produce futher troubles. Shop around advantageous terms on overdraft security, ask the cost each product and just what it covers, or for how lengthy.

The bottom line on payday advance is that if you should make use of one, pay it back swiftly. Do not allow it to roll over and boost your expenses, and budget, budget plan, budget plan.

The loan provider offers the borrower the face worth of the check minus the fees and holds the check until the due date of the financing which is typically, yet not consistently, the following payday for the debtor. The fees on the money advance (payday loan) can be based on increments of the money borrowed, e.g. a cost for every $FIFTY or $ONE HUNDRED obtained, of they can be a percent of the face value of the check created by the debtor. Requesting a money advance on your credit report card at 21 % is higher passion, but still significantly much less compared to the payday loan or cash advancement.

If you take a payday loan or cash development, shop online for the least expensive costs. Saving the charges on a $200 on a six month payday loan, for example, will certainly make a considerable buffer versus needing the financing in the very first location.

Choosing a Credit Counselor

Choosing a Credit Counselor

Are you finding yourself living for you next paycheck?  Are you screening phone calls to avoid debt collectors? Are you having trouble developing a budget that you can stick to?  If you said yes to any of these you may want to consider the meeting with a credit counselor.

Any reputable counselor works with non-profit organizations.  You can find them online, in the yellow pages, and at local offices.  Your best bet is to find a counselor that can meet with you face-to-face.  Your local consumer protection agency will be a good source of information and can provide referrals.

Choosing a Reputable Credit Counseling Organization

A credit counseling organization will advise you on ways to manage your income and debts, help develop a budget, and offer educational literature and workshops, usually at no charge.  Their staff should be certified and trained in debt management and consumer credit counseling.  They will discuss your financial situation and help develop a plan to resolve your debt problems.  Expect to spend at least an hour with the counselor in your first session.

Avoid counseling services that pressure you for information when you initially make contact.  They should not require such information in order to send information about their organization and the services they provide.  If they don’t that should be a red flag.

Once you have identified a few counseling agencies, check them out with your state’s Attorney General or the nearest consumer protection agency.  You might also check the Better Business Bureau.  Those agencies can tell you if complaints have been filed against any organization on your list.

When you are satisfied with your list of counseling organizations, you will want to interview them.  Here are some suggested questions.

  1. Ask what services they offer.  You’re looking for an organization that can offer a range of services.
  2. Ask what materials they can provide at no cost.  Organizations that charge for materials should be avoided.
  3. Can they offer help with your immediate problem?
  4. Is there a charge for their services?  If so, get a quote on all relevant fees and charges.  If they organization is unwilling to help you if you cannot pay, look elsewhere.
  5. Do they require you to sign a contract for their services?  Don't sign any contract without reading it first.  If they make promises, get it in writing.
  6. Ask if they are licensed to offer services in your state.
  7. Are their counselors certified or accredited? 
  8. Confirm that your information will remain confidential.
  9. Ask how their counselors are paid. Avoid organizations that pay counselors on commission for services they offer.

The Telemarketing Sales Rule

Companies that contact you via the telephone and offer debt relief services are required by the Federal Trade Commission to provide details about their fees and terms of their service before you sign up.  It prohibits them from charging a fee before they settle your debt.  So for example, if the company promises to get you enrolled into a Debt Management Program, they cannot collect a fee until they actually do so.
This applies to quick cash, cash advance, or payday loan services too.  They must provide all details of the loan and your costs up front before you sign the loan agreement.

Other Debt Relief Options

Working out a solution through a credit counselor is not the only option to deal with your debt.  You might consider a direct negotiation with your credit card provider, investigate debt settlement companies, or consider bankruptcy.

Call your credit card provider even if they have rejected you previously.  A debt settlement company would do that on your behalf, but why pay them if you can do it yourself.  Be persistent, your goal is to establish a modified payment schedule that reduces your monthly cash needs.

Creditors typically write off a debt after 180 days.  That will be reflected in your credit score and you’ll still be responsible for the debt.  So creditors will often negotiate with you despite having written off the debt.
If you are so far in debt and circumstances leave you unable to pay it off, bankruptcy may be your best option.   Chapter 13 bankruptcy allows people to pay off their debts over a 3 to 5 year period without loss of any property such as a home or car.  When the payments are completed any remaining debt is discharged.  As part of a Chapter 13 filing you will be required to receive counseling from a government approved service no more than six months prior to your filing.

Debt settlement may be an option for you too.  These programs are typically operated by for-profit companies.  The debt settlement company will negotiate a settlement with your creditors for a lump sum payment in an amount that is less than what is owed.  The companies typically will require you to set make monthly payments in to an escrow account to pay off the lump sum when it is due.  They profit on the difference between your payments and what they pay your creditors.

Cash Central, PayDay Loans Online

CashCentral Lender Services

 CashCentral Loans CashCentral is a direct lender of both payday loans and installment loans with a focus on those individuals which may have a tougher time securing loans do to bankruptcy or lower credit scores.

CashCentral offers some of the lowest loan rates in the industry starting at just $8 per $100 for an 18 day loan, although this varies by state and may not be representative of your actually fees.

 get a loan
Their online loan process is quick and simple.  The applicants provides their personal information, employment details, and a checking account.  Approval takes just minutes and loans approved before 7pm EST will be deposited in your account on the next business day.

Repayment is automatic.  On payment day the full amount of your loan, plus the service fee is debited from your checking account.  You may request an extension of up to 30 days for an additional fee.

Installment Loans

CashCentral offers installment loans from $750 to $5,000 depending on your state of residence.  Repayments are taken either monthly or bi-weekly.   The minimum term for installment loans is 6 months but may be as long as 36 months.

To be eligible for an installment loan from CashCentral you must;
  • Have an income history of at least three months.
  • Have a minimum monthly income of $1000 after taxes.
  • Provide a valid checking account.
  • Have a working home telephone number.
  • Have a valid Social Security number.
  • Be at least 18 years of age.

CashCentral offers some of the most flexible cash advance and installment loan programs in the industry with low service fees.  However, not all states are covered.  The map below shows the states and services provided by CashCentral.



Direct Lender
Lowest Fixed Fees
Flexible Repayment Terms

Loans Up To $5,000 

Not All States Are Served

Rating:  4.5 Stars
Rating Justification
We rated CashCentral a 4.5 star rating for it's flexible loan programs, simple application process, and helpful customer service.  The only thing keeping them from a 5 star rating is the relatively small number of states they service.

PayDayMax Emergency Loan

Looking for PayDayMax.com ?

 Payday Max Loans
Pay Day Max was a direct cash advance lender operated by SupportSeven LLC out of Chattanooga TN.  It closed its operations in August 2013 under direction from New York Bank regulators for its lending practices.  The company maintains its payday lending websites were operated offshore, and did not fall under the jurisdiction of New York banking regulations and were not required to comply with state law. 

The vast majority of payday loan and cash advance service lenders 

 Cash advance
comply with U.S. banking regulations.  Our purpose here is to help you make informed decisions when considering a cash advance.
The following payday loan and cash advance services were operated by SupportSeven and have ceased operations;

  • MyCashNow.com
  • PayDayMax.com
  • DiscountAdvances.com

If you are searching for an alternative to PayDayMax consider the following lenders.  They have similar fee structures and are both direct lenders.


Fixed $15 Fee Structure

Direct Lender


Fixed $30 Fee Structure

Direct Lender