Frequently Asked Questions
What are the minimum requirements to apply?
To be approved for a MyCashNow payday loan, you must be at least 18 years of age. You should also have an open checking account that has been in use for at least 90 days. You must be employed and your checking account should reflect that you have a minimum of $1000 directly deposited per month. We require a current phone number, and we will need to verify your current job status with your employer.
How does MyCashNow work?
Once you have applied and been approved for a money loan, MyCashNow electronically deposits the loan amount into your checking account overnight3. When your payday loan is due, with your approval, the amount of the personal loans plus the agreed upon interest rate will be debited from your checking account.
*To receive an overnight deposit, you must be approved before 4:00 p.m. PST or 7:00 p.m. EST on a banking day.How do I know my advance payday loan has been approved?
Once you have filled out and completed the online application, we will process your information and notify you when your application has been approved.
When will I be able to access my money?
If your cash advance gets approved prior to 4:00 p.m. PST/7:00 p.m. EST Monday through Thursday, then you can expect your money to be available the next business day. Money loans made on Friday will be available the following Monday. Personal loans that get approved over the weekend will be available on the following Tuesday. See our chart below for any further clarifications.| Day/Time of Approval | Day Available | |||||
|---|---|---|---|---|---|---|
| Mon | Tues | Wed | Thur | Fri | ||
| Monday by 4PM PST or 7PM EST |
X | |||||
| Tuesday by 4PM PST or 7PM EST |
X | |||||
| Wednesday by 4PM PST or 7PM EST |
X | |||||
| Thursday by 4PM PST or 7PM EST |
X | |||||
| Friday by 4PM PST or 7PM EST |
X | |||||
| Saturday or Sunday |
X | |||||
What if I cannot pay the amount I owe on my due date?
MyCashNow offers an extension program to help our customers make their required payments. Our clients may extend their loan up to three (3) times and only pay the finance charge and fees due with each extension. After the third extension, we do require an additional payment of $50.00 toward the principal amount for loans of $600.00 or less until the principal is fully repaid. For cash advances of $600.01 and above, we require an additional payment of $100.00 toward the loan principal until the principal is fully repaid.
MyCashNow customers who receive their paychecks on a monthly basis are required to make a payment towards the principal on their 2nd extension. Loans of $600.00 or less require a payment of $100.00 more than the fees due until the principal is fully repaid. Loans of $600.01 and above require a payment of $200.00 more than the fees due until the principal is fully repaid.
Please understand that repetitive extensions can put you in financial distress. The extension program has been set up to help our clients and not as a way for you to incur additional debt. Please have a full understanding of the extension rules and guidelines.
All extension requests must be made by 4:00 p.m. PST on the business day prior to your scheduled due date. Requests made after the deadline will not be processed.
Why do I have to pay extra on the principal after I have three (3) extensions?
Cash advances are meant to be short-term loans that meet an immediate need. When customers take excessive extensions, they are putting themselves into further financial debt and creating a long-term cash loan situation.
What is the minimum payday loan term?
We base our fees on a minimum 14 day loan term. There is no penalty for an early payoff. If the loan is paid off before the minimum 14 day loan term ends, the same fees apply.
How many open payday loans can I have with MyCashNow?
MyCashNow only allows one open account per household at any time. Please keep in mind that it takes four (4) banking days to process and clear your final payment when paying off your payday loan.
Can I get a cash advance loan with bad credit?
MyCashNow does not perform traditional credit checks as part of its credit transaction approval process, but does verify applicant information via credit reporting agencies including, but not limited to, Teletrack and Clarity. Applicant's repayment history, with MyCashNow.com or others, may impact qualification for a payday loan.
Can I apply over the phone?
Of course! Pick up the phone and call 1-866-392-2274 to have one of our professionally trained customer service representatives fill out the application for you.
If you have any further questions, please don’t hesitate to contact us!