Cash Fairy Review

Cash Fairy ReviewCash Fairy would like to create a picture that they are a magical cash fairy that will come in and fix your financial problems. Most payday lenders like to position themselves as helping out in a time of need, but few actually do. Let’s see if there is anything magical about this company, or if it’s all just a marketing gimmick.

The first thing you’ll probably notice is that they say that they’re a real payday lender, and not a matching service. This means that you’ll actually be getting money directly from them, unless you live in a state that they do not service. This is one of the few direct lenders you’ll find that actually maintains their own website and wants to deal directly with the consumer.

Many lenders will simply sit back and let a matching service find them new customers, and only a few will try to loan directly to the public. This is a tribal owned lender, and many of the direct lenders you’ll find are owned by Native American tribes. Payday loans may be the next biggest business when it comes to tribal owned business ventures, there’s just so many of them. They don’t pay any state or federal tax on the money they make, and are not subject to the laws set in place to protect customers when it comes time for collection.

Cash Fairy Review – Interesting Facts

Cash Fairy makes it known in their fine print that once you give them your bank account number they may discover other accounts you own. They let you know up front that they will use these other accounts to try to collect their money if you don’t make your payments. This is the first time we’ve seen this in the fine print, but it could be a standard practice of other lenders, we just can’t be sure. How do you feel about this? If it were us we wouldn’t like them snooping into our other accounts, or using information we didn’t provide to try to collect their money. What if that other account is your savings account, or a college fund for your children?

Secure Application
They’ve taken the steps necessary to provide you with a secure application so you can feel good providing your information to them. You’d be surprised just how many lenders drop the ball on this and leave your info susceptible to online identity thieves. But they have the same sort of protection you get from your bank’s online banking system, and is the standard level of security set by most websites in the industry.

The Fees
Cash Fairy charges $30 per $100 borrowed if you get paid every two weeks. Let’s see what a $600 loan looks like from them or from a local payday lender in Michigan. In Michigan you’ll pay back $676.45 on your next payday. With the Fairy you’ll pay back $780. That’s pretty much all you need to know about going with them. Would you rather pay $76.45 in fees or $180? The scenario might be different in your state, but this is why there are laws in place that govern payday lenders. If they were left unchecked they might charge super high fees like the ones they’re charging here.

Some states don’t regular their payday loans, so you might have similar rates in your area. But most likely you can get a cheaper loan if you just go to your local payday lender. If you are in a rural part of the country and don’t have anything close to you, there may be better online loans than this.

Our Recommendation
Cash Fairy leaves much to be desired if you’re looking for anything resembling a fairy that brings you cash. This fairy might give you the cash but you’re going to pay a lot for that cash, and they’re going to try to find any other accounts you have and take money from them too if you can’t pay your loan out of the main account you give them. It’s just the principle of it really, and we don’t think this is a very fair collection practice, and it violates your privacy as well. Always read the fine print.

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