Cash Now Review

Cash Now is one of the companies that pop up when searching for payday loans online. We were generally not impressed with anything they had to offer, and find no use for businesses such as these. They offer nothing but an online application and offer no added value to the consumer.

Payday loans are bad enough for those that are experiencing financial difficulties. Businesses like Cash Now are widespread, risk nothing, and only serve to increase overall costs to payday lenders, which they in turn pass on to the customer.

Cash Now – How It Works

It’s important to keep in mind that Cash Now is not a payday lender in the truest respect of the word. They are a middle man, simply collecting your data and selling your lead to dozens, perhaps hundreds of payday lenders nationwide. Their only interest is to get your required information so that they can sell it, plain and simple. There’s no way you could develop any sort of relationship with Cash Now, as they don’t actively involve themselves in the lending process.

They say that they are matching your application with lenders but that’s not really what happens. Once you give up your information it is likely sent out to their list of payday loan companies who then determine whether or not they can lend you the money. Most likely the first one that makes a decision is the one they go with. Your loan will then be underwritten by that lender, and Cash Now is out of the equation.

The only thing worse than getting a payday loan, is going through a middle man to get a payday loan. While there’s no direct impact on you, when you use a service like Cash Now you are inadvertently raising the cost of getting a payday loan because they are charging a fee to the lender for obtaining the lead. If you deal directly with the lender they don’t have that overhead cost. It may not make a huge difference but the more people that apply this way increases costs gradually, the way shoplifting does.

Online Payday Loans
This service is different than online lenders. Those are places that loan money directly to you via the Internet and have their own drawbacks. Cash Now functions more like a traditional payday loan where your due date will be your next payday, and you have to pay it back and then re-loan it if you still need the money. Online loans usually have higher lending limits, longer repayment periods, and higher interest rates.

Cash Now review

Shame on You Cash Now

A Note on Their Website Graphics
Any time you see an attractive woman waving a pimp’s wad of cash around you should head for the hills. Payday lenders that employ visuals like this should be ashamed of themselves because they are just feeding into the mentality of getting cash with no effort. Don’t be fooled! A ton of effort, sacrifice, and loss goes into taking out a payday loan. You work hard for your money, and a payday loan company’s goal is to take some of it from you, not to give you some of it.

Using a fan of fifty dollar bills as a representation of what they are offering only glamorizes what is happening and pushes you into a short-term way of viewing the transaction. But they have a long-term vision of seeing you again and again as you re-loan month after month. That quickly adds up to hundreds of dollars and you have nothing to show for it. There is no tangible product. It’s just like handing your money over. At least at a casino you have a chance at winning.

Frequently Asked Questions

Do they really have a “vast network of lenders”?
Whether they do or not doesn’t really matter. The fact is you don’t need them to find a lender for you. They are basically capitalizing on their website’s placement in the search engines and complicating the loan application process by adding an additional step.

Is this an instant cash loan?
If you are referring to getting cash in your bank account the same day, then yes. Almost all cash advances fall under this category. If they couldn’t provide fast cash then people wouldn’t use the service.

When do I have to pay it back?
Typically you will have until your next payday to repay the loan. The specific loan period is required to be detailed in the loan disclosure on the agreement that you sign. Make sure this date is accurate before agreeing. Many borrowers get into more financial trouble when the money gets taken out before their direct deposit hits.

Do they check my credit for the approval process?
Most lenders will not do a credit check in order to get you approved. They are banking on you having a job, and maintaining that job for one more payday so that they can get their money. They always need an influx of new customers so getting approved is rarely a problem.

Overall Rating: Avoid
You don’t need to use a website like Cash Now. They don’t make the process easier and they are just standing in the way between you and the lender. By filling out their application you are giving them an asset and they are giving you nothing in return. With a few extra clicks of your mouse you can be dealing with the lender directly, through their own website, or you could visit a local office and deal with human beings face to face.

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