My Cash Time Reviews

My Cash Time ReviewsMy Cash Time is doing a lot of things right in the hopes to earn your trust, and her business. They have a very well created site, and plenty of verification to show that they’re not just a fly-by-night lender. Their application form is posted on an encrypted page, which even though it might sound obvious, you’d be surprised how many companies don’t bother.

Another thing that seems to be on the up and up is that they have toll-free customer service that is available during normal business hours. And it might not seem important, but they also have a well constructed frequently asked questions page that answers a lot of different questions that people might have before taking out a loan. It’s small things like this that add up.

One nice feature is that they are very upfront about their costs, and break it down depending on which loan amount you go with. They even go so far as to tell you the statistics of how many people actually pay their loan off, and how many people end up taking longer than two weeks to do so. This is some of the most honest data we’ve ever seen a payday lender provide the consumer before you purchase. It is akin to McDonald’s putting the calorie counts next to their menu items so you know what you’re getting into before you even order.

My Cash Time Reviews – All Good

These numbers are actually pretty enlightening, and show you just the sort of trap that he could be getting yourself into by taking advantage of their service. For example, they say that only 25% of the people and take out loan pay it off two weeks, and in one payment. 20% of people will take a loan out again once or twice. 15% of the people will take a loan out against three or four times, and a whopping 40% of the people will end up taking out the same loan five times or more.

They Compare It to Other Options
Another startling thing My Cash Time does is let you know how their service stacks up against your other options. In most instances a payday lender will tell you that a payday loan is better than getting an overdraft fee, or taking a late payment, your utility bills. However, My Cash Time lets you know in very clear terms that their 531% APR is pretty exploitative. They show that it is worse than using a credit card, worse than getting a secured loan, worse than getting a signature loan, and even worse than getting a pawn loan.

This level of transparency should be commended, but it might also turn off some people from getting a payday loan in the first place. When you see the graphs and charts showing that you stand a high chance of getting into the payday loan trap, and there could be better options available to you if you do a little bit more searching, they might be losing business by being so honest.

It’s unfortunate that a business can’t be honest and also make as much money as possible, but this is the industry that they are in. Usually it takes review sites like ours to point out the negative ramifications of getting a payday loan, so it is very interesting to see the lender take matters into their own hands and be up front with statistics and figures that most payday lenders would rather keep under wraps.

Give Yourself an Interview
They also have a series of questions that you can ask yourself to make sure that you’re in the right frame of mind to take out a payday loan. These questions include is it really necessary for you to take out this loan? Will you be able to afford to pay off this one after only two weeks, and will you be able to pay off your other bills and obligations as well as this loan in two weeks’ time.

By being truly honest with yourself you may be able to avoid making a costly mistake, getting yourself into it even more financial distress. However, sometimes it does turn out that a loan is the answer for you, and if so, this would be the worst letter to go. They’ve got all their ducks in a row, a streamlined process from application to the delivery of the money into your account.

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