MyNextPay Review

MyNextPay ReviewCanada-based MyNextPay is a provider of payday loan services. It offers a quick cash loan program that does not require credit checks, collateral, and traditional paperwork. The company offers payday cash advance loans of up to $1,500 to help those who encounter emergency and short-term financial needs. The loans offered are touted to be free from hidden fees and are easy to get and pay off.

MyNextPay Review – Requirements

The loans extended by MyNextPay don’t need collateral but there are a few requirements involved. First, the applicant should be at least 21 years old, steadily employed (for at least 6 months), and should have regular income. Documents will be needed to prove employment and recurring income payments. The second requirement is the ownership of a savings or checking account that is at least three months old. An applicant should also have a minimum gross monthly income of $1,200. Additionally, it is important for a loan applicant to be free from any involvement in a current bankruptcy case. An applicant also should not be intending to file for bankruptcy relief.

Applying for a Loan
Loan applications are done online, though a secure online application form. An applicant has to accurately complete the online form. The form is SSL secure so the details being submitted should be safe from being accessed by parties not involved in the loan transaction. Faxing of forms or documents is no longer necessary.

The online application form includes a “Bank Information” section. This section should be carefully filled up. Mistakes can lead to approved loans not getting deposited.

The form is relatively short and well structured so there shouldn’t be issues or difficulties in completing it. It even comes with notes or guides on the sides. It takes five minutes more or less to fill up and submit the online application form.

Rates and Terms
MyNextPay charges one-week loans $15 for every $100. The company does not require credit checking for its loan applicants. However, the company requires the applicant to authorize MyNextPay to debit the applicant’s bank account for the amount of loan payment when the loan matures. The company’s website does not mention the possibility of loan restructuring or extension. However, it is emphasized on the website that the loans are meant to be short-term in nature and that loans should be fully paid first before a new one can be approved. It would be prudent to interpret this as a “no extension” policy and to try your best to pay your loan on time.

Receiving the Loaned Amount
Approved loans will be sent to the applicant directly to their bank accounts. Once the loans are approved, the money is sent shortly. For transfers made before 11:00 AM Eastern Standard Time, the amounts can be reflected in the applicant’s bank account on the same day. It usually takes a day or full 24 hours before the funds can be received if the transfers are made past 11:00 AM.

Physical Stores
My Next Pay’s website does not mention having physical stores across different locations to serve loan applicants. This is mostly due to the fact that the company’s transactions are web-based. There is no traditional paperwork involved and applicants are not even subjected to credit checks. A physical store would have been a good thing to have although it is not really essential. It would have been reassuring to know that there’s a specific address you can visit if you have complaints or if you want further clarifications.

Completely Web and Telephone Based
As mentioned earlier, the company’s loan transactions are all done online with some instances of telephone communication. This is a convenient setup although the company also reserves the right to ask an applicant to fax some documentation such as bank statements, utility bills, personal voided checks, or pay stub for the latest payday.

Our Recommendation
MyNextPay Day offers a good loan application and approval scheme. As long as you are able to pay your loans on time, there shouldn’t be problems to talk about. That the company no longer requires credit checks and collaterals is worth emphasizing. Transactions are also promised to be quick and easy. If you need to borrow fast cash to be paid on your next payday, MyNextPay Day is worth considering.

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