RSSThe Best short term lender is?
Apr 12
Loan for bad credit, Short Term Loan 1 Comment
Do you need a short term loan? The table below can help:
The products while appear to be very close, are actually very different. The MyCashNow product is a very high cost of credit loan. Even with the lower APR than CashNetUSA – the fees and rollovers allowed increase the cost of credit. You can use the table below to make your own decision. I find that cost of credit goes beyond APR calculations. APR is a really poor measure for a short term loan, since it’s based on an annual return. Real cost of credit is increased by not pro-rating loans (Which only one lender does in the table) and allowing rollovers as they are the bane of short term lending.
Make sure you understand and are comfortable with the lenders policies you choose. APR is the easy part.
As always: Know your limits and confidence in paying the loan back and always borrow only what you need.
| CashNetUSA | MyCashnow | Responsible Loan | SpeedyCash | The Verdict ! | |
| Price (APR listed on site – 14day loan) | 664% | 485% | 365% | 460.16% | ResponsibleLoan offers the lowest price. MyCashnow does offer an introductory rate for brand new customers |
| Disclosures | Very good | Poor | Excellent | Very good | CashNetUSA and Speedycash do a good job of walking you through the ‘cost of credit’ – ResponsibleLoan excels with the confirmation page before you apply |
| Lender policies | State based: as law allows | Rollovers allowed | State based: as law allows | State based: as law allows | All sites are about the same. Since MyCashNow is an offshore lender, it does not comply with state law like the other sites. |
| Customer Support | Excellent | Poor | Below Average | Good | CashNetUSA is the clear winner – it has chat support, phone support and is very quick to respond |
| Speed of receiving cash | Next day | Next day | Next day | Next day | All are very good. |
| intangibles | A really top notch lender who complies with laws. | Illegal payday lender. Does have a good customer base. | Very clear and concise in fees. Only site that pro-rates interest. | Good lender. Not available in all states. | For my money – I would take ResponsibleLoan.com or CashNetUSA. Both of these sites work toward responsible loan usage and comply with state laws. |
