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Cash Advance Now
- Tribal lender. Upfront disclosures and pricing.
- Purchased name and domain in Sept 2012.
- Tribe based. Since 2012.
|$1,000||Maximum First Loan|
|State licensed lender|
|HTTPS (SHA-2) application|
|0||BBB issues unresponded|
|4||BBB all issues|
Cash Advance Now is a tribal lender and operates under the laws of the Fort Belknap Indian Reservation in Montana. They are not a state licensed lender. In general, The Payday Hound prefers lenders who are state licensed as the states provide additional oversight.
Cash Advance Now's website is very information provide details on rates, terms, and fees. Approved loan amount, payment schedule and payment amount will be provided in our loan agreement after you apply. Lenders typical do this to customize the loan based on our request and circumstances. They do provide a sample payment table for a $300 loan and also include details on on additional fees such as weekend or holiday processing fees ($13), bounced check fees ($25), and 15+ days late fees ($30). There are no prepayment fees so you can pay off the loan as soon as you can without incurring additional prepayment fees. Additional payments beyond our required payment amount can be made in increments of $5.
They state their minimum qualifications for a loan are,
- Employed for 90 days at your current employer
- Make at least $1300 per month.
- Are 18 years of age or older and a U.S. citizen
- Have an open checking account for 90 days.
Bad credit is not an issue. This is typically because installment lenders like Cash Advance Now make loans based on your pay check and ability to automatically withdraw cash from your checking account on payday. These loans are similar to payday loans in the respect but instead of being due in full on your next payday the loan is spread out over multiple weeks. In the sample payment schedule the loan is paid back over 9 months with twice monthly payments.
Payments can be made via Debit Card, Western Union, Certified Check, Cashier's Check, or ACH (Automated Clearing House). Cash Advance Now is purely an online lender so there are no physical store fronts.
Cash Advance Now's published rates are not cheap they do not appear to base their rates on credit score. In addition, they do not appear to report to credit bureaus. This means paying your loan off on time will not improve your credit score yet not paying your loan may hurt your credit score if Cash Advance Now sells your loan to a collections agency and the agency reports to the credit bureaus.
We like the transparency of Cash Advance Now's site but wish they were would seek state licensing.