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Home > Ask The Get Out of Debt Experts > I Have a Payday Loan With MyCashNow.com But I Can’t Pay It. – Wayne

I Have a Payday Loan With MyCashNow.com But I Can’t Pay It. – Wayne

“Dear Steve,

I have a payday loan with mycashnow in delaware but I can not repay it on their terms. my account is severely overdrawn. i would like to pay it off but i also need to support my family week to week. I really do not want to close my account. what can i do?

Do I have to close my bank account to force a settlement with my cash now?

Wayne”

Dear Wayne,

Closing your account might prevent them from debiting your account but it does not resolve the underlying problem, you can’t afford the payments.

Your best initial step is to call the folks at MyCashNow and see if you can come to an agreement to repay the loan on terms you can afford. If they agree to an alternative repayment plan it still might be a good idea to change your bank account number. You can do this without switching banks.

Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.

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About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
  • http://profile.yahoo.com/IVCF2W6BBAZGHJU4ZBSYGUUNV4 brian

    If you are going through some financial trouble I would advise you to close your account that is set up through my cash now..then dont pay the loan..you will then default on it which will then got to a bill collector, once that happens you can settle on it..if they dont work with you on an arragement plan which they have to by law..you can then call up consumer affairs and the dept of banking an report that agency to them.. if I were you I would look into some kind of debt consolidation program that can get you out of debt in a couple of years..you pay only one affordable payment an your basically debt free..they will settle on all your pending accounts you have student loans, credit cards med bill etc….you can save an extremly large amounts of money this way because they are a guarenteed settle company and work with creditors to get your amounts down to atleast half of what you owe… you will also get a second chance to rebuild your credit back to good standing once your done with that program..look into care one debt company they are rated one of the top debt consolidating companies out there……good luck

  • Luvpeacesol

    I NEED THE REAL DAMN ADDRESS TO “MY CASH NOW” I have seen several addresses for this scam company already please help…..

    Lauri

  • Luvpeacesol

    I NEED THE REAL DAMN ADDRESS TO “MY CASH NOW” I have seen several addresses for this scam company already please help…..

    Lauri

  • vessel sinks

    MyCashNow and see if you can come to an agreement to repay the loan on terms you can afford also there are chances of default so loans can be given after proper verification.

  • Amy

    Thanks for the info, both Steve and the comment from Susan above. I have a payday loan with United Cash Loans and I didn’t realize their fees were as abominable as they are. Anyone thinking of borrowing from them STAY AWAY!

  • Susan

    The only way to get the payday folks to set up alternative payments is to close your present bank account and yes at the same bank open a new account and absolutely do not give the payday folks your new account information. Closing the account and defaulting on the loans “stops” the interest charges. The lenders will then work with you to make payments on the principal amount owed usually over 4, 5 equal payments some will actually allow you to extend over a longer period of time>>as long as they know that you are intending to satisfy the debt but only on the principal balance remaining.

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