2010 Report

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ThinkCash.com

ThinkCash was relatively easy to use. However, they didn't have provide enough information for me up front. I wanted to know exactly how much I could borrow, and exactly how much that would cost.

Most sites provide this info (like PaydayOne for instance) in some kind of grid or map. This makes it perfectly clear what I'm in for and all the details I need. ThinkCash didn't exactly do this.

They do provide basic percentages, which are accurate and truthful, I just think their site needs to provide more information for the common user (me!).

Overall, an easy loan process with no apparent complications. However, there are some concerns.

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ThinkCash QuickFacts

• Loans from $250-$2500
• Site uses (SSL) security encryption
• Bad Credit: ThinkCash requires a credit check
• Quick loan approval
• No FAXing required
• VeriSign Secure
• WhiteHat Secure
• Better Business Bureau: no BBB listing
• In business since: Unknown (their domain goes as far back as Oct 2006, but it's unknown if this domain was being used as a payday loan service or not. I couldn't find any archive pages that would let me verify this or not)
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Requirements for a ThinkCash Loan

No requirements listed on site

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ThinkCash Security

ThinkCash uses SSL encryption – uses a Secure Socket Layer (SSL) to transmit personal data to you and your bank (any time you see a URL that starts with https: you know that page is protected by SSL encryption). Learn more about best security practices.

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The ThinkCash Application Process

1. Fill out the application. They ask you for your social, birthday, driver's license number (or state ID number), and references.
2. Once you fill out the application, ThinkCash will direct you to a bank that can handle your actual loan (ThinkCash does not give out the money directly -- neither do most of the payday loan services you encounter -- this is completely normal and legitimate). Applications are directed to "First Bank of Delaware".
3. Set up a password account with the bank.
4. I was instantly approved for a $500-$900 payday loan.
5. You'll need to answer a few simple questions about where you used to live, etc. This is just to verify that you are who you say you are (to prevent fraud).
6. An email confirmation code will be sent to you. Enter it into the application to complete the identity verification section.
7. You'll be presented with your loan payment options. They give you the option to pay several installment payments if you choose (but it will cost you almost double if you pay over several installments. Paying it all back at once is much cheaper).
8. Verify and sign your loan agreement.
9. They may require you to call a number to verify the information you entered. They just want to see if you are who you say you are (while this may seem like a hassle, it's all designed to protect you from identity theft – people trying to take out loans in your name).
10. The payday loan was approved and available for my account within 24 hours.
11. Phone staff was very friendly and easily verified my identity and answered any questions I had with ease.

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When Can I Get My Money?

Payday loans can be available within one business day (usually 24 hours) after your application is approved (usually within 24 hours as well).

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How Much Does it Cost?

From their site: "The cost of your loan is based on the size of the loan you are approved for. It ranges from $0.92 per day per $100 borrowed (334% APR) for small, short-term loans down to $0.24 per day per $100 borrowed (87% APR) for larger, longer-term loans for customers with successful payment histories or higher credit scores.

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How Much Can I Borrow?

$250-$2500

ThinkCash doesn't give any indication how much you can borrow for each state. No map or list of states. No indication of actual amounts, just that wide range. You need to fill out the application to find out how much you can borrow.

However, the maximum amount for first-time borrowers is $1000. Maximum amount for second-time borrowers is $2500.

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Conclusion

ThinkCash appears to be a perfectly legitimate payday loan service, and I don't think there's any scamming going on behind the scenes. That being said, their site and process didn't give me 100% confidence in my loan process.

They have a disclaimer at the bottom of their site that gives some information such as: "Loans are offered by First Bank of Delaware (member FDIC), not affiliated with ThinkCash... All loans are subject to credit approval..." That's all well and good, but why do they need to hide that at the bottom? It's a little jaring when you're filling out an application on ThinkCash.com, then transferred over to the "First Bank of Delaware" during the process. It's perfectly legitimate and legal for ThinkCash to use a third party lender, but I just wish they would be more open about it.

One thing that does bother me a little is that I can't find any Better Business Beaurau information on ThinkCash (ThinkCash Loan Service, LLC). This could just mean that no one has filed an official complaint with BBB, or it could me that they are still too knew to have a BBB record. Either way, it's comforting to know that the BBB is aware of your existence, and monitoring your behavior. Without any record, I just can't be sure one way or the other.

Despite my reservations about ThinkCash.com, the process was smooth, the operators at were courteous, knowledgeable, patient and US-based. An easy process overall.