Lender
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

24Cash

Advertiser Disclosure

About lender

24Cash, a lending service in Canada, offers a range of financial solutions tailored to meet the diverse needs of its customers. Whether individuals require an online loan for immediate expenses or seek a personal loan for larger financial endeavors, 24Cash provides accessible options with minimal hassle. With a commitment to transparency and convenience, the online application process allows borrowers to fill out forms quickly and securely from the comfort of their homes, eliminating the need for cumbersome paper documents.

Moreover, 24Cash prioritizes customer privacy and security, ensuring that personal details are kept confidential throughout the loan approval process. By partnering with multiple lenders, 24Cash endeavors to find the most suitable cash advance terms for each borrower's unique financial situation. With same-day deposit options available and flexible repayment terms, 24Cash aims to provide peace of mind to individuals navigating unexpected expenses or seeking to improve their financial stability.

24Cash

Features

  • No Credit Check. 24Cash offers loans without conducting credit investigations, making it accessible to any eligible individual with poor or bad credit score.
  • Fast Approval Process. With a streamlined online application, borrowers can receive quick approval for their loan requests, often within the same business day.
  • Same-Day Deposit. Approved loans are deposited directly into the borrower's bank account, providing immediate access to funds for urgent expenses.
  • Flexible Repayment Options. Borrowers can choose repayment terms ranging from 90 to 120 days, allowing for manageable installment payments.
  • Confidentiality and Security. 24Cash prioritizes the confidentiality and security of personal information, employing high standards of data protection throughout the loan process.

Pros and cons

Pros

Transparent Fees. Clear fee structures ensure borrowers understand the costs associated with their loans, promoting financial transparency and informed decision-making.

Variety of Loan Options. Whether individuals need a payday loan alternative or a larger personal loan, 24Cash offers a range of borrowing options to suit diverse financial needs.

Responsive Customer Service. Dedicated customer support ensures that borrowers receive assistance and guidance throughout the loan application and repayment process.

Cons

Short Repayment Period. While the flexibility of repayment terms is a benefit, the relatively short repayment period of 90 to 120 days may result in higher monthly payments for some borrowers.

Limited Loan Amounts. The maximum loan amount offered by 24Cash is $850, which may not be sufficient for individuals with larger financial needs.

Not Available in All Provinces. 24Cash is not available in all Canadian provinces, limiting access to its services for some individuals. 24Cash does not offer services in Manitoba, Quebec, and Saskatchewan.

Reliability

With a Trustpilot rating of 4.6 out of 5 stars and over 2,463 total reviews, 24Cash demonstrates a high level of reliability and customer satisfaction within the lending industry. This strong rating reflects the company's commitment to providing trustworthy financial solutions and excellent customer service to its clients. By consistently delivering on its promises and prioritizing transparency, security, and convenience, 24Cash has earned the trust and confidence of thousands of borrowers across Canada.

How to apply for a 24Cash loan?

  1. Complete the Online Application. Visit the 24Cash website and navigate to the loan application page. Fill out the online application form with accurate personal and financial information. The form typically includes fields for basic personal details, employment information, and banking details.

  2. Provide Necessary Documentation. Unlike traditional lenders, 24Cash typically does not require paper documents for the application process. However, you may need to provide certain information electronically, such as a void cheque or bank statement.

  3. Wait for Approval. Once you've submitted your application, 24Cash will review your information and determine your eligibility for a loan. The approval process is usually quick, and you may receive a decision within minutes.

  4. Review Loan Terms. If your loan application is approved, carefully review the loan terms, including the loan amount, repayment schedule, and any associated fees or interest rates. Make sure you understand the terms before proceeding.

  5. Sign the Loan Agreement. If you agree to the terms and conditions of the loan, electronically sign the loan agreement. This agreement outlines the terms of the loan, including repayment obligations and any penalties for late payments.

  6. Receive Funds. Upon signing the loan agreement, the approved loan amount will be deposited directly into your bank account via direct deposit. Depending on the time of day and banking procedures, you may receive the funds on the same day or within 24 hours.

Conditions

  • Loan Amount. The initial loan amount offered by 24Cash is $500. Subsequent renewals may allow for higher amounts, up to a maximum of $850, depending on repayment history and other factors.
  • Repayment Terms. Borrowers have the flexibility to choose repayment terms ranging from 90 to 120 days. This allows for manageable installment payments based on the borrower's financial situation.
  • Interest Rate. Lending companies partnering with 24Cash offer an approximate annual interest rate of 22%. The maximum interest rate never exceeds 22%.
  • Renewal. Loan renewals are not automatic; borrowers must request them. Renewal amounts are subject to approval and may vary based on individual circumstances.
  • Fees. Borrowers should review the fee structure carefully, including any brokerage fees added to the borrowed capital. Transparent fee structures ensure borrowers understand the costs associated with their loans.

Requirements

  • Age. Borrowers must be at least 18 years old to qualify for a loan with 24Cash.
  • Citizenship. Borrowers must be Canadian citizens to be eligible for a loan.
  • Employment. Borrowers must have a steady job, with a minimum of three months of continuous employment.
  • Income. Borrowers must have a monthly income of at least $1,200 to demonstrate their ability to repay the loan.
  • Bank Account. Borrowers must have a Canadian bank account that has been active for at least three months, with direct deposit capabilities for loan disbursement and repayment.

Ways to receive the money

  • Direct Deposit. The most common method used by 24Cash is direct deposit. Once a loan application is approved, the loan amount is directly deposited into the borrower's Canadian bank account. This method ensures quick access to funds, typically within 24 hours of loan approval.
  • Interac e-Transfer. In some cases, 24Cash may offer the option of receiving funds via Interac e-Transfer. With this method, borrowers receive an email or text message with instructions on how to deposit the funds into their bank account. Interac e-Transfer provides a convenient and secure way to access loan funds.

Products

  • Bad Credit Loans. Loans are available to individuals with poor credit history or no credit history. 24Cash does not conduct credit investigations, making it easier for borrowers with less-than-perfect credit scores to qualify for loans.
  • Payday Loan Alternatives. Borrow more money and pay it back gradually, not at your next payday. These alternatives allow borrowers to take up to 90 to 120 days to repay short-term loans in multiple installments.
  • No Credit Check Loans. Loans are available without conducting any credit investigation or credit checks. Instead, 24Cash focuses on the borrower's current income and financial situation to determine loan eligibility.

Reasons you may be denied a 24Cash loan

  • Unstable Employment. If you do not have a steady job or have recently changed jobs frequently, it may raise concerns about your ability to repay the loan.
  • Undischarged Bankruptcy. If you are currently going through bankruptcy proceedings or have a history of bankruptcy, it may impact your eligibility for a loan.
  • Incorrect Information Provided. Providing inaccurate or incomplete information on your loan application can lead to denial. Make sure all information submitted is accurate and up-to-date.
  • Numerous Insufficient Funds or Other Charges in Your Account. If your bank account shows a history of multiple insufficient funds charges or other financial issues, it may indicate financial instability and impact your loan approval.
  • High Short-Term Debt Ratio. If you already have a high level of short-term debt compared to your income, it may raise concerns about your ability to manage additional loan payments.
  • Being Under an Undischarged Bankruptcy or Planning to File for Bankruptcy. If you are currently under an undischarged bankruptcy or intend to file for bankruptcy during the loan term, you may not qualify for a loan.

How to repay a 24Cash loan

  1. Understand Repayment Terms. Before borrowing, carefully review the terms of your loan agreement, including the repayment schedule, due dates, and any associated fees or penalties for late payments.

  2. Set Up Preauthorized Debits. Most borrowers opt for preauthorized debits from their bank account to repay their 24Cash loan. Ensure you have sufficient funds available in your account on the scheduled payment dates to avoid penalties for insufficient funds.

  3. Monitor Payment Due Dates. Keep track of your loan repayment schedule and payment due dates to avoid missing payments. You can refer to your loan agreement or contact 24Cash customer support if you need assistance determining your repayment schedule.

  4. Make Timely Payments. Make your loan payments on time according to the agreed-upon schedule. Timely payments help you avoid late fees and penalties and maintain a positive repayment history.

  5. Consider Automatic Renewal. If you're unable to repay your loan in full by the end of the repayment term, you may have the option to renew your loan. However, keep in mind that loan renewals may incur additional fees and interest charges.

  6. Contact Customer Support. If you encounter difficulties repaying your loan or need to discuss alternative payment arrangements, don't hesitate to contact 24Cash customer support for assistance. They can help you navigate repayment challenges and explore potential solutions.

  7. Monitor Bank Account. Regularly monitor your bank account to ensure that loan payments are debited correctly and that there are no issues with insufficient funds or other payment issues.

  8. Consider Early Repayment. If your financial situation improves and you're able to repay your loan early, consider doing so to save on interest charges and reduce your overall debt burden. Check with 24Cash to determine if there are any penalties or fees associated with early repayment.

Editorial opinion

24Cash offers a valuable service by providing accessible lending options to Canadians, particularly those who may face challenges obtaining loans through traditional banking channels due to bad credit scores or financial constraints. The company's streamlined online application process, fast approval times, and flexible repayment terms contribute to its appeal among borrowers seeking quick and convenient access to funds. However, it's essential for borrowers to carefully review the terms and costs associated with 24Cash loans, including interest rates and fees, to ensure they make informed borrowing decisions aligned with their financial goals and capabilities.

Important

Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

How to Choose a Lender

  1. Verify that the lender is registered with the appropriate regulatory authorities in Canada, such as the Financial Consumer Agency of Canada (FCAC), or is licensed to operate in your province.
  2. Check if the lender is a member of reputable industry associations in Canada, such as the Canadian Bankers Association (CBA) or the Canadian Lenders Association (CLA).
  3. Thoroughly review all terms and conditions outlined in your loan agreement. Understand the repayment schedule, interest rates, fees, and any penalties for late payments or defaults.
  4. Ensure that the contract clearly states the annual percentage rate (APR) and the total cost of borrowing, including any administrative fees or additional charges.
  5. Familiarize yourself with your rights regarding loan cancellation or early repayment. Canadian consumers have the right to cancel a loan within two business days after signing the agreement, without penalty.
  6. Research the lender's reputation by checking customer reviews, complaints, and feedback on reputable online platforms, as well as through resources provided by organizations like the Better Business Bureau (BBB).

Methodology

At Finanso, we've carried out a comprehensive analysis of over 70 lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.

In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.

At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.

Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.

Additional resources

Sources

FAQ

What is 24Cash?

24Cash is a lending service based in Canada that offers various financial solutions, including payday loans, personal loans, and payday loan alternatives. The company specializes in providing accessible lending options to individuals who may have difficulty obtaining loans through traditional banking institutions due to factors such as credit rating problems or financial constraints. With a focus on convenience and transparency, 24Cash provides an online platform for borrowers to apply for loans quickly and securely, with flexible repayment terms tailored to individual needs.

How quickly the funds can be received?

Once a loan application is approved, borrowers can typically receive the funds within 24 hours via direct deposit into their Canadian bank account. This fast turnaround time is particularly beneficial for individuals facing urgent expenses or financial emergencies, as it allows them to access the funds they need quickly and without delay. The streamlined application process and same-day deposit option provided by 24Cash contribute to its appeal among borrowers seeking immediate financial assistance.

How do you qualify for 24Cash?

To qualify for a loan with 24Cash, borrowers must meet certain eligibility criteria, including being at least 18 years old, a Canadian citizen, and having a steady job with at least three months of continuous employment. Additionally, borrowers must have a minimum monthly income of $1,200 and a Canadian bank account that has been active for at least three months, with direct deposit capabilities. While 24Cash does not conduct credit investigations, borrowers should ensure they meet all eligibility requirements and provide accurate information on their loan application to improve their chances of approval.

How much can you borrow from 24Cash?

The initial loan amount offered by 24Cash is $500. However, borrowers may be eligible for subsequent renewals with higher loan amounts, up to a maximum of $850, depending on their repayment history and other factors. This flexibility allows borrowers to access the funds they need while also providing opportunities to increase their borrowing limit over time as they demonstrate responsible repayment behavior.

Is 24Cash a legitimate company?

Yes, 24Cash is a legitimate lending company operating in Canada. The company is licensed and regulated by the appropriate authorities, ensuring compliance with all relevant laws and regulations governing the lending industry. With a commitment to transparency, customer service, and data security, 24Cash strives to provide reliable and trustworthy financial solutions to its customers. Additionally, the company's positive reviews and track record of satisfied borrowers further attest to its legitimacy and reputation as a reputable lending institution in Canada.

Company documents

Legal notice

We make lending simple with a fast cash advance via a secure direct deposit. No paper documents needed. We adapt our repayment schedule to your pay frequency.

© 24Cash.ca
Financial products
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
50.00 – 850.00 C$
Rate
i

Effective interest rate on the product

to 22.00 %
Term
i

Loan term for the financial product

3 months – 4 months
aggregation.company.all-products
Similar products
Best Quick Loan Today 25.05.2024*
Mr. Payday
Need a Quick Loan Now?
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
up to $10.000
Coast Capital Savings
Personal Loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$500-$50,000
Rate
i

Effective interest rate on the product

7.5%
Term
i

Loan term for the financial product

60 months
Mogo
Personal Loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$500-$15,000
Rate
i

Effective interest rate on the product

up to 46.96%
Term
i

Loan term for the financial product

up to 60 months
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
1000.00 – 5000.00 C$
Rate
i

Effective interest rate on the product

19.90 – 45.90 %
Term
i

Loan term for the financial product

6 months – 36 months
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
from 1000.00 C$
Rate
i

Effective interest rate on the product

from 14.40 %
Term
i

Loan term for the financial product

to 1 years
Your comment has been added
Error
Your complaint has been recorded
Invalid username or password
comment.alert.error-reg
Please log in to like/dislike
Invalid SMS code has been entered
All 24Cash’s reviews by may 2024
Leave feedback
Similar companies
Urgent Loans
61 King suite 405 Montreal, Quebec H3C 2P1
Newstart
1801-1 Yonge St. Toronto, Ontario M5E 1W7
Fora Credit
PO Box 17071, Toronto, RPO Yonge-King, ON M5E 1Y2
+1 (888) 899-3672
AimFinance
355-4480 Chemin de la Côte-de-Liesse Mont-Royal, Québec H4N 2R1 Canada
+1 (888) 664-1982
Windmill Microlending
220 – 20th St W, Suite 210, Saskatoon SK S7M 0W9
+1 (855) 423-2262