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.

Apply For 24Cash

Advertiser Disclosure

24Cash loans offer a convenient and accessible financial solution for individuals in Canada facing short-term cash needs. With options including bad credit loans and alternatives to traditional payday lending, 24Cash caters to a diverse range of borrowing needs. The streamlined online application process allows borrowers to apply quickly and securely, often receiving approval within minutes. Flexible repayment terms, same-day deposit options, and a commitment to transparency ensure that borrowers can access the funds they need while understanding the costs and terms associated with their loans. Whether it's covering unexpected expenses, managing debt, or addressing financial emergencies, 24Cash loans provide a reliable and trustworthy option for Canadians seeking short-term financial assistance.

How to apply for a 24Cash loan

  1. Visit the Website. Navigate to the 24Cash website to begin the application process.

  2. Fill Out the Online Form. Complete the online application form with accurate personal and financial information. This typically includes details such as your name, address, employment status, income, and banking information.

  3. Submit Required Documents. In most cases, 24Cash does not require paper documents. However, you may need to provide electronic copies of certain documents, such as a void cheque or bank statement, to verify your identity and banking details.

  4. 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, with many borrowers receiving a decision within minutes.

  5. 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.

  6. Sign the Agreement. If you agree to the terms and conditions of the loan, electronically sign the loan agreement provided by 24Cash.

  7. Receive Funds. Upon signing the loan agreement, the approved loan amount will be deposited directly into your Canadian 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

  1. Loan Amount. Initially, borrowers can access loans of up to $500. However, subsequent renewals may allow for higher amounts, with a maximum of $850, contingent on repayment history and other factors.

  2. Repayment Terms. Borrowers benefit from flexible repayment terms, with the option to choose terms ranging from 90 to 120 days. This enables borrowers to tailor their repayment schedule according to their financial circumstances.

  3. Interest Rate. Lending companies partnering with 24Cash offer loans with an approximate annual interest rate of 22%. The maximum interest rate never exceeds 22%, ensuring transparency and affordability for borrowers.

  4. Fees. Transparent fee structures are in place, including any brokerage fees added to the borrowed capital. This clarity allows borrowers to understand the total cost of their loan upfront.

Requirements

  1. Age. Borrowers must be at least 18 years old to qualify for a loan with 24Cash.

  2. Citizenship. Borrowers must be Canadian citizens to be eligible for a loan.

  3. Employment. Borrowers need to have a steady job, with a minimum of three months of continuous employment.

  4. Income. Borrowers must demonstrate a monthly income of at least $1,200 to ensure their ability to repay the loan.

  5. Bank Account. Borrowers must possess a Canadian bank account that has been active for at least three months and is capable of direct deposits.

  6. Credit History. While 24Cash does not conduct credit investigations, borrowers should maintain awareness that their credit history and financial obligations may still be considered during the loan evaluation process.

  7. Bankruptcy Status. Borrowers must not be undergoing an undischarged bankruptcy or intend to file for bankruptcy during the loan term.

  8. Debt Ratio. A low short-term debt ratio is required to demonstrate the capacity to manage additional loan payments.

Reasons for rejection

  1. Unstable Employment. If the borrower does not have a steady job or has recently changed jobs frequently, it may raise concerns about their ability to repay the loan.

  2. Undischarged Bankruptcy. Individuals currently undergoing bankruptcy proceedings or with a history of bankruptcy may be deemed ineligible for a loan.

  3. Incorrect Information Provided. Providing inaccurate or incomplete information on the loan application can lead to rejection. It's crucial to ensure all details submitted are accurate and up-to-date.

  4. Financial Instability. A history of numerous insufficient funds charges or other financial issues in the borrower's account may indicate financial instability and affect loan approval.

  5. Insufficient Income. If the borrower's monthly income does not meet the minimum income requirements set by 24Cash, the application may be rejected.

  6. Age or Citizenship. Borrowers must meet specific age and citizenship requirements to qualify for a loan. Failure to meet these criteria may result in rejection.

  7. Bank Account Issues. Not having a Canadian bank account that meets the specified requirements, such as direct deposit capabilities, may lead to application rejection.

Additional resources

Sources

FAQ

How long does it take to get approved by 24Cash?

24Cash typically provides quick approval decisions, often within minutes of submitting the online loan application. The streamlined application process and automated assessment tools allow for swift processing, enabling borrowers to receive timely responses regarding their loan eligibility. However, the exact approval timeframe may vary depending on factors such as the completeness of the application, verification requirements, and the volume of applications being processed at the time.

How quickly 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. In many cases, funds may be available on the same day as approval, depending on the time of day the application is submitted and the banking procedures of the borrower's financial institution. This rapid disbursement of funds ensures that borrowers can promptly access the financial assistance they need to address urgent expenses or unforeseen emergencies.

How trustworthy is 24Cash?

24Cash maintains a strong reputation for trustworthiness within the lending industry, as evidenced by its positive customer reviews and high ratings on independent review platforms like Trustpilot. With a Trustpilot rating of 4.6 out of 5 stars and over 2,463 total reviews, 24Cash demonstrates a commitment to providing reliable and transparent financial solutions to its customers. Additionally, as a licensed and regulated lending company in Canada, 24Cash adheres to all relevant laws and regulations governing the lending industry, further enhancing its credibility and trustworthiness among borrowers.

Does 24Cash verify income?

Yes, 24Cash may verify income as part of the loan application process. While the company does not conduct traditional credit checks, it evaluates the applicant's financial stability and ability to repay the loan based on their income and employment status. Borrowers are typically required to provide information about their employment and monthly income on the loan application. Additionally, 24Cash may request supporting documentation, such as recent pay stubs or bank statements, to verify the income stated on the application. This verification helps ensure that borrowers can afford the loan and are not taking on more debt than they can repay responsibly.

Does 24Cash hurt your credit score?

No, applying for a loan with 24Cash does not typically hurt your credit score. Unlike traditional lenders that perform hard credit checks, which can temporarily lower your credit score, 24Cash does not conduct credit investigations as part of the loan approval process. Instead, the company focuses on factors such as income, employment history, and banking information to evaluate loan eligibility. As a result, applying 24Cash will not harm your credit score. However, you fail to repay your loan according to the agreed-upon terms, it could potentially affect your credit score in the future.

Financial products
24Cash
Payday 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
$50-$500
Rate
i

Effective interest rate on the product

up to 26%
Term
i

Loan term for the financial product

up to 120 days
Similar products
Best Quick Loan Today 23.05.2024*
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 – 15000.00 C$
Term
i

Loan term for the financial product

6 months – 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
500.00 – 1500.00 C$
Rate
i

Effective interest rate on the product

to 18.99 %
Term
i

Loan term for the financial product

3 months – 6 months
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