About lender
Cash Depot is a stable and reputable micro-financial Canadian organization, working strictly under the standards of the Office of Consumer Protection and providing its customers with an opportunity to get a short-term loan in a fast and secure manner.
Cash Depot's short-term loans platform was established 12 years ago in Canada and is offering its customers to get short-term loans quickly and easily across the province of Québec.
Cash Depot is positioning itself like a company having the team members and the founders on board, consisting of absolutely ordinary people like these, who are applying to the company for getting a loan. The company says that it understands all the troubles and worries that a normal person can encounter in life emergencies or some kinds of accidents where it is crucial to get a financial back-up within short time-frames and with no hassle. The company fully understands that urgent charges, paying penalties charges and, late receipts can sometimes be very uneasy. The company is pointing out that the people, who are working there, know what it feels like when nobody is ready to help. The company is stressing out that they have met the same difficulties, the same troubles and worries their customers are meeting in their day-by-day life. All the above-mentioned factors were the basic reasons for starting up Cash Depot short-term loans project in the financial lending segment – to build up around a nonthreatening and friendly financial environment for the ones who need it, to let people feel more comfortable, more secure, feeling less pain and devastation when having something unexpected happening in their life and let them get funded as quickly and easily as possible. Everything mentioned above is the main mission of the company. The goal of the platform is to become the leading provider of cash advances in Canada. The company is going to get to that point by constantly improving and simplifying the process of getting a loan and by constantly adapting to always growing market demands.
As for the main activities of the company, Cash Depot is offering a unique lending formula, tailored to satisfy each customer with almost any kind of specific financial request, addressed to the platform. Cash Depot is providing its customers not only with short-term financing but also with more complicated financial products and programs like credit consolidation, rebuilding credit, and many more to add. Cash Depot platform is providing its potential borrowers with a completely secure way of getting funded and further processing all their repayment transactions.
Cash Depot is very much concerned about currently present fraud and identity thefts on the internet market and understands all the damage and the consequences the customers may encounter in case of such negative accidents happening. Due to this Cash Depot is aiming at providing its customers with fully protected data transferring on its platform.
The company’s main purpose is secure data transferring and processing to protect the personal and financial information of all its customers and potential borrowers. Only authorized staff members and managers have an access to the customers’ data. All the staff members are coming through a strict verification procedure and background checking out before they get hired. This principle goes both to active users on the platform services and inactive ones.
All the websites of Cash Depot are utilizing SSL encryption, which is considered to be the highest level of security (the same encryption is used by banks). The company is upgrading its security system daily to ensure the privacy of its customer's data.
Test questions are also a part of this securitization program.
All the financial verification procedures and all the reimbursement transactions of all the customers are being held confidentially, no information is being disclosed to any 3rd parties, not involved in the processing of the payments.
Cash Depot is offering extremely fast service to its customers. All the customers of Cash Depot can get a short-term loan after providing the platform with the required financial background information within a minimum amount of time – usually, it takes less than 24 hours.
The majority of the short-term loan platforms are mainly focused on giving out loans to borrowers with certain financial credentials – and these are usually verified by credit checks. This point is based on the common principle, which is implemented in almost all the short-term loan services – that a customer should prove his ability to pay back the loan and all the interests, which are associated with the loan. When it comes to Cash Depot – the service is providing its customers with a fantastic possibility – to get funded quickly and safely and with no credit checks. This opportunity is gladly granted by the company to potential borrowers thanks to the fact, that the Cash Depot platform is well-balanced in terms of finances and is having a full scope of different product programs, some of which do not require a detailed verification of the customer’s credibility.
The amounts of money, which can usually be approved as a loan by Cash Depot vary from $300 up to $3,000. Each request is being processed and verified by agents of the platform individually with a deep and qualified analysis of the financial background of the potential borrower – so the borrower could get as many optimized funding options as possible – both about the size of the loan, the structure and characteristics of the loan and the term for reimbursement, determined for the loan.
The range of the services, provided by Cash Depot short-term loans service is very impressive and includes the following:
Cash advance loans
The kinds of Cash Advance Loans, provided to the borrowers by Cash Depot:
There are different kinds of cash advances, given out by short-term loan companies, and all of them are having a huge variety of characteristics. Notwithstanding the above-mentioned, there are some most common kinds of cash advances and they are coming as payday loans cash advances, and credit card cash advances. Common characteristics of payday loans cash advances are listed below.
Payday loans are a kind of short-term unsecured loan repaid on your next pay date. It is fast and reliable in situations when a person has to deal with some kind of emergency. These are unsecured loans, collateral is not required when applying for getting this loan.
When an individual should apply for getting funded via payday loans and cash advances?
The most frequent occurrences of emergencies are arising between paydays. Payrolls and salaries can not be always and presumably available for an individual to back him up when an individual is unexpectedly needing to visit a medical adviserб for example. Payday loans are designated to compensate a person’s unplanned expenses in some critical situations and when a person needs to get cash fast.
The process of getting an online payday loan is very comfortable. Money is provided in a very quick manner, a person does not have to fill in lots of papers and it is noе necessary to wait for too long for the loan's approval. Payday loans also secure a potential borrower in terms of the interest rates he will have to pay.
Common characteristics of credit card cash advances:
These kinds of loans are being provided to the customers by an organization that has issued their credit cards. Credit card loans are aimed to help out individuals when they have to deal with an essential financial instability they can not overcome and which can not be compensated with their credit card. In the case of approving such kind of loan, there will be an automatic withdrawal of money from the customer’s credit card.
Main principles of cash advance working:
Cash advances are usually provided to the customers, taking into consideration their upcoming paycheck. As for the method, used for funding – normally it is a pre-qualified amount of money, which is sent to a borrower from the Cash Depot platform.
Credit card cash advances are normally provided to the customers, considering their credit card limit. The funding method is as follows: a pre-approved amount of money is being withdrawn by a borrower from his bank account either in the bank office or the ATM.
The customer can withdraw as much money as he wants in case the amount of money for withdrawal is corresponding to the customer’s cash advance limit. The provided limit can be even higher than the customer’s usual purchasing credit limit. Only in this case, the customer will pay cash advance fees for each request of this nature.
Installment loans
What Are Installment Loans about?
Installment loans are about getting funded via cash advances and repayment for them with scheduled installments.
Cash Depot’s installment loans are short-term funding, designated to provide customers who may have unplanned expenses which they can not afford without quick assistance.
A person can apply for getting an amount of money worth $300 and up to $3,000.
No Credit Check Loans
Main characteristics of no credit check loan
A no credit check loan is a sort of short-term loan when the lender is not carrying out a deep analysis of the potential borrower’s credit history. As an alternative, the lender is studying the information about its potential borrower’s income, evidence of employment, and banking transactions information.
Bad Credit Loans
Main characteristics of no credit check loans:
Sometimes it’s happening that a candidate for a loan is having damaged credit history. Even under such uncomfortable financial circumstances, Cash Depot is ready to help. In this case, a bad credit loan is provided – this kind of loan is a variation of an installment loan.
Cash Depot is offering bad credit loans for Canadian residents. The main aim is to go more successfully through checks and to improve the credit history as well.
Credit Consolidation
What is debt consolidation about?
It can happen that an individual is having several loans at the same time. Such a situation is often becoming an uncomfortable issue for such a person with time. The debt consolidation procedure is about reducing the debt pressure and is considered to be an accredited alternative to personal bankruptcy. The debts are being reduced without affecting a person’s credit report. And it is always more convenient both from operational and financial points to have just one loan to pay for.
What is the goal of debt consolidation?
Debt consolidation comes as an effective solution when there are overdue credit card payments, bills, and other regular payments which a person is unable to handle. It is an ultimate method for each individual with several uncomfortable loans to stabilize and fix his financial condition in a very flexible manner.
Rebuilding Credit
What is a Credit Report?
For proper analysis of each individual’s credit rating, there is a credit report. The credit report gives any potential lender detailed information about an individual’s payment habits – whether a person supports his credit rating with timely credit and loan payments or not. When a person is having a credit card, he has got 21 days to pay his expenses. If a payment the discipline of the individual is excellent and he is paying all the bills on time - his credit rating is automatically increased. On the contrary – if an individual is not following his payment schedule – his credit rating decreases.
There are two main credit bureaus in Canada, that collect individuals’ credit information: Equifax and TransUnion.
A credit score can be between 300 and 900 points. If the score of the individual is close to 900 – his credit rating is good. If the credit score of the individual is closer to 300 – his credit report is not considered to be very good.
What Are the Consequences of a Bad Credit Report?
If a person is having not satisfactory credit history it leads to a situation when lots of financial institutions will be considering such a person to be a risky candidate for a loan and this factor may lead to rejecting him as a borrower.
It also may happen that a potential employer or dealer will perform a credit check before deciding whether to work with a person or not. This means that having a bad credit rating can not only affect the results for a credit or a loan application, but also can damage a person’s chances to find a proper job, housing, or a So a bad credit rating can not only prevent you from borrowing money but also adversely affect your chances of finding a job, housing or transportation.
What can be done with a bad credit rating? How to rebuild a credit history?
If a person is having not very balanced credit history there is still a chance of getting funded by a short-term loan in return for a higher interest rate. These types of loans are being approved to fix-up financial emergencies only and these loans should not be considered to be a long-term solution.
The main advantage of a short-term loan for bad credit is that it is possible to get funded in a fast and easy way – all is needed is just providing the loan platform with an online application. Should an individual qualify for the conditions for such financial instruments – his request is normally approved and proceeded very promptly.
For rebuilding a credit history there is a specially designated product - a secured credit card.
A secured or guaranteed credit card is a credit card activated by a security deposit. A guaranteed credit card works the following way: a person should deposit it equivalent of $300 as an example. After this, a person can spend this amount of money. Making use of the secured card is absolutely the same as using a prepaid card. Only that the fact of using the secured card is rebuilding a person’s credit rating.
Pros and cons
Pros
There are numerous pros to the Cash Depot lending platform is having. Among them are the following:
The company has a diversified range of loan types, which are individually chosen for each customer, suit the customer 100% and guarantee the customer the quick and qualitative funding.
No matter what product the customer chooses – all the options offered are distinct and have relevant repayment conditions.
The company offers loans and debt consolidation programs which is not typical for the short-term loans lenders' market.
The company offers a Rebuild you credit program which is not typical for the short-term loans lenders' market.
The company offers a no credit check loan program which is not typical for the short-term loans lenders' market.
The company offers no credit check credit programs.
The company offers lower interest rates in comparison with its competitors. The interest rate is 18%.
The company does not have hidden fees.
Efficient processing.
Bigger sums of loan money approved (up to $3,000).
The sums of short-term loans, available for approval at the Cash Depot platform vary from $300 up to $3,000. This is not a standard issue in short-term loan cases – usually, the sums of approved such-like loans are not exceeding $1,500-$2,000.
The company works only with providers, who are qualified for the standards of the Office of Consumer Protection.
The company offers loans that are 100% guaranteed and secured.
The company never charges any up-front fees.
Cons
The company does not offer loans to Manitoba residents.
The company needs to get a valid checking account for at least 3 months for approving a loan.
An individual needs to have a full-time job for at least 6 months before applying for a loan.
An individual should live at the same address for at least 6 months before applying for a loan
An individual should get paid by cheque or direct deposit.
An individual needs not to be in bankruptcy or have any garnishes against his pay.
The company is not funding entrepreneurs.
The borrower should be is of legal age, a Canadian resident and prove that a steady income is on the way.
Loan conditions
These are the general conditions for getting a short-term loan a candidate should qualify for:
Two photo IDs and proof of his SIN
Utility Bill (proof of address)
A phone number
Most recent 2 pay stubs
Void Check / Pre-authorized debit form
An active bank account
Bank statement from the last 90 days
Canadian residency
Legal age
Methods of a loan funding
Should a potential borrower complete an application form and submit it online before 11 AM, the funds will be transferred into his banking account the same day. All other applications, provided after 11 AM can expect the funds to be transferred after 24 hours.
Conditions for the first loan – no specific information available on the website. Conditions for following loans – no specific information available on the website.
