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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.

Cash Depot's application

Finanso.Multilogin™

How to apply

First of all, a potential borrower should submit the prerequisite information, containing the following documents:

  1. Two photo IDs and proof of his SIN

  2. Utility Bill (proof of address)

  3. A phone number

  4. Most recent 2 pay stubs

  5. Void Check / Pre-authorized debit form

  6. An active bank account

  7. Bank statement from the last 90 days

  8. Canadian residency

  9. Legal age

Application details

How long are applications considered? Normally all applications received are being proceeded by the staff members of the company in a very prompt way – all the procedures are fully automated and the verification can last several minutes only.

All the processing is fully automated in Cash Depot short-term loans platform. This factor allows the company to provide the preapproved funds to its borrowers within a period that does not exceed 24 hours.

When requesting a loan (аfter clicking the "Apply now" field), the potential borrower will be asked to provide the service with the following information:

  1. The loan amount which is needed

  2. First and last name of the potential borrower

  3. The e-mail address and the phone number of the potential borrower

  4. Date of birth of the potential borrower

  5. Employment information: income type, employer name, employer phone number, the information regarding the period of employment in this company

  6. After this, the potential borrower has to agree to receive texts and emails to notify him about his application

All the rest of the information on the application form is available for customers after submitting the above-mentioned to the platform.

FAQ

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

Normally Cash Depot is reviewing all the loan requests in a very quick manner – in case there are no additional questions the studying of the application can take several minutes only. As for submitting the customer with requested funds – this usually happens within 24 hours.

How trustworthy is Cash Depot?

  • Cash Depot's short-loans platform is convincingly  trustworthy  due to the following factors:

  • The company has got an experience of 12 years operating in the micro-financial industry

  • The company has to offer its services tailored to their specific needs

  • The company is offering  a stable and reliable service, adjacent to all the security standards

  • There is also an eloquent data in open sources regarding the company’s activity: 

  • The website of the company gets 11,7 K of unique visitors per month

  • The company’s average rejection index is 9,8%

  • The average age of its client audience ranges from 25 up to 34 years old

Cash Depot provides its clientele with quick and secure financial relief. In case of an emergency where you can’t wait for a bank or financial institution to grant you a loan, we can provide confidential, fast, and safe loans tailored to your needs. We understand that urgent situations won’t wait for a bank to deposit the money in your account, which is why we make sure we get you the money you need as quickly as possible.

Their brokers can also help you whether you have good credit or not. We offer no credit check loans, bad credit loans, and several credit help options. If you need help to rebuild your credit or consolidate your credit debt, we can help you. Our mission is to get you money quickly, and we’ll happily work with you to find a financial solution tailored to your needs. 

Cash Depot only works with providers who meet the standards of the Office of Consumer Protection. All our loans are 100% guaranteed and secured. We never charge any up-front fees.

Does Cash Depot verify income?

Cash Depot is verifying the income of its customers, using the differentiated approach to each specific situation – it can be either checking the potential borrower’s credit history or using other sources of the information, related to the customer's income:  evidence of employment or his banking transactions information.

Does Cash Depot hurt your credit score?

Every customer, applying for a short-term loan, is worried about the potential possibility of hurting his credit score by getting this loan.

Normally each loan given out is automatically affecting the borrower’s credit score. Hard inquiries regarding a borrower’s financial status can end up with a not very significant drop in the borrower’s credit score, but in case the borrower is paying regularly – his credit score is increasing.

Cash Depot is making everything possible for settling down any potential conflict with its borrower, associated with payments delay. Should any issue of delayed payments arise, the company’s collection department will try to come to terms with the borrower regarding composing additional payment arrangements, taking into consideration the specifics of the borrower's financial status at that moment. In this case, the borrower will be responsible for all the legal fees, accumulated due to recovering a past due balance.

Also, the borrower will be charged a sum of $40 for any payment declined by his bank, for insufficient funds, or any other reason, this $40 will be deferred to the end of his contract. Such a situation will not damage the borrower’s credit score within Cash Depot and the files of the borrower will not be transferred to credit agencies. Cash Depot is highly recommending to all of its customers to contact the company as soon as possible in case any unexpected payment delays is arising  - it is better to contact the company 48 hours before the payment is due.

 This delay will result in a cost of 40$, which will be deferred to the end of your contract. Respecting payment schedules will ensure you an excellent service for future renewals.

Reasons for rejection

  1. Cash Depot's short-term loans platform is making its best to be as much opened and flexible to its customers as possible. The company offers its potential borrowers a wide range of products, which are individually tailored in each case and can suit fine any customer. The company also is offering its customers different programs for improving their financial records – records-called credit reports.  However, there are still several cases, when the company is not able to respond adequately to their potential borrower’s request – this happens when an individual, who is applying for a loan, has got too many previously taken loans or has got several unpaid loans by the moment when his application is being considered by Cash Depot. Frequent borrowing can also be a factor in rejecting an individual’s application.

  2. Cash Depot platform will also reject the application in case an individual is not ready to provide it with the requested list of documents such as 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 and a bank statement from the last 90 days.

  3. The company also does not support  loans to Manitoba residents

  4. The company also does not support  loans for individuals, not able to confirm they have had a full-time job for at least 6 months before applying for a loan

  5. The company also is not approving requests for getting a loan if an individual is  not able to confirm that he has lived at the same address for at least 6 months before applying for a loan

  6. The company also is not approving requests from individuals, who are in bankruptcy or have any garnishes against their pay

  7. The company is not funding entrepreneurs

  8. The borrower should be is of legal age and a Canadian resident

Calculate loan payments in Cash Depot

Cash Depot calculator will allow you to calculate an approximate payment schedule for the loan

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What to pay attention to when applying for a loan from Cash Depot

  1. The company must have a license if it runs business in Alberta, British Columbia, Manitoba, Ontario and Quebec.
  2. You can check the availability of the relevant license (copy) at the branch of the lending company.
  3. Membership in a self-regulatory organization (SRO) is an additional guarantee of the reliability of the lending company. This information can also be checked at the company's branch or on its official website.
  4. Availability of lending policies.
  5. The procedure for applying for a loan.
  6. The procedure for concluding the loan agreement and receiving the payment schedule.
  7. Other conditions for granting loans.

We recommend

  1. To check out the interest rates and frequency. 
  2. Check the availability of individual terms in the loan agreement (principal amount, term, date of advance, etc.).
  3. Check whether the loan agreement contains information about the total cost of borrowing.
  4. Take time to think – you can change your mind before agreeing or signing a loan agreement.
  5. Speed of loan processing.
  6. Accessibility – alternative lenders often operate where there are no bank branches.
  7. For the borrower - high interest on the loan.
  8. For an investor, the safety of funds is not guaranteed by the state.

What distinguishes Cash Depot from banks:

  1. Simplicity - loan processing is less formalized than in a bank.
  2. Fast loan processing.
  3. Accessibility.
  4. For the borrower - high interest on the loan.
  5. For an investor, the safety of funds is not guaranteed by the state.
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