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Lender
Rating by Finanso®
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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 pay off

Finanso.Multilogin™

Repay

It is very easy and convenient to repay Cash Depot’s loans. The borrower can either transfer money from his bank account when it’s a due time on his own, or it can be automated should the borrower request the company for this. The detailed information for each type of loan is below:

  • Repayment of Installation Loans

The installation loans can go all the way to $20,000 depending on the borrower’s financial situation. Cash Depot will set repayment terms depending on the same, but generally, such a loan is repaid in monthly installments of up to 60 months. If the borrower is choosing a smaller amount, let’s say $1,000, the company arranges for a shorter period to repay a loan. Of course, the borrower can decide to pay larger installments if he wants to finish paying up his short-term loan sooner. To do so, the borrower should contact Cash Depot loan agents or email the company.

  • Repayment of Payday Loans

Payday loans are set to be paid on the borrower’s next payday. So, if a person borrows $1,000 the company will ask him when he is getting paid and if he wants the deduction to be automatic from his paycheck account. Remember, the company only gives payday loans to employees and not self-employed or business persons. The borrower does not have to wait for his next payday to repay his loan. If the borrower gets money sooner, he can repay his loan early to get better credit scores.

  • Repayment оf Credit Card Cash Advance Loans

One of the seamless ways to repay loans is repaying cash advances from credit cards. A person does not have to contact anyone or fill out forms. Credit card cash advance loans can be paid to his bank account linked to the credit card. There is no set period to repay credit card loans, but the longer a person stays, the higher the amount of debt owed.

No information is available on a website regarding this the conditions of the loan extension.

Early payoff

How does the early repayment of this fast 24-hour loan work?

The repayment of a fast loan is made in several payments each month or by a final payment when the borrower’s salary is paid and at the end of the loan. The amount of the monthly installments are generally consistent, but if the borrower’s financial health has improved in the meantime, he can repay the loan early.

Tips on how to pay more efficiently

To pay more efficiently a borrower should either pay earlier or at least get his repayments to be withdrawn automatically – in this case, no late repayment can occur and there is no risk of damaging his credit score at all.

FAQ

How do I make a payment on Cash Depot?

Normally short-term loans are set either to be paid on the borrower’s next payday or there is a certain schedule of repayments the borrower should follow. To make a repayment the borrower can either transfer money from his bank account when it’s a due time on his own, or the payment can be automated should the borrower request the company for this. The borrower does not have to wait for his next payday to repay his loan. If he gets money sooner - he can repay the loan early to get better credit scores.

What happens if you don't pay back Cash Depot?

If an individual is not paying his loan in time the company is putting all the efforts possible to negotiate with him and help him in this situation. Should all the negotiation options have failed, the company is forced to file with a court or pass the case over to money collectors. In case the borrower is informing the company about the upcoming delay with the scheduled payment – and doing it no later than 48 ahead of the possible delay – the company only charges the borrower $40 and no information is being transferred to collectors.

Can you pay Cash Depot early?

Yes – it is possible to pay early. In this case, the amount of interest taken decreases and the credit history of the borrower gets much better which can influence significantly the results of his future application to any financial institution.

Can Cash Depot sue you?

The company can sue the borrower – but only in a case when all the proposed conditions to restructure his loan or to change his payments schedule had no effect and did not affect a situation.

Calculate loan payments in Cash Depot

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

Loan amount
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Enter the desired loan amount

CAD
CAD
300 $
20000 $
Loan term
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Specify the loan term for the calculation

months
days
1
60

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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All Cash Depot’s reviews by September 2022
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