About lender
Cash Money is a company that provides various types of lending for the sum up to $10,000 at attractive rates in Canada.
Cash Money Cheque Cashing, Inc. appeared in 1992. Today it is one of the most reliable payday loan lenders in Canada. Its financial services with attractive terms have already been recognized by over a million customers across Canada.
The service is designed for those who need money right now, without wasting time visiting banks and lengthy consideration of applications, as this process takes around 10 minutes at Cash Money. In case of a positive decision, funds are transferred to the borrower within 15 minutes. The purpose of lending is not essential so that you can get a loan for any need.
The company is a Canadian Consumer Finance Association (CCFA) member.
Pros and cons
Here are the advantages of getting a loan from Cash Money:
Depending on your financial goals, you can choose between a payday loan, an installment loan, and a line of credit;
Flexible loan sizes and a possibility to receive an amount up to $10,000;
Ability to improve credit history;
No strict employment requirements;
New customers get a promotional rate;
You can refinance your loan (provided that your account is in good standing and your available credit exceeds the minimum payment);
Different ways to get funds are available;
You can expect the same-day approval and funding;
Flexible payment terms allow you to make payments bi-weekly or monthly.
Early prepayments on installment loans are penalty-free;
There is an option to buy loan protection insurance additionally.
But, there are potential drawbacks as well:
Cash Money is available only in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, New Brunswick, and Nova Scotia;
If you live in Manitoba or New Brunswick, you can apply for a loan in-store only(
The interest rate is 46.93%, which is pretty high;
According to reviews on the Internet, you can face establishment fees, missed payment fees, and penalty fees;
Be ready for a temporary dip in your credit score as the lender runs a hard check on your credit file.
As we can see, fast approval, the convenient application process, flexible payment terms, and an opportunity to refinance your loan are certain advantages of Cash Money. The major disadvantages, though, are the steep interest rate, the potential for additional charges, and your credit score reduction.
Loan conditions
Cash Money provides lending services of 3 kinds:
Payday loans from $50 to $1,500. The term of a loan depends on the borrower's location. In general, the creditor's reward for using the cash advance service is about $20. Also, because of the payday loan small sum and the short term, the overpayment is reduced;
Installment loans allow you to receive from $50 to $10,000 for any need; the term varies between 6 and 60 months for just 46.93% APR, regardless of the amount of cash advance, the terms, and the borrower's location. The minimum amount paid for every due date equals only $60 under certain conditions;
Credit lines from $50 to $10,000 at the rate of 46.93% APR. The final rate is calculated for each client on an individual basis. Loans from this category are designed for those who need long-term repayment.
Methods of a loan funding
An applicant specifies in the personal account of the automated Cash Money system the lending amount, the term, as well as the method of receiving funds. A loan can be issued:
To the borrower's bank account;
With Interac e-Transfer®;
To the Opt+ card issued by PACE Savings & Credit Union Limited under the license of Mastercard™ International.
