About lender
Cash Money is a company that provides various types of lending for amounts of 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.
Cash Money features
The company highlights several noticeable features of its business model.
- Straightforward application. You can apply in-store or online and by phone, avoiding the necessity to visit a branch. You can complete the whole process and receive your money in ten minutes.
- Access to quick cash. The expected funds can be deposited through direct deposit or an Interac e-Transfer.
- Professional, friendly service treating customers with respect.
- Extended hours. The company works seven days a week, and the customer support center's focus is to be ready to help you daily.
Internet reviews on these features, in general, confirm this description. However, some clients mention a four-hour-long wait to receive the funds, a hard credit check impacting the credit score, high-interest rates, and no reporting of completed payments to credit agencies. As for Cash Money management reviews, some employees highlight too much stress and meager possibilities to build a career at this workplace.
Cash Money is engaged in charitable activities. It provides support for animals and people in need through ready-to-eat meals, donations to food banks, and volunteering. The company donated $10,000 dollars to Black Mental Health to address mental health issues that acquired more prominence during the pandemic. On its Twitter page and website, the company informs about the updates in its campaign aimed at raising funds for the benefit of different sectors, for example, youth. Cash Money has a comfortable mobile app for Android and Apple users. The app gives you access to your account anytime.
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.
Maximum allowable charges by provinces
- British Columbia: 15% of the principal, or $15 per each $100 borrowed;
- Manitoba: 17% of the loan amount, or $17, charged per each $100 loaned;
- Newfoundland and Labrador: The maximum allowable cost of borrowing is $21 per $100, or $21 per each $100 borrowed;
- Nova Scotia: 17% of the amount borrowed;
- Ontario: the maximum allowable cost of borrowing is 15% per every 100 dollars loaned;
- Saskatchewan: 17% of the amount.
As for the eligibility requirements, there are some basic rules. If you comply with all of them, your application has more chances of being successful: You must be 18 years old or older and will be required to provide the following data:
- Have an open chequing account in your name (you will be asked to give your branch transit number, financial institution number, and also your bank account number).
- Proof of steady income (gross/net income, frequency, the date when you started working, and details about your employer, such as their name and phone number).
- Your valid telephone number.
- Your active email address.
According to some review platforms, your credit score must be over 560. In addition, to complete your loan request, you will have a phone call with a company representative for them to enhance their knowledge of your borrower's profile. The life of the loans taken from Cash Money ranges between 6 and 60 months.
Methods of 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.
