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.

CashOne

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About Lender

CashOne, a prominent payday lending service in Canada, offers a convenient and accessible financial solution to individuals facing short-term cash needs. Prospective borrowers can seamlessly apply for a payday loan from the comfort of their homes or workplaces, emphasizing a hassle-free process. The platform promises instant cash deposits into the borrower's bank account, eliminating the need for faxing documents or extensive paperwork.

CashOne caters to a diverse clientele, including those with less-than-perfect credit scores, as they do not conduct credit checks during the application process. The loan amounts, ranging up to $1,500, can be a crucial resource for covering unforeseen expenses such as car repairs or household emergencies. CashOne's commitment to responsible lending is evident in its transparency about fees and charges, ensuring borrowers are well-informed about the financial implications of their loans. With a straightforward application process and a focus on meeting short-term financial needs, CashOne stands as a viable option for those seeking quick and accessible financial assistance in Canada.

CashOne

Key Features

  1. Flexible Loan Amounts. Loan amounts can range up to $1,500, allowing borrowers to tailor their loan to their specific financial requirements.

  2. Convenient Application Process. With an online application process, borrowers can apply for loans from the comfort of their homes or workplaces, eliminating the need for in-person visits.

  3. Minimal Documentation. CashOne streamlines the lending process by minimizing paperwork, avoiding the need for faxing documents or extensive paperwork.

  4. Automatic Repayment. Loan payments, including fees, are automatically withdrawn from the borrower's bank account on the due date, ensuring timely repayment without additional effort.

Pros and Cons

Pros

Convenient Application Process. Borrowers can apply for loans online, eliminating the need for in-person visits to a physical location.

Responsible Lending Practices. CashOne prioritizes responsible lending, providing transparency about fees and charges and adhering to legal regulations.

Extension Options. Borrowers have the option to request loan extensions, providing flexibility in managing repayment schedules.

Cons

High APR. The Annual Percentage Rate (APR) on CashOne loans can be relatively high, reaching up to 546% on a 14-day loan, potentially resulting in significant interest charges.

Limited Availability. CashOne does not provide loans to residents of certain provinces, including Alberta, British Columbia, Manitoba, and Saskatchewan, limiting its accessibility.

Potential for Overborrowing. Easy access to funds and flexible loan amounts may lead some borrowers to overborrow, potentially exacerbating financial challenges.

Reliability

CashOne's reliability as a lending institution hinges on several factors that contribute to its credibility within the financial landscape. With credentials such as adherence to relevant payday loan statutes and regulations and compliance with the Payday Loans Act, 2008, CashOne demonstrates a commitment to legal and regulatory compliance. Furthermore, its utilization of advanced encryption technology to safeguard borrowers' personal and financial information underscores its dedication to maintaining security and privacy standards. While these credentials enhance CashOne's reputation for reliability, borrowers should exercise due diligence in evaluating the suitability of its loan products for their individual financial needs and circumstances.

How to Apply for a CashOne Loan?

  1. Visit the CashOne Website. Start by visiting the CashOne website to initiate the loan application process. The website typically provides detailed information about the loan terms, eligibility criteria, and application requirements.

  2. Complete the Online Application. Once on the website, locate the online application form. Fill out the required fields accurately, providing personal information such as your name, contact details, employment information, and banking details. Ensure all information provided is accurate and up-to-date.

  3. Review Loan Terms. Before submitting your application, carefully review the loan terms, including the loan amount, repayment schedule, fees, and interest rates. Understanding the terms of the loan is crucial to making an informed borrowing decision.

  4. Submit Application. After completing the application form and reviewing the loan terms, submit your application electronically.

  5. Await Approval. Once your application is submitted, CashOne will review your information and assess your eligibility for a loan. Approval decisions are usually made swiftly, and borrowers may receive notification of approval within minutes.

  6. Receive Funds. If your loan application is approved, CashOne will deposit the approved loan amount directly into your bank account. Depending on the banking system, funds may be available within minutes or by the end of the same business day.

Conditions and Requirements

Conditions

  1. Loan Amount. CashOne offers payday loans with loan amounts typically ranging from $100 to $1,500, depending on the borrower's eligibility and state regulations.

  2. Loan Term. The loan term for CashOne payday loans is typically short, often lasting until the borrower's next payday or up to a maximum of 14 days.

  3. Interest Rates and Fees. CashOne charges an Annual Percentage Rate (APR) that can be as high as 546% on a 14-day loan. Additionally, borrowers may incur fees for late payments or non-payment, as well as NSF (non-sufficient funds) fees.

  4. Repayment. Loan repayment, including principal, fees, and interest charges, is typically due on the borrower's next payday. Repayment is automatically deducted from the borrower's bank account on the agreed-upon due date.

Requirements

  1. Age and Residency. Borrowers must be at least 18 years old and be either a citizen or permanent resident of Canada.

  2. Employment Status. Borrowers need to demonstrate stable employment, typically with a minimum employment duration, such as 90 days at their current job.

  3. Income Criteria. Borrowers must have a regular source of income, usually evidenced by direct deposit of their income into a bank account. The minimum take-home income requirement is typically set at $700 per month after taxes.

  4. Active Chequing Account. Borrowers must possess an active chequing account in their name, which has been operational for a minimum period, often around two months.

  5. Contact Information. Borrowers are required to provide accurate and up-to-date contact information, including home and work phone numbers, as well as a valid email address, for communication purposes.

  6. Legal Compliance. Borrowers must comply with all applicable laws and regulations governing payday loans in their jurisdiction.

Ways to Receive the Money

  1. Electronic Funds Transfer (EFT). Upon loan approval, CashOne can deposit the loan funds directly into the borrower's bank account via Electronic Funds Transfer (EFT). This method ensures swift access to the funds, typically within minutes or by the end of the same business day, depending on the recipient's bank processing times.

  2. Email Money Transfer (EMT). Alternatively, borrowers may opt to receive the loan funds via Email Money Transfer (EMT). CashOne can transfer the approved loan amount electronically to the borrower's email address, allowing them to access the funds by depositing the transfer into their bank account. This method also offers fast and convenient access to the funds.

  3. Cash Pickup. In certain cases, CashOne may offer the option for borrowers to pick up the approved loan funds in cash from a designated location. This option is particularly suitable for borrowers who prefer to receive cash directly rather than through electronic transfer.

Products

CashOne specializes in providing payday loans, which are short-term, unsecured loans designed to cover immediate financial needs until the borrower's next payday. Loan amounts for payday loans typically range from $100 to $1,500, depending on the borrower's eligibility and state regulations. These loans are often used to cover unexpected expenses or bridge gaps between paychecks.

Reasons for Getting Rejected for a CashOne Loan

  1. Incomplete or Inaccurate Information. Providing incomplete or inaccurate information on the loan application form can lead to rejection. It's essential for applicants to ensure that all required fields are properly filled out with accurate details regarding their personal information, employment status, and banking information.

  2. Insufficient Income. CashOne requires applicants to have a minimum income level to qualify for a loan. If the applicant's income does not meet the required threshold, they may be rejected for a loan.

  3. Unstable Employment. Applicants must have a stable source of income, typically demonstrated by being employed for a certain period, such as 90 days. Individuals with irregular employment history or frequent job changes may be deemed ineligible for a loan.

  4. Inadequate Banking History. CashOne typically requires applicants to have an active chequing account for a minimum period, such as two months. Applicants without a sufficient banking history may be rejected for a loan.

  5. Previous Non-Payment or Default. Applicants who have previously failed to repay a loan or defaulted on a loan may be rejected for a new loan. CashOne may consider the applicant's repayment history and creditworthiness when assessing their eligibility for a loan.

How to Repay a CashOne Loan?

  1. Automatic Withdrawal. CashOne facilitates automatic repayment of the loan by deducting the loan amount, fees, and interest charges directly from the borrower's bank account on the agreed-upon due date. This method eliminates the need for manual payment initiation by the borrower and ensures timely repayment.

  2. Sufficient Funds. It's crucial for borrowers to ensure that there are sufficient funds available in their bank account on the loan repayment due date. Insufficient funds may result in additional fees, penalties, or non-payment charges, impacting the borrower's credit and financial standing.

  3. Review Loan Agreement. Borrowers should review the loan agreement provided by CashOne to understand the repayment terms, including the loan amount, repayment schedule, fees, and interest rates. Understanding these terms helps borrowers prepare for the repayment process and avoid any surprises.

  4. Communication. In case of any challenges or concerns regarding loan repayment, borrowers are encouraged to communicate with CashOne's customer support team promptly. They can provide guidance, assistance, and potentially arrange alternative repayment options if needed.

  5. Loan Extension. If a borrower anticipates difficulty in repaying the loan on the agreed-upon due date, they may contact CashOne to discuss the possibility of extending the loan term. CashOne may offer loan extension options, providing borrowers with additional time to repay the loan, albeit with additional fees or charges.

  6. Keep Records. Borrowers should keep records of all loan-related documents, communications, and transactions for their reference and documentation. This includes the loan agreement, repayment schedule, payment receipts, and any correspondence with CashOne.

Alternatives

iCash

iCash offers payday loans with varying amounts depending on the province, typically ranging from $100 to $1,500, with repayment terms spanning from 7 to 62 days. Their services include 24/7 approval and e-Transfer, catering to individuals with bad credit.

Cash Money

Cash Money provides payday loans with amounts varying by province, typically ranging from $100 to $1,500, and repayment terms lasting from 5 to 40 days. They offer instant approval and e-Transfer within as little as 15 minutes, accommodating individuals with bad credit.

Mr. Payday

Mr. Payday offers payday loans with amounts varying by province, typically ranging from $100 to $1,500, and repayment terms of up to 62 days. Their services boast fast approval and do not require a credit check.

PAY2DAY

PAY2DAY offers payday loans with amounts varying by province, typically ranging from $300 to $1,500, and repayment terms of up to 62 days. They provide 24/7 approval and e-Transfer services and do not conduct credit checks.

Editorial Opinion

In assessing CashOne as a lending option, it's imperative to acknowledge the convenience it offers in providing quick access to funds for individuals facing short-term financial needs. The streamlined application process and flexible repayment options cater to a diverse range of borrowers, including those with less-than-perfect credit histories. However, it's essential for borrowers to carefully consider the high Annual Percentage Rates (APRs) associated with CashOne loans and to ensure that they can meet their repayment obligations in a timely manner. While CashOne serves as a viable solution for addressing immediate financial challenges, prospective borrowers should exercise caution and fully understand the terms and conditions before committing to a loan.

Important

Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

How to Choose a Lender

  1. Verify that the lender is registered with the appropriate regulatory authorities in Canada, such as the Financial Consumer Agency of Canada (FCAC), or is licensed to operate in your province.
  2. Check if the lender is a member of reputable industry associations in Canada, such as the Canadian Bankers Association (CBA) or the Canadian Lenders Association (CLA).
  3. Thoroughly review all terms and conditions outlined in your loan agreement. Understand the repayment schedule, interest rates, fees, and any penalties for late payments or defaults.
  4. Ensure that the contract clearly states the annual percentage rate (APR) and the total cost of borrowing, including any administrative fees or additional charges.
  5. Familiarize yourself with your rights regarding loan cancellation or early repayment. Canadian consumers have the right to cancel a loan within two business days after signing the agreement, without penalty.
  6. Research the lender's reputation by checking customer reviews, complaints, and feedback on reputable online platforms, as well as through resources provided by organizations like the Better Business Bureau (BBB).

Methodology

At Finanso, we've carried out a comprehensive analysis of over 70 lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.

In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.

At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.

Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.

Additional Resources

Sources

FAQ

How much can you borrow from CashOne?

CashOne typically offers payday loans with loan amounts ranging from $100 to $1,500, depending on the borrower's eligibility and state regulations. The specific loan amount approved for an individual is determined based on factors such as their income, employment status, and banking history. Borrowers can request the exact amount needed, up to the maximum limit specified by CashOne, to address their short-term financial needs. It's important for borrowers to carefully consider their financial situation and borrow only what they can afford to repay within the agreed-upon terms to avoid potential financial difficulties.

Does CashOne approve everyone?

CashOne does not approve loans for everyone, as eligibility criteria must be met to qualify for a loan. While CashOne strives to provide access to loans for individuals with varying credit backgrounds, there are certain requirements that applicants must meet to be considered for approval. These requirements typically include being at least 18 years old, being a citizen or permanent resident of Canada, having a steady source of income, and meeting minimum income thresholds. Additionally, CashOne may conduct assessments to evaluate an applicant's ability to repay the loan based on their financial circumstances. While CashOne aims to assist as many borrowers as possible, approval is not guaranteed for every applicant, and individuals must meet the specified criteria to qualify for a loan.

Is CashOne a legitimate company?

CashOne is widely regarded as a legitimate lending company, providing payday loans to individuals facing short-term financial needs. With a track record of operating within the bounds of relevant laws and regulations governing payday loans in Canada, CashOne demonstrates a commitment to legal compliance and ethical business practices. Moreover, its transparent disclosure of loan terms, clear communication channels, and adherence to industry standards for data security contribute to its reputation as a reputable and trustworthy lending institution. While borrowers should exercise caution and carefully review the terms and conditions before engaging with any lending company, CashOne's legitimacy is supported by its established presence in the financial services sector and positive customer feedback.

Is CashOne a good lender?

Assessing whether CashOne is a good lender requires consideration of various factors. While CashOne offers quick access to funds and caters to individuals with diverse credit backgrounds, it's essential for borrowers to weigh the benefits against the potential drawbacks. The high Annual Percentage Rates (APRs) associated with CashOne loans should be carefully considered, as they can result in significant interest charges over the short repayment period. Additionally, borrowers should be mindful of their ability to meet repayment obligations on time to avoid additional fees or penalties. While CashOne serves as a convenient option for addressing immediate financial needs, prospective borrowers should conduct thorough research, carefully review the terms and conditions, and consider alternative lending options to ensure they make an informed decision that aligns with their financial circumstances and goals.

Company documents

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Where everyday is payday!

© CashOne
Financial products
CashOne
Payday Loan
Rating by Finanso®
i

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.

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