Broker
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.

Deposit My Cash Now

Advertiser Disclosure

About Company

Deposit My Cash Now is a lending company that operates as a broker with a network of lenders, adhering to the principle of responsible lending. When a loan application is submitted, their brokers analyze various factors to ensure that the applicant is capable of repayment. These factors include the applicant's income, existing outstanding payments in their bank account, and the requested loan amount in relation to their repayment abilities. Once these criteria are met, a loan agreement is issued.

Deposit My Cash Now emphasizes compliance with Canadian laws and regulations regarding collection practices. In cases where a borrower faces difficulties in repayment, the company works towards reaching a new schedule, taking the borrower's financial capabilities into account. However, it's crucial to note that late repayments may incur additional interest charges and legal fees, for which the borrower is responsible.

In the event of needing to postpone a payment, borrowers are required to notify the company at least 48 hours in advance. Missed payments result in fees, and the unpaid amount is deferred to the end of the loan agreement. Notably, Deposit My Cash Now does not report missed payments to credit reporting agencies, thus not impacting the borrower's credit score. However, it's emphasized that short-term loans should only be utilized in cases of temporary financial difficulties when no other financing options are viable.

Deposit My Cash Now

Key Features

  1. Responsible Lending Principle. Deposit My Cash Now prioritizes responsible lending, carefully evaluating applicants' financial situations to ensure they can manage repayments.

  2. Transparent Collection Practices. The company adheres to Canadian laws and regulations regarding collection practices, striving to reach agreements on new repayment schedules if borrowers face difficulties.

  3. Flexible Payment Options. Borrowers are allowed to postpone payments with a minimum 48-hour notice, although missed payments incur fees and may extend the loan agreement.

  4. No Credit Score Impact. Despite late payments, Deposit My Cash Now does not report to credit agencies, safeguarding borrowers' credit scores.

  5. Short-term Solution Focus. Emphasizing the temporary nature of their loans, the company advises against accumulating short-term loans, promoting financial responsibility and avoiding overindebtedness.

Pros and Cons

Pros

Quick Approval Process. Deposit My Cash Now offers a streamlined application process, ensuring quick approval and access to funds, which can be beneficial for urgent financial needs.

Personalized Assistance. Borrowers receive personalized assistance from knowledgeable brokers who help assess their financial situation and tailor loan agreements to their specific needs and abilities.

Confidentiality Guarantee. The company prioritizes the confidentiality of its clients' financial information, ensuring that all personal data remains secure throughout the lending process.

Renewal Opportunities. Successfully repaying loans according to the agreed-upon schedule opens up opportunities for future loan renewals, providing a reliable source of short-term financing when needed.

Cons

Potential for Higher Costs. Late payments and missed payments can result in increased fees and interest charges, potentially leading to higher overall costs for borrowers.

Limited Long-term Solutions. While Deposit My Cash Now provides short-term financial relief, relying solely on their services may not address underlying financial issues and could perpetuate a cycle of temporary fixes without long-term stability.

Lack of Credit Score Improvement. Although the company does not report missed payments to credit agencies, this also means that timely repayments do not contribute to improving borrowers' credit scores, limiting opportunities for credit building.

Risk of Overindebtedness. Borrowers may face the risk of overindebtedness if they accumulate multiple short-term loans without addressing the root causes of their financial difficulties, potentially leading to further financial strain in the future.

Reliability

Deposit My Cash Now, a company boasting 17 years of experience in the debt management and quick loan sector, positions itself as a significant player in short-term financing solutions. On their website, they emphasize the expertise of their brokers in providing personalized advice to clients seeking customized loans to address challenging financial situations. The company upholds values of dexterity, honesty, and customer appreciation as fundamental principles guiding their operations. Despite only three reviews on Trustpilot averaging a medium of three stars, Deposit My Cash Now's extensive experience and purported commitment to customer satisfaction suggest it may be a potential option for those in need of expedited financial assistance.

How to Apply for a Deposit My Cash Now Loan?

To apply for a Deposit My Cash Now loan:

  1. Provide your personal information. Fill out the online form and receive an immediate response.

  2. Receive your loan agreement. Once approved, the loan agreement is sent to you promptly. Sign and return it without delay to proceed.

  3. Access your funds. Deposit My Cash Now's network of private lenders transfers the money directly to your account, making it available for immediate use.

Conditions and Requirements

Conditions

  1. Responsible Borrowing. Borrowers are encouraged to use the loans responsibly and only for legitimate financial needs.

  2. Loan Repayment. Borrowers must agree to repay the loan according to the terms outlined in the loan agreement.

  3. Communication. Borrowers should maintain open communication with Deposit My Cash Now regarding any changes to their financial situation or repayment abilities.

  4. Compliance. Borrowers must comply with Canadian laws and regulations regarding lending practices and loan repayment.

  5. Fees and Charges. Borrowers are responsible for any fees or charges associated with late payments or missed payments, as outlined in the loan agreement.

  6. Confidentiality. Deposit My Cash Now ensures the confidentiality and security of borrowers' personal and financial information throughout the loan process.

Requirements

  1. Age Requirement. Applicants must be at least 18 years old to qualify for a loan.

  2. Canadian Residency. Only Canadian residents are eligible to apply for Deposit My Cash Now loans.

  3. Chequing Account. Applicants must have opened a chequing account at least 3 months prior to applying for a loan.

  4. Employment History. Applicants should have a minimum of 3 months of full-time employment history.

  5. Direct Deposit. Borrowers must receive their income via direct deposit into their bank account.

  6. Financial Status. Applicants must not be currently undergoing bankruptcy proceedings, consumer proposals, or wage garnishment.

Ways to Receive the Money

There are two primary ways to receive the money from Deposit My Cash Now:

  1. Direct Deposit. Upon approval, the loan amount is directly deposited into the borrower's bank account. This method ensures quick and convenient access to the funds, allowing borrowers to use the money immediately for their financial needs.

  2. Cash Pickup. In some cases, borrowers may have the option to receive the loan amount as cash. This option is suitable for individuals who prefer to receive funds in person or do not have access to a bank account for direct deposit. However, availability may vary depending on location and specific arrangements with Deposit My Cash Now.

Products

Deposit My Cash Now, operating as a broker with a network of lenders, offers a range of financial products tailored to various urgent needs and circumstances. Customers can access cash advances to address immediate financial emergencies swiftly. With the payday loan option, borrowers can fill out an online application and receive a loan agreement within 45 minutes, ensuring quick access to funds. The company also provides a secured card for those with bad credit, offering a chance to rebuild credit scores. For individuals with a less-than-ideal credit history, Deposit My Cash Now offers no credit check loans, providing financial assistance based on their current situation rather than past credit records. Additionally, the company offers debt consolidation services, allowing customers to merge multiple debts into a single loan, potentially saving money and facilitating a return to financial stability. Furthermore, personal loans for bad credit are available, ensuring customers can access funds when they need them the most, regardless of their credit history.

Reasons for Getting Rejected for a Deposit My Cash Now Loan

  1. Inadequate Employment History. Applicants may be rejected if they do not have a sufficient history of stable employment, such as full-time employment for at least three months.

  2. Insufficient Income. If an applicant's income does not meet the minimum requirements set by Deposit My Cash Now, their loan application may be rejected.

  3. Bank Account Requirements. Applicants must have opened a chequing account at least three months prior to applying for a loan. Failure to meet this requirement could result in rejection.

  4. Credit History. While Deposit My Cash Now offers options such as no credit check loans, certain loan products may still consider an applicant's credit history. Rejection may occur if the applicant's credit history does not meet the company's criteria.

  5. Bankruptcy or Wage Garnishment. Applicants who are currently in a bankruptcy or consumer proposal situation, or are subject to wage garnishment, may be rejected for a loan.

  6. Incomplete or Inaccurate Application. Any inaccuracies or omissions in the loan application may lead to rejection. It's essential for applicants to provide accurate and complete information.

  7. Failure to Meet Other Eligibility Criteria. Deposit My Cash Now may have additional eligibility criteria not listed here. Applicants should carefully review all requirements before applying to ensure they meet the necessary criteria for approval.

How to Repay a Deposit My Cash Now Loan?

  1. Scheduled Payments. Borrowers are required to make regular payments according to the agreed-upon schedule. These payments typically include both the principal loan amount and any accrued interest.

  2. Payment Methods. Deposit My Cash Now offers multiple payment methods to accommodate borrowers' preferences. These may include direct debit from a bank account, online payments through their website, or in-person payments at designated locations.

  3. Early Repayment. Borrowers have the option to repay the loan early, which may help reduce the overall interest paid and shorten the repayment period. However, it's essential to check if there are any early repayment penalties or fees associated with doing so.

  4. Communication. In case of financial difficulties or changes in circumstances, borrowers are encouraged to communicate with Deposit My Cash Now promptly. The company may be able to work out alternative payment arrangements or provide assistance to help borrowers stay on track with their repayments.

  5. Loan Completion. Once the loan is fully repaid, including any outstanding interest and fees, the borrower's obligation to Deposit My Cash Now is fulfilled, and the loan is considered closed.

Alternatives

Eastern Loans

Eastern Loans positions itself as a convenient solution for individuals in need of smaller, short-term loans. The company boasts a transparent 23% APR and permits early repayment without penalties, underscoring its commitment to accessibility. They streamline the borrowing process by forgoing credit history checks and provide same-day funding, further enhancing convenience. While Eastern Loans receives praise for its clear APR terms and reliable customer support, it does have limitations, including offering only limited loan amounts and lacking a dedicated mobile app. Nevertheless, its dedication to inclusivity and efficient borrowing procedures effectively meets the immediate financial needs of individuals, as evidenced by its provision of same-day funding.

Desjardins

Desjardins offers flexible loan options tailored to diverse individual financial needs, including the provision of same-day funding and additional benefits for loyal customers. However, the Annual Percentage Rate (APR) range is subject to variation based on factors like loan amount and credit history. While Desjardins may lack specific advantages for those with strong credit histories and has a lower TrustPilot rating, it remains a notable option for borrowers. Typically requiring a minimum credit score of 640, Desjardins services are primarily available in 13 provinces, particularly Ontario and Quebec, aligning with its goal of providing prompt financial assistance through expedited loan processing.

Fusion Credit Union

Fusion Credit Union offers a diverse array of loan options for both individuals and businesses, with borrowing amounts ranging from $300 to $10 million and repayment terms extending up to 25 years. They prioritize personalized service and convenience, offering features such as a mobile app for online transactions. However, borrowers should be mindful of potential higher interest rates capped at 10% and the absence of 24/7 customer support, along with unclear turnaround times. Despite these considerations, Fusion Credit Union stands out for its inclusive approach, not mandating a minimum credit score and allowing for co-signers or co-borrowers, thus accommodating a wide range of financial needs for both personal and business endeavors.

GoDay

GoDay distinguishes itself with its inclusive approach to personal loans, welcoming individuals with credit scores below 620 and providing access to loans of up to $15,000. With 24/7 customer support and positive TrustPilot ratings, it serves as a versatile solution for various financial needs, further enhanced by its same-day funding feature. However, the lack of disclosed Annual Percentage Rate (APR) details, absence of a mobile app, and potential for late payment fees are noteworthy. Eligibility spans eight provinces, and co-signer applications are accepted, highlighting GoDay's effort to cater to diverse personal needs and address urgent financial requirements with same-day funding.

Editorial Opinion

Deposit My Cash Now presents itself as a viable solution for individuals facing immediate financial needs, offering a range of loan options tailored to diverse circumstances. While the company emphasizes responsible lending practices and transparent collection procedures, borrowers should exercise caution regarding potential fees and interest charges associated with missed payments. Furthermore, the absence of credit reporting to credit agencies may offer short-term relief but could hinder long-term credit-building efforts. Nevertheless, Deposit My Cash Now's commitment to quick approvals and flexible repayment options provides valuable support to those navigating temporary financial challenges. As with any financial decision, borrowers are advised to carefully review terms and conditions before proceeding, ensuring a clear understanding of their obligations and responsibilities.

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

Does Deposit My Cash Now approve everyone?

No, Deposit My Cash Now does not approve everyone. While they strive to provide assistance to individuals facing financial difficulties, they have eligibility criteria that applicants must meet to qualify for a loan. Factors such as employment status, income level, and credit history are considered during the application process. Meeting these criteria increases the likelihood of approval, but approval is not guaranteed for all applicants.

Is Deposit My Cash Now a legitimate company?

Yes, Deposit My Cash Now is a legitimate company. With 17 years of experience in the debt management and quick loan sector, they have established themselves as a major player in short-term financing solutions. They emphasize their commitment to providing personalized advice and support to clients, and their website highlights core values such as dexterity, honesty, and customer appreciation. While reviews on platforms like Trustpilot are limited, their extensive experience and purported dedication to customer satisfaction suggest that they operate legitimately within the financial services industry.

What credit score do I need to get a Deposit My Cash Now loan?

Deposit My Cash Now does not have a specific minimum credit score requirement to qualify for a loan. While they consider various factors during the application process, such as employment status, income level, and credit history, they also offer options like no credit check loans. This means that individuals with poor or limited credit history may still be eligible for a loan. However, meeting their eligibility criteria and demonstrating the ability to repay the loan are essential factors in securing approval, regardless of credit score.

Company documents

Privacy Policy
Terms and Conditions

Whatever difficulty you have to face, Deposit My Cash Now can provide its assistance to find the most suitable solution to return to a balanced budget situation.

© Deposit My Cash Now
Financial products
Deposit My Cash Now
Bad Credit 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.

Recommended FinScore™
0
300
650
1000
Deposit My Cash Now
Debt Consolidation
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.

Recommended FinScore™
0
300
650
1000
Deposit My Cash Now
No Credit Check 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.

Recommended FinScore™
0
300
650
1000
up to $3,000
Deposit My Cash Now
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.

Recommended FinScore™
0
300
650
1000
$300 - $3,000
Term
i

Loan term for the financial product

2 - 4 weeks
Deposit My Cash Now
Cash Advance
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.

Recommended FinScore™
0
300
650
1000
$300 - $3,000
Similar products
Best Quick Loan Today 23.06.2024*
Mr. Payday
Need a Quick Loan Now?
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.

Recommended FinScore™
0
300
650
1000
up to $10.000
Coast Capital Savings
Personal 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.

Recommended FinScore™
0
300
650
1000
$500-$50,000
Rate
i

Effective interest rate on the product

7.5%
Term
i

Loan term for the financial product

60 months
Mogo
Personal 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.

Recommended FinScore™
0
300
650
1000
$500-$15,000
Rate
i

Effective interest rate on the product

up to 46.96%
Term
i

Loan term for the financial product

up to 60 months
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.

Recommended FinScore™
0
300
650
1000
1000.00 – 15000.00 C$
Term
i

Loan term for the financial product

6 months – 60 months
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.

Recommended FinScore™
0
300
650
1000
7000.00 – 25000.00 C$
Rate
i

Effective interest rate on the product

24.99 – 29.99 %
Term
i

Loan term for the financial product

3 years – 5 years
Your comment has been added
Error
Your complaint has been recorded
Invalid username or password
comment.alert.error-reg
Please log in to like/dislike
Invalid SMS code has been entered
All Deposit My Cash Now’s reviews by june 2024
Leave feedback
Similar companies
NCR Loans
1200 McGill College, Suite 1100 Montréal, Québec H3B 4G7
+1 (855) 700-0627
Loan Match
Vancouver, British Columbia, Canada
RapidFunds
2000 McGill College Avenue 6th Floor Montreal, Québec H3A 3H3
+1 (888) 539-6916
514 Loans
225 Rue Chabanel O #1004 Montreal, QC H2N 2C9
+1 (844) 508-2274
Dominion Lending Centres
2215 Coquitlam Avenue Port Coquitlam, BC V3B 1J6
+1 (888) 806-8080