About lender
Kingcash is a Canadian lending company that provides easy money-lending services, namely, quick cash loans. In addition, the company offers relatively small loans for the short term.
Kingcash was created to offer Canadians a fast and easy alternative to traditional financial institution loans. Moreover, the company’s paperless application can receive the required money very quickly. Customers only need to fill out an online application on its website that can be done within 5 minutes and avoid credit checks as the company doesn’t charge it. In addition, the loans the company offers are configured to be amortized, and lump sum payments are made after the loan approval and repaid over time with interest.
Features
Kingcash is a convenient online lender. The company provides quick loans for the short term.
However, there are some requirements that the company imposes. For example, customers whose sources of income are social assistance, private pensions, student loans, child tax credits, retirement savings, disability incomes, and other insurance incomes can’t be approved.
Also, the company doesn’t allow self-employed customers to borrow money from it. Also, not all payments that customers make are eligible to be deferred. The first one and the last one can’t be deferred, and the company can’t postpone the payment that comes after the missed one.
The borrowable amounts range between $500 and $750, but customers who take the loan for the first time can borrow only $500. Also, the company doesn’t check customers’ credit, so even clients with bad credit can be approved for a loan from Kingcash. Furthermore, the amount customers want to borrow can be deposited into their bank accounts quickly due to the company’s paperless online application that can take less than 5 minutes, and money can be received up to 24 hours. Moreover, the company allows customers to repay their loans earlier, but they need to notify the company in advance.
Pros and cons
Pros
The company allows customers to repay their loans earlier;
The application is quick, and money can be received within 24 hours;
The company doesn’t run credit checks, so even clients with bad credit can be approved;
If customers can make a missed payment within five days, they will not incur an NSF fee;
If a customer has lost their job or is unable to work, they need to contact the company to search for a solution;
Customers are allowed to send the required documentation via email or fax/scan.
Cons
The company offers only small loan amounts;
Customers whose sources of income are social assistance, private pensions, student loans, child tax credits, retirement savings, disability incomes, and other insurance incomes can’t be approved;
Self-employed customers will not be approved;
There is a transaction fee;
The APR can be pretty high - up to 22%;
The company doesn’t provide insurance for their loans;
The first and the last payments can’t be deferred;
Every deferral request made incurs a fee of $25;
Customers who take the loan for the first time will be approved only for $500.
As we can see, Kingcash has several advantages. First, the company allows customers to repay their loans earlier if necessary. Also, they have a rapid application that can be done online and takes less than 5 minutes.
However, there are enough disadvantages that can impact customers’ decisions. For example, the company doesn’t let self-employed customers apply for a loan. Also, the range of borrowable amounts is concise: only $500 - $750, and customers who take their first loan can borrow only $500.
Loan conditions
Suppose customers are attracted by the services that Kingcash offers, they will need to apply for a loan. Customers can use the online application form located on the company’s website. It can be filled out within 5 minutes, and customers will get the company’s response.
The company has several requirements for customers to be approved. For example, clients must be older than 18; be a Canadian citizen; make over $ 1,200 per month in income, received by check or direct deposit from their employer; have reliable employment, with at least three months in their employ; own a Canadian bank account in which they receive their pay by a direct deposit that has been active three months or more; not be on the cusp of bankruptcy or about to enter into a consumer proposal; have little or no insufficient funds transactions and have a low short term debt ratio.
Kingcash offers loans with 22% APR for short terms up to 120 days. The amounts to borrow vary between $500 and $750.
Methods of loan funding
Once customers complete the application and get approved, they will receive the required amount by direct deposit to their bank account within 24 hours.
