About lender
PrestoCash is a payday loan broker that works with a network of lenders to provide borrowers with hassle-free access to payday loans. The loan process is simple and straightforward, allowing customers to quickly and easily secure the funds they need to deal with unexpected expenses or consolidate debt. Even those with bad credit can expect approval for a loan, as PrestoCash works with lenders who specialize in providing solutions for borrowers with less-than-perfect credit.
Features
- No Credit Check Required. PrestoCash understands that many borrowers have worked hard to improve their financial situation, but may still have bad credit. That's why they don't factor credit history into the loan application process, allowing borrowers to access funds even with a less-than-perfect credit score.
- Borrow Between $400 and $1,500. PrestoCash offers a range of loan amounts to suit different financial needs. Whether you need to pay for an unexpected car repair or cover a small business expense, you can borrow as little as $400 or as much as $1,500.
- Loan Terms From 4 to 12 Months or Longer. Depending on your financial situation and repayment ability, PrestoCash offers loan terms as short as 4 months and up to 12 months or longer. This allows borrowers to choose a repayment plan that works best for them.
- Direct Deposit or e-Transfer Loans. Once approved, borrowers can receive their funds quickly and easily via direct deposit or e-Transfer. This means you can access your money as soon as the next business day.
Pros and cons
Pros
Cons
Reliability
Trustpilot is a reputable review website where customers can leave feedback and ratings for businesses they have used. A rating of 4.2 out of 5 on Trustpilot generally indicates that PrestoCash has received positive reviews from its customers.
How to apply for a PrestoCash loan
-
Go to the PrestoCash Website. You can do this by typing "PrestoCash" into your web browser's search bar and selecting the official website from the search results.
-
Click "Apply for a Loan." Once you're on the PrestoCash website, click the "Apply for a Loan" button located at the top of the page.
-
Choose Your Language. PrestoCash offers its application in both English and French. Select your preferred language to continue.
-
Fill Out the Application. The PrestoCash application will ask for some basic personal and financial information, such as your name, address, phone number, email address, employment information, and bank account information. Be sure to fill out the application completely and accurately to avoid any delays in processing your loan.
-
Review and Submit the Application. Once you've filled out the application, review it carefully to make sure all the information is correct. If everything looks good, click the "Submit" button to submit your application.
-
Wait for a Response. After you submit your application, PrestoCash will review it and provide you with a loan decision. This may take a few minutes or a few hours, depending on the volume of applications they are processing. If your application is approved, you will receive a loan offer with the loan amount, interest rate, and repayment terms.
Conditions
- Loan Amount. PrestoCash offers loans ranging from $400 to $1,500.
- Loan Term. The loan term ranges from 4 months to 12 months or longer, depending on the borrower's preference and ability to repay.
- APR. The annual percentage rate (APR) for PrestoCash loans ranges from 24.99% to 59.96%. The APR offered to a borrower will depend on the partner's assessment of the borrower's credit profile.
Requirements
- Age. You must be at least 18 years old to apply for a PrestoCash loan.
- Citizenship. You must be a Canadian citizen or a permanent resident of Canada.
- Bank Account. You must have a Canadian bank account that has been open for at least 3 months.
- Income. You must have a minimum monthly income of $1,800. Child benefit, pension, disability, and social assistance income do not count towards this requirement.
- Stable Income Source. You must have a stable source of income for at least 3 months.
- NSF Charges. You must have less than 3 NSF charges or stop payments in the past 3 months.
- Short-term Loans. You should not have an "excessive" number of short-term loans. PrestoCash does not specify what constitutes an excessive number of loans.
Ways to receive the money
If you apply for a loan with PrestoCash and are approved, you will receive the borrowed amount through e-transfer. If you complete the loan application process before 5:00 PM Eastern Time, your funds will be sent by e-transfer on the same day. However, it's important to note that PrestoCash does not control e-transfer delays, and it can take up to 4 hours to receive the notification to deposit your funds. PrestoCash specializes in many types of loans, especially e-transfer loans, which allow for quick and convenient access to funds. Once you receive the e-transfer notification, you can deposit the funds into your bank account and use them as needed.
Products
PrestoCash specializes in offering short-term loans to its customers. The loan amounts range from $400 to $1,500, with loan terms ranging from 4 months to 12 months or longer. These loans are designed to help customers cover unexpected expenses or bridge the gap between paydays. PrestoCash does not require collateral for these loans, making them accessible to a wide range of customers. Additionally, PrestoCash offers e-transfer loans, which allow customers to receive their funds quickly and conveniently through electronic transfer.
Reasons you may be denied a PrestoCash loan
- Poor Credit History. While PrestoCash does not factor in credit history in the application process, their lending partners may perform a credit check to determine creditworthiness. A poor credit history may result in denial of a loan.
- Insufficient Income. PrestoCash requires borrowers to have a minimum monthly income of $1,800. If you do not meet this requirement, you may be denied a loan.
- Unstable Employment History. PrestoCash requires borrowers to have a stable source of income for at least 3 months. If you have a history of unstable employment, you may be denied a loan.
- Too Many NSF Charges or Stop Payments. If you have had more than 3 NSF charges or stop payments in the past 3 months, you may be denied a loan.
- Excessive Number of Short-Term Loans. If you have an excessive number of short-term loans, PrestoCash may deny your loan application to prevent you from falling into a cycle of debt.
How to repay a PrestoCash loan
-
Review Your Loan Agreement. Before making any payments, review your loan agreement to understand the repayment terms, including the due date, payment amount, and any applicable fees.
-
Choose Your Payment Method. PrestoCash offers several payment options, including automatic bank transfers, online payments, and payments by phone. Choose the method that works best for you.
-
Make Your Payments On Time. It's important to make your payments on time to avoid late fees and to maintain a good credit standing. If you're having trouble making a payment, contact PrestoCash as soon as possible to discuss your options.
-
Monitor Your Account. Keep track of your loan balance and payment history by logging into your PrestoCash account online. This will help you stay on top of your payments and avoid any surprises.
-
Pay Off Your Loan in Full. Once you've made all of your payments, your loan will be paid off in full. If you have any questions about your loan balance or repayment schedule, contact PrestoCash for assistance.
Editorial opinion
Important
How to Choose a Lender
- 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.
- 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).
- 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.
- Ensure that the contract clearly states the annual percentage rate (APR) and the total cost of borrowing, including any administrative fees or additional charges.
- 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.
- 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
- PrestoCash Customer Reviews
