Captain Cash Review

Captain Cash company information

Captain Cash was incorporated in British Columbia, Canada in January 2015 and has a team of 50 staff. Its vision is to provide loan funds to those who cannot get a loan approval from a traditional bank. This vision extends to those with low credit scores or income. Captain Cash has been able to simplify the process of obtaining loans to make it effortless with easy steps.

Main Office: 885 Georgia Street W. Suite 1500, Vancouver, BC V6C 3E8.

Business Hours:  Mon – Thur: 8:30 – 5:30pm (ET), 5:30am – 2:30pm (PT). Fri: 8:30 – 4:30pm (ET), 5:30am – 1:30pm (PT). Sat – Sun: 9:00am – 5:00pm (ET), 6:00am – 2:00pm (PT).

Email: [email protected]

Phone: 1-888-226-1026

Types of Loans Offered

Quick Online Payday Loans

Unplanned expenses are bound to arise at some point in our lives. If we fail to cover these expenses as soon as possible, the default could cause a ripple effect in other areas of our lives. A payday loan is effective in settling these expenses before the situation worsens and damages our financial standing.

Captain Cash payday loans are processed quicker than most online lenders due to instant approval. They are best for emergencies like a car breakdown, home repairs, medical expenses, and to balance expenses caused by irregular cash flow. Borrowers are to repay loans granted within 120 days and may apply for renewal if the need arises. However, it’s advisable to borrow no more than the amount you need.

The available loan options range from $500 to $750 while repayment frequencies may be weekly, biweekly, twice in a month or monthly. There are no credit checks and loan grants are accessible to everyone who meets the requirements, even those with low credit scores. The Annual Percentage Rate (APR) is 22% of the amount borrowed and a transaction fee of $0.50.

If you think you might be late on a repayment date, you should inform Captain Cash customer care in advance. A late payment will result in a $25 fee at the end of your contract. If the borrower fails to call in advance and misses a payment or is late for a payment, Captain Cash charges a fee of $45 at the end of the contract.

Though there are no credit checks, payday loan applications are subject to screening to determine the repayment capability. Borrowers whose income is lower than the amount stated in the application are likely to have their application turned down. 

Bad Credit and No Credit Check Loans

In Canada, credit scores have a range between 300 – 900. Poor credit scores fall within 300 – 574, while a good score is 713 and above. A bad credit score will disqualify you from obtaining credit cards, mortgages and loans. Traditional banks will reject an application for personal loans due to a low credit score even if the borrower is in dire need.

Captain Cash, however, offers quick loans to those with bad credit scores. This loan offer comes with no credit checks and a direct deposit once the application is approved. Captain Cash overlooks borrowers’ past credit transactions and focuses on their ability to repay the loan r as criteria for granting the application.

Acquiring a bad credit loan from Captain Cash is a good way to raise your credit score, provided that repayments are made on their due dates. For this reason, it is advisable to borrow no more than what you need. Captain Cash grants loans from $500 to $750 with a payback term of over 90 days.

If you have no credit history, you can still apply for a No Credit Check Loan. These loans have the same terms and conditions as other Captain Cash loans. The approval decision is not based on a credit check of any kind so having no credit history will not impact the credit decision.

Installment Loans

An installment loan is the sum of money borrowed by a person as one lump sum. It’s repaid on scheduled dates with a fixed number of payments called installments. The dates of repayment, amount, plus interest are usually agreed upon before the loan is approved.

Installment loans are usually advanced in one lump sum and are perfect for covering necessary expenses. For example, if an important work tool such as a laptop suddenly breaks down, you can take out an installment loan to purchase a new one and pay it back in installments. 

With instant access to loans provided by Captain Cash, there is no loss of productive time as cash flow is provided exactly when you need it. Captain Cash also allows you to choose a repayment schedule that is convenient for you so you can avoid the possibility of missing a payment on a due date. Captain Cash offers installment loans from $500 to $750 with a term that may exceed 90 days.

General Terms and Requirements

To be granted any of the loans discussed above, you must meet the follow criteria stipulated by Captain Cash;

• You must be 18 years or older.
• You must earn a monthly income of over $1,200 received by direct deposit or cheques from your employer.
• You must have held a stable job for 3 months or more.
• You must be a Canadian citizen.
• You must have held an active Canadian bank account for at least 3 months in which payments are made by direct deposits.
• You must not be about to declare bankruptcy or enter into a consumer proposal.
• Your account must have few or no non-sufficient funds transaction reports.
• You must have a low short-term debt ratio (This includes few or no active short-term loans).
• You must be a Canadian citizen residing in Ontario, PEI, British-Columbia or Alberta.

Required Documents

In addition to the terms and requirements stated above, you must be able to provide certain information and documents for your loan application to be approved:

• Government Issued ID: You must be able to present a government issued ID such as driver’s license or passport to validate your identity.
• Valid Address: You may be required to provide a cell phone or utility bill as proof of address.
• Authorized Debit: You may be required to provide information and grant access to deposit and withdrawal from your account.
• Bank Statement: This information is required to confirm your financial information.
• Employment Status: A letter from your employer will be required to prove your employment status.

Why Should You Take a Captain Cash Loan?

While the disadvantages stated above should not discourage you from taking the loan you need, you would do well to consider other reasonable alternatives such as friends or family members before approaching Captain Cash. But if you have no other options, then borrow the exact amount you need and no more. 

Below are some scenarios that may lead you to consider taking a short-term loan from Captain Cash:

• Unexpected Expenses: Short-term loans are perfect for covering emergency expenses like car or home repairs, funeral expenses or medical bills. If the financial need is not an emergency, consider saving money from your paycheque to meet those needs rather than taking out a loan.
• Monthly Costs: Failure to cover normal monthly costs like rent may be due to a number of reasons including irregular income.  In this situation, you might need to take a loan as a temporary measure to stabilize your cash flow.
• Essential Purchase: The purchase of equipment or tools may be very important for career or health issues. You may be in a situation where you can’t buy the things you need due to insufficient or no funds. In a case like this, an installment loan may come in handy to purchase the equipment outright and repay the loan with installments.

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Conclusion

In conclusion, Captain Cash is an online money lending company that offers short term loans to Canadians. While these loans are instant and perfect for emergency needs, they come with high interest rates. Borrow responsibly by applying for the exact amount you need and do your best to avoid missing or deferring payments. Captain Cash loans are an effective financial solution to unexpected needs but should be taken for short term financial needs only. Use the information in this article to decide if Captain Cash is the lender suitable for your financial situation and whether you qualify for it’s loans.