CashCo Review

Cashco Financial Information

The company is governed by a board of directors who look after both Cashco Financial and the Cashco Group of Companies Inc. The board meets regularly during the year, with meetings scheduled at least once a quarter, and they may meet more often if circumstances require it. The board’s focus is to give direction to meet business objectives and make sure the company culture of treating clients and employees with respect is maintained.

Address:

#325, 8170 50 St.,

Edmonton, AB

T6B 1E6

Phone number for general inquiries:

Edmonton: 780-424-1080

Toll-Free: 1-855-914-7940

Online department: 1-855-525-3410

Banking inquiries: lost or stolen card-1-844-541-4127

Concierge: Banking services questions or to book an appointment -1-855-336-2100

The Village Inquiries: 1-833-915-9473

Hours of operation:

Monday to Friday: 7:00 a.m. to 8:00 p.m. Mountain Standard Time (MST)

Saturday: 8:00 a.m. to 8:00 p.m. MST

Types Of Loans Offered

Cashco Financial offers both personal loans, either Flex Loans or installment loans, and loans for small businesses. The loans Cashco offers are designed to help individuals and small businesses qualify more quickly for the amounts they may need than if they went to a traditional bank. Additional services Cashco Financial offers to help borrowers are Credit Verify, which allows customers to monitor their credit, and CoSignSimple, which acts as a cosigner for borrowers who don’t qualify for a loan on their own.

Flex Loans

Flex Loans are personal loans that range from $500-$7,000. Borrowers can use these loans for a wide variety of purposes such as home repairs, making a large purchase, paying for a significant expense like a wedding, or consolidating debts. In addition, borrowers can easily qualify for a Flex Loan since being approved doesn’t depend on having a good credit score or any credit score. These loans can help borrowers rebuild their credit score if they make their payments on time.

These loans are called Flex Loans because they have flexible repayment terms. The loan can be amortized for up to 60 months, and the customer can choose their payment frequency. They can also be paid off early with no penalty.

Flex Loans have an APR of 48.99%. The interest is part of the payment, and there are no additional fees or charges to pay off the loan early.

Borrowers can access the Buy Some Time program for Flex Loans. For a fee of $19.95 a month, the Buy Some Time program offers benefits to clients who have a Flex Loan. First, the service allows borrowers to skip a payment every 6 months with no additional fees as long as the loan is up to date and the last 4 payments were made on time. Secondly, The Buy Some Time program also resets the NSF fees to zero once there have been 4 consecutive payments made on time. If a payment is returned NSF, the fee will be $0. The second NSF will generate a $10 fee, and the third NSF will result in a $25 fee. Finally, those who have the Buy Some Time program are entered into the monthly loan payout program. Every month, a Buy Some Time member will have their loan paid out in full.

Loan Requirements

To qualify for a Flex Loan, the borrower needs to meet specific criteria. These are as follows:

• Employed full-time
• Living at their current residence for at least three months
• They are the legal age in their province of residence
• The Source of income must be full-time employment, pension, or long-term disability

Types of income that you cannot use to qualify:

• Child support
• Part-time, casual, or seasonal employment
• AISH
• Employment Insurance
• Social assistance
• ODSP
• Child Tax Credit

Documents required:

• Photo identification
• Proof of address
• Proof of employment
• Bank account

Installment Loans

Intsallment loans are offered as an alternative to payday loans and for other purposes, such as to consolidate debt or to pay for emergency expenses. Borrowers can use these loans for almost any purpose, including building credit. In addition, those who are new to Canada or who have no credit score can use an installment loan to develop a credit score.

When a borrower applies for a Cashco Installment Loan, a credit check is required. If a borrower meets Cashco’s lending criteria, the loan will be advanced and the money deposited in the borrower’s account. The borrower will make regular payments over a term of up to 36 months. Each payment a borrower makes is reported to the credit bureau. If payments are paid on time, this can help build or improve a borrower’s credit score.

Cashco offers installment loans with amounts between $500-$7,000.00. The maximum term to repay the loan is 36 months. The maximum APR on an installment loan from Cashco Financial is 48.99%.

What you need to apply:

To apply for a Cashco Financial Installment Loan you need:

• To be the legal age in your province
• Bank statements (applies only to Saskatchewan)
• A valid email address
• Government-issued photo identification
• About 5 minutes

Small business loans

Starting or running a small business can come with many challenges, including securing financing. Cashco Financial has partnered with Merchant Growth to offer loans to small businesses. Small businesses can apply for loans to meet a variety of needs, such as:

• Hiring and training new staff
• Acquiring inventory
• Getting new equipment
• Promotions and marketing
• Updating software or technology
• Renovating existing premises or securing new locations
• Any other business expenses

So far, over 5000 businesses have used small business loans from Cashco Financial + Merchant Growth. Industries that Cashco Financial + Merchant Growth typically work with include:

• Skilled trades
• Salons and spas
• Manufacturing
• Bistros, restaurants, and cafes
• Retail
• Automotive

Small business loans have a borrowing range of $5,000-$500,000. Approvals can be granted in as little as 1-3 business days. Financial statements for loans under 150k are not required, and collateral is not required. Since Merchant Growth is driven by technology, clients can sign digitally for the loan. In addition, small business loans from Cashco Financial + Merchant Growth have no penalties or hidden fees.

Small business loan requirements

To qualify for a small business loan:

• You need to be making at least 10k per month on average
• Your personal credit score must be 500 or higher
• You must be a Canadian Citizen or Permanent Resident
• You have been in business for at least 6 months or more

Cashco lending services and bank accounts

Cashco Financial offers two services to help borrowers manage their credit rating and to get loan approval. Credit Verify is a service designed to help borrowers monitor their credit rating, correct any false information on their credit report and see the impact of different scenarios when handling credit. CosignSimple can act as a cosigner for a borrower if they need one to qualify for a loan.

Clients can open a bank account for chequing or saving at Cashco Financial without any impact to their credit report. Many financial institutions will do a credit check when opening a bank account but Cashco does not. There is a no-fee bank account that lets clients keep more money in their pocket by not having to pay monthly service charges. Additionally, if you have a Flex Loan or Installment Loan from Cashco, you can use your Cashco bank account to make payments. 

Credit Verify

Getting an approval for a credit card, loan or mortgage is much easier if you have a good credit score. Cashco Financial offers Credit Verify to help customers monitor their credit reports. For $19.95 per month, you can keep a close watch on your credit rating. In addition, your credit file is monitored 24/7 by Transunion, and you’ll receive alerts if there are any changes.

Errors, fraud, and identity theft can have a negative impact on your credit score. Credit Verify provides information on how to dispute any errors or fraud you might find on your credit report. You can also get instant access to your credit report and credit score online to help you keep track of your credit rating.

Credit Verify offers a credit score simulator that will show the impact of specific actions on your credit score. For example, it will show you how paying off a credit card can impact your score. This can be helpful if you want to know how taking certain steps will affect your credit score.

CosignSimple

Applying for a loan doesn’t guarantee approval. A borrower might be approved for an amount lower than they need or not be approved. Lenders may ask a borrower to provide a cosigner before they will approve a loan. The purpose of a cosigner is that the cosigner will have to make the payments if the borrower defaults. Of course, asking family or friends to do this can cause problems. Cashco Financial has partnered with CosignSimple to provide a solution to this problem. With CosignSimple, a borrower can be approved for a loan regardless of their credit score. The fee is 10% of the loan amount, which is paid from the loan’s proceeds to CosignSimple. In the event of a bankruptcy or judgement due to default, CosignSimple assumes the remaining principal on your loan. Using CosignSimple can help borrowers get loan approval if they need a cosigner.

Bank Accounts

Cashco Financial is more than just a lender. To help service underbanked Canadians, they offer clients three types of bank accounts. Many financial institutions do a credit check before opening an account, but Cashco Financial doesn’t. The accounts are the Everyday Use Account, Jumpstart Savings Account, and Mom’s Match Savings Account.

Everyday Use Account

The Everyday Use Account is an everyday account that is free to use once you have a direct deposit. This account is designed for people who occasionally bounce cheques, keep a low balance, and who pay high fees because of these issues. Clients who have the Everyday Use Account can earn up to $5 per month by spending with their accounts as an added perk.

Jumpstart Savings Account

The Jumpstart Savings Account is a no-fee savings account that allows clients to start saving their money. One way clients can do this is to set up automatic transfers from their chequing to their savings accounts when they get paid. There is no charge for deposits, clients can access ATB branches and ATMs free of charge, and there is a $10 bonus paid when a Jumpstart Savings Account is opened. There is a $1 fee for Interac Money Transfers. 

Mom Match Savings Account

The Mom Match Savings Account is for mothers who want to save money. The account is a no-fee savings account that gives the account holder the opportunity to earn $120 per year. For every $10 the account holder deposits, Cashco Financial will match it up to $120 per year. In addition, you can automate your savings by setting up an automatic savings transfer.

Why choose Cashco Financial

Cashco Financial offers underbanked Canadians the option to get established with loans and bank accounts. For Canadians who have difficulty opening a bank account or getting a loan at a bank, Cashco Financial can be a good choice.

Loans

For borrowers with poor credit or no credit history, a Cashco Financial loan can help to repair their credit rating or establish a credit rating. Loans are easy to apply for and the response time is very quick. Repayment terms are flexible so you can choose a repayment schedule that works for your budget.

Small Business Loans

Banks offer small business loans but they can be difficult to qualify for and the approval process can take a long time. Additionally, some banks may require collateral. Cashco Financial provides small business loans for up to 500k and the applicant can be approved in as little as one to three business days.

Bank accounts

Many financial institutions will want a credit report before opening a bank account for a client and bank account fees can be very high. Cashco doesn’t pull a credit report when opening an account for clients. They offer no-fee banking and the chance to earn cashback when you use your account for spending. 

How To Sign Up

Conclusion

Cashco Financial offers a wide variety of financial products to meet the needs of Canadians who are underbanked. Clients have access to bank accounts, loans and small business loans. Applying for loans or opening accounts can be done online. With over 50 branches to serve Canadians and a reputation for excellent service, Cashco Financial can be a good choice for Canadians who want to get their banking established. Potential customers need to be aware that the rates on loans are very high compared to a traditional bank, so if you need a loan, it can be worth your while to see if you have other options with lower rates available.