CashMoney Review

CashMoney offers Canadians access to emergency cash instantly with payday loans, installment loans and lines of credit. Since it’s inception in 1992, CashMoney has developed a strong reputation in the financial services industry, having served over 1.2 million Canadians. As a member of the Canadian Consumer Finance Agency, they take their obligations seriously by following a code of best practices. CashMoney makes every effort to provide an excellent loan experience while keeping their customer’s information private.

CashMoney is a high-interest alternative to those in need of cash and who may have difficulty qualifying at traditional lenders. They have many brick-and-mortar locations across Canada so customers can receive in-person service as well as service online or over the phone. They offer an easy application process with a quick response and funding time.

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Written by: Piggyy

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Loan Amount

$50 - $10,000

Piggyy Rating


British Columbia – Borrow up to $1,500. There is a fee of $15 per $100 borrowed.
Annual percentage rate = 391.07%

Nova Scotia – Borrow up to $1,500.
Annual percentage rate = 495.36%

Ontario – Borrow up to $1,500.
Annual percentage rate = 391.07%

British Columbia – Borrow up to $1,500. There is a 17% amount added to the principal when borrowing.
Annual percentage rate = 206.83%

Loan Term

14 days - 60 months

Est. APR

% 173.81 - 495.36

Loan Amount

$50 - $10,000
  • Easy application process.
  • Flexibility and transparency
  • Quick approval
  • Great customer service
  • Self/unemployed Canadians are not eligible due to a lack of direct deposit payment
  • High-interest rates.

The Toronto-based contact center is available by phone: 

7 days a week at 1 877-526-6639 

or by Fax: 1 855-493-8103

By Email: [email protected]


Their corporate office is located at:

 Cash Money & Online Customer Service

 400 Carlingview Drive

 Toronto Ontario M9W 5X9 


With hours of operation:

Monday to Friday 8 am to 11 pm ET

Saturday and Sunday from 9 am to 5 pm ET 

Their temporary operating hours are Monday to Saturday 10 am to 6 pm in-store.


Loan types offered


Payday Loans

Payday loans offered to their customers vary by provincial regulations. These loans provide a temporary solution for customers and are not intended to be a credit rebuilding tool. Payday loan amounts can range from $100-$1,500. As a member of the CCFA (Canadian Consumer Financing Association), Cashmoney is committed to being a responsible lender- offering their services to their clients under regulated control through legislation. Your residing province determines lending rates with no promotional rates provided to residents in the regions of Alberta, Manitoba, New Brunswick, and Saskatchewan. 



For payday loans in British Columbia, a 15% interest rate and APR of 391.07%. 

For payday loans in Manitoba, residents can expect to pay a 17% interest rate with an APR of 517.08%. 

Residents of Nova Scotia can apply for a 19% interest payday loan with an APR of 495.36%. 

Ontarians can apply for a payday loan with a 15% interest rate and a 391.07% APR. 

Saskatchewan residents are subject to a 17% interest rate with an APR of 443.21%. 

APR rates detailed are that of a 7-day loan. For a 14-term payday loan, the APR was half the above value. In addition, those provinces that qualify for the promotional payday loan option can receive their first payday loan of $300 for a $20 fee. 


Installment Loans

Installment loans are available for amounts from $500 to $10,000 with amortization periods ranging from 6 – 60 months. These services from CashMoney are only offered to the residents of Alberta, Manitoba, and New Brunswick at this time. CashMoney offers their future clientele a same-day approval decision providing all information is accurate and they have met the eligibility requirements.


Online Installment Loans 

With minimum borrowing set at $500 and maximum available to $10,000. They offer their clients payment terms ranging from 6 months to 60 months. 


In-Store Instalment Loans 

With the capacity to borrow smaller amounts, clients have the option to borrow less to save money if they need it. Ranging from $100 minimum to a $10,000 maximum. The terms are  6 months to 60 months. The annual interest rate is 46.93% – essentially costing you almost double your initial loan. They suggest using their service when you need it.  


Lines of Credit 

Because provincial restrictions apply for the line of credit services offered by CashMoney, currently, only Alberta, Manitoba, and New Brunswick clients have access to this product, with different options depending on how you apply.


Borrowing Criteria


To qualify for the15-minute funding, applicants must be 18 years or older. In addition, you must have a valid government-issued ID. 


Health cards are considered identification everywhere except those issued by ON, MB, NS, and PEI. You must also have an open chequeing account in your name, and you must provide proof of income. Accepted income types are the Child Tax Benefit, Disability, Canada Pension Plan, employment, Employment Insurance, and Social Assistance. 


Social Assistance is not considered a form of income for borrowing services in Manitoba. You must also have a working phone number and a valid email address.




Accepting various forms of repayment for their payday loans, CashMoney will accept cash in-store, a cheque, or payment through pre-authorized debit. 


Clients can access the due date extensions feature via the online portal or through the CashMoney application, which can be downloaded from Apple or Google Play. Extensions are only granted to those with installment loans or lines of credit. Payday loans are due immediately upon your next payday, although there is some wiggle room for extensions on payday loans for preferred customers with a borrowing history. 


Once your loan is paid you can reapply for another loan if you need to. If there is a situation that could prevent you from making your payment, you should contact customer service to discuss your options. This way, you can resolve any issues and avoid possible collections or added interest and charges.   


Customers who have defaulted on an installment loan can expect to pay an NSF charge of $25. This NSF charge is only payable once regardless of the number of defaults the client has accumulated for the loan term. In addition, default interest of 30% per annum is charged on the outstanding balances of the loan.


Protection Plan 


As an example, a $3500 installment loan with a monthly payment, has a monthly protection coverage charge of $47.25. This coverage provides peace of mind for potential borrowers. It covers the following:


Loss of Employment

Should you be laid off without cause, payments are made as per your regular schedule. Whether monthly, bi-weekly, or weekly. You are required to submit a statement from EI (employment insurance) every 28 days or a monthly bank statement showing you are receiving EI from the government. Providing you supply the necessary paperwork, your loan payments can be made by the protection plan and can be paid for up to 6 months. 


Injury or Illness

Should you suffer an injury or illness leaving you unable to work and pay your loan, Canada Premier Life’s coverage provider will make your payments as per your regular payment schedule for up to 6 months. You are required to submit a doctor’s note every 30 days stating that you still suffer from the injury or detailing why you cannot work.



If you should pass away, 100% of your outstanding loan balance will be paid off. This eliminates any worry or concern about your estate having to pay off the debt. 


You can submit any claims for your account through your online account or the mobile app. Claimants are reminded that claiming coverage will not increase any of your premium payments for protection. 



General Features of Cash Money Personal Loans


  • The amount loaned out does not exceed $10,000.
  • The annual Percentage Rate is 46.93%.
  • Loan terms range from 6 to 60 months.
  • Cash Money only offers unsecured loans.
  • Repayment schedules depend on the amount borrowed
  • Cash Money places a penalty on late payment and a returned payment fee.
  • Funds are received within 24 hours of approval.


OPT+ Prepaid MasterCard


CashMoney is an exclusive provider of the OPT+ Prepaid Mastercard. With a low monthly fee of $7, you can use the card for all your online and in-store purchases. Anywhere MasterCard is accepted, simply load cash at a CashMoney store. You can also choose to pay your loans with this method. This makes loading and spending cash easy. 


Any CashMoney store will happily help you with the task. There is no fee for purchase transactions, and you can manage your account on the app or through your online customer account. Free with the card sign-up is customer service alerts. As well, you have access to instant card-to-card transfers with other OPT+ Prepaid MasterCard holders.



Why Should you Apply for a Cash Money Loan?


CashMoney offers their customers several borrowing options, multiple easy ways to apply, several different types of services and excellent customer care.


Customers who want a small amount of cash for a period of less than two weeks, can apply for a payday loan. Those who need to borrow more for a longer period might benefit from an installment loan. Finally, clients who might need access to cash in the future or who want a product where they can access the limit after they pay it down, will want to consider a line of credit.


Customers can choose to apply online and take advantage of CashMoney’s easy online process. Those who want more personal contact can apply over the phone or at one of CashMoney’s many branches.


In addition to lending products, CashMoney also offers cheque cashing, Opt+ Prepaid Mastercard®, currency exchange, and Western Union Money Orders and Money Transfers.


CashMoney customers will find helpful agents whether they deal in-person at a branch or call the 1-800 number.


How to Apply


The online application procedures are pretty simple to follow. Here are the steps to follow when applying for a cash loan:


Go to and click “apply now.”


Choose your province and “apply now.”


The next page will require you to select loan type from the available options.

cashmoney 2

You will be asked to input your email address, password, security question and security answer.


After that you will be asked to provide personal information and a means of identity verification such as a Canadian driver license, birth certificate, or passport, and provide information about the level of your income and source(s).


At this stage, Cash Money will review your application, consider the information provided and issue a decision.


If your loan application is approved, you will receive the funds through Interac e-Transfer or direct deposit.


The application is subject to the verification and approval process. By giving your consent upon application completion you agree to their terms and conditions. A credit check is conducted for installment loans and lines of credit.

Frequently asked questions

Can I pay off my loan early without penalties?

You can definitely pay off your loan early. The site states that early repayment will not result in any added fees or penalties. You can refinance your loan if it’s in good standing, you’ve made one full payment, and your available credit is greater than your current minimum payment. The new arrangement will combine your principal into a new amount with a daily interest change. 

Can I extend my due dates?

Yes, for payday loans you can extend your due dates by 4 days. For lines of credit, an extension of 5 days is permitted. Installment loans can be extended by 7 days. If you require longer terms than those available on your mobile app, it is recommended you call 1-833-494-2274. Falling behind in your payments is not advised and collections proceed within entire accordance with local and federal laws. 

What kinds of payments does accept?

For payments made in-store, they accept cash, debit, and cheque. You can also have payments automatically withdrawn from your bank account through preauthorization. 

What other services does offer in-store?

They provide many in-store services. You have access to Western Union, Western Union Money Transfers, and Currency Exchanges. also offers cheque cashing services. For the cost of 2.99% plus a $2.99 charge per item. The types of cheques they accept are numerous. Stating bring your ID and your cheque and they will cash it. Payroll, personal, post-dated, bank drafts, tax cheques, insurance, government, settlement, and money orders. Cheque cashing rates differ in NB & MB.

What is Cash Money?

Cash Money is a short term money lending firm founded in 1992.Their loans are designed to cover the unforeseen or unexpected expenses of Canadians. Its services are faster and more convenient than banks and other payday lenders.

Is Cash Money safe?

Cash Money services are safe and secure. They have been in business since 1992 and claim to have served about 1.2 million Canadians. 91% of their customers are satisfied with the CashMoney business experience. Among other money lenders, the firm tags itself as the CashMoney “difference,” taking pride in the quality of their services.

What products and services does cash money offer?

Cash Money loan services include lines of credit, installment loans, payday loans and other financial services such as money orders, cash cheques, Opt+ prepaid mastercard and currency exchange.

Does lending from Cash Money affect your credit?

Lending from Cash Money will not affect your credit score if you pay back as at when due. But if you fail to meet up with the payback schedules, it will reflect on your credit report and impact your credit score.

How much can I borrow from Cash Money?

Payday loans are between $100 – $1500, while installment loans and line of credit loans do not exceed $10,000.

What is the Interest rate in a Cash Money loan?

The annual interest rate on a CashMoney installment loan is 46.93%. However, interest rates on payday loans differ according to the stipulations of each province where Cash Money operates.

What is the Term Period for a Cash Money Loan?

Cash Money payday loans have a 40-day term. Installment loans have a term of 6 to 60 months while line of credit loans are made available as customer demands. That is, lines of credit loans are open-ended.

Can I Apply for a Cash Money Loan Online?

Yes, you can apply for a loan online. The steps involved have been explained above. You can also visit  a Cash Money store or call: 1-877-526-6639.

How can I be Eligible for a Cash Money Loan?

You must be a Canadian resident above 18 years of age. In addition, you must have a steady income and must be able to provide government identification and proof of income.

How fast will I receive the loan applied for?

If the information you provide meets Cash Money’s standard of eligibility, then you will have access to the funds within 24 hours.

How do I pay back my loan?

You can pay back your loan in cash at Cash Money stores, by debit or through a post dated personal cheque.

How can I extend my repayment date?

Cash Money requires full payment on the agreed due date. However, you may discuss exceptional circumstances with their customer relations team at 1-877-526-6639. Note: late payment attracts a penalty fee.

Where can I find Cash Money stores?

Currently, Cash Money operates in Ontario, Alberta, British Columbia, Saskatchewan, Nova Scotia, Manitoba, Newfoundland and New Brunswick. Though promotional rates are not available in Alberta, Manitoba, New Brunswick and Saskatchewan.

What type of Customer Support does Cash Money provide?

Cash Money customer care number (1-877-526-6639) is available from Mon – Fri: 8am to 11pm (ET) and Sat – Sun: 9am to 5pm(ET) while their customer email is

Resource Centre


The folks at CashMoney understand that not everyone has perfect credit or unlimited funds. Therefore, they offer several resources for those who may require additional help with credit counseling services:

  • Canadian Bankers Association: You can browse various banks and discover financial issues or solutions that could impact your life. 
  • Canadian Consumer Finance Association (CCFA): Here, you can find free credit counseling services for Canadians, narrowed down by your location. 
  • My Money Coach: Free online workshops to help you create a wealth management plan. 
  • Get Smarter About Money: A site that answers every question about money. How to manage it? To detailed information about different types of bank accounts. They also will help you formulate a plan to put your goal in motion. 
  • Office of Consumer Affairs (OCA): An entire plethora of information related to money management. 


Plus, numerous others worth exploring. Especially if you feel you might require the assistance of a professional expert to help, you overcome any financial hurdles in your life. 


Best Choice


With strict adherence to federal regulations, CashMoney is an excellent alternative to someone needing instant, emergency cash. Their longer termed loans are an option, although they also have higher interest rates than most lenders. They require little information besides you meeting the eligibility requirements. Once those have been met, your funds are available instantly. So, if you need that money today, CashMoney could be a great option as a lender for you. They do offer sound borrowing advice. Being a responsible lender and borrower is required for the system to work. 

  1. Borrow what you need. 
  2. Understand the terms and the costs. 
  3. Look into alternatives. 
  4. Make sure you can pay back the loan.


״The secret of happiness, is not found in seeking more, but in developing the capacity to enjoy less״ - Socrates

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