Follow Us

arrow-menu

Simply Cash Review

Financial emergencies happen when we least expect them. They’re like a thief in the night, and they strike without any warning. If you are strapped for cash and you need to pay for something urgently, a payday loan or an installment loan can help you get out of a financial bind. These types of loans are perfect for unexpected expenses because they are easy to apply for and fast to obtain.

One of the most popular alternative lending companies in Ontario that offer payday loans and installment loans is Simply Cash. In this review, we will take a look at how Simply Cash works and what you should know before applying for one of their loans.

Read more

Written by: Aunt Piggyy

Verified by:

Author

simplycash-logo

Loan Amount

4.1/5
4.1/5

Piggyy Rating

Apply Now
Pros
    Cons
      content table close

      Table of Contents

      Share this article:

      Company Information

       

      SCARBOROUGH

      1911 Kennedy Road, Unit 102

      (Kennedy & Ellesmere)

      Scarborough, Ontario, 

      M1P 2L9

       

      Business Hours: 

      Mon – Wed: 9:00am – 7:00pm

      Thur – Fri: 9:00am – 9:00pm

      Saturday: 10:00am – 5:00pm

      Sunday: Closed

       

      Phone: P: 416-291-3242 | F: 416-291-1230

       

      PICKERING

      985 Brock Road, Unit A2

      (Brock & Bayly)

      Pickering, Ontario, 

      L1W 3A4

       

      Business Hours: 

      Mon – Wed: 9:30am – 4:30pm

      Thur – Fri: 9:30am – 7:00pm

      Saturday: 10:30am – 4:30pm

      Sunday: Closed

       

      Email: [email protected]

      Phone: P: 905-422-0042 | F: 905-422-0030

       

      Simply Cash is an alternative lending company that offers payday loans and installment loans in the greater Ontario area. They only cater to Ontario residents, so it’s something that you need to take note of if you intend on applying for one of their loans.

       

      Simply Cash specializes in short-term, unsecured loans, which means that you don’t have to put up any collateral as security for the loan. The money you borrow from Simply Cash can be used to cover any unexpected expenses, such as a car repair, home improvement, or medical bill.

       

      With a promise of easy application and approval, Simply Cash is one of the best places to go if you’re looking for a quick solution to your financial emergency. In fact, you can get the money on the spot on either of its locations or on your bank account, whichever suits you better. Plus, they accept loan applications even from those who have bad credit, so there’s no reason why you shouldn’t apply for one of their loans.

       

      Types of Loans

       

      To make it easy for consumers to understand what they are getting into, Simply Cash only offers two types of financing options – payday loans and installment loans. Both are short-term, unsecured loans but they have notable differences, which we’ll discuss below.

       

      Payday Loans

      Payday loans are small-dollar, short-term loans that are designed to help you deal with financial emergencies. They are called payday loans because you are required to repay the loan once you receive your next pay cheque. This means that you have to pay them back in 2 weeks or 14 days. Payday loans are the quickest and easiest way to get the money you need but are also the most expensive, since the interest rate on payday loans is high.

       

      Here’s what you need to know about Simply Cash payday loans.

       

      Loan Amount: Up to $1,500

      Interest Rate: Simply Cash charges $15 for every $100 borrowed

      Repayment Period: Repay in 14 days / 2 weeks

      Credit Check: Not required

      Credit Score: No credit requirement

      Funds Availability: Same day fund transfer upon approval

       

      To qualify for a payday loan from Simply Cash, you need to meet the following requirements:

      • You need to be employed for the last 4 months with a monthly salary (net) of $1,200.
      • You need to provide pay stubs.
      • You must bring a copy of an updated bank statement showing the last two transactions in your account. 
      • You must present a personal Cheque or PAD form.
      • You must present proof of address. 

       

      Installment Loans

      Installment loans are also a type of short-term, unsecured loan that has a longer repayment period than payday loans. They usually range from 1 month to 1 year depending on the lender. You can choose to pay back the loan in monthly, biweekly or fortnightly installments, depending on your financial situation. Installment loans are not as easy to obtain as payday loans but they are much cheaper than payday loans.

       

      Below is a quick overview of Simply Cash installment loans.

       

      Loan Amount: Up to $2,500

      Interest Rate: 35% to 59% per annum

      Repayment Period: Up to 24 months

      Credit Check: Not required

      Credit Score: No credit requirement

      Funds Availability: Same-day fund transfer upon approval

       

      To qualify for an installment loan from Simply Cash, you need to meet the following requirements:

      • You must meet the basic requirements for a Simply Cash payday loan. 
      • You need to provide pay stubs.
      • You must bring a copy of an updated bank statement showing the last two transactions in your account. 
      • You must present a personal Cheque or PAD form.
      • You must present proof of address. 
      • You must present a government issued photo ID/SIN.
      • You must have a good repayment history. 

       

      Why Choose This Provider

       

      There are many reasons why Simply Cash is the best place to go when looking for a short-term loan in the greater Ontario area.

       

      In-Store and Online Application

      If you find yourself in a financial bind, you can visit any of the two Simply Cash locations or complete an online application to get the cash you need. No matter where you are in Ontario, you will always be able to apply for a loan. Simply Cash’s accessibility and flexibility makes them a great choice for people who need a short-term loan.

       

      Longer Repayment Period

      We all know that payday loans only come with 14 day repayment periods, so you can also expect the same with Simply Cash. However, their installment loans are available for up to 24 months, which is longer than most other providers. This means that you will have more time to repay your loan without causing too much financial stress on your part. 

       

      No Credit Check

      Simply Cash does not require a credit check before approving a loan. If you have bad credit, you can still apply for a payday loan or an installment loan with Simply Cash. However, you are required to pay for a mandatory insurance to cover Simply Cash in case you default on your payments. If you are not willing to pay for this insurance, you must have a credit score of at least 690 and must be willing to submit a credit check.

       

      Safe and Secure

      Simply Cash is a safe and secure provider of short-term loans. The company offers SSL protection and guarantees that your personal information will never be sold or shared with anyone else. All the data you share with Simply Cash is encrypted and secured.

       

      No Collateral

      You do not need to provide collateral to apply for a payday loan or an installment loan from Simply Cash. This means that you do not need to worry about losing your home, car, or other valuable assets if you cannot repay your loan. 

       

      First-Time Customer Promotion

      Simply Cash is offering new customers a special promotion for the first time they apply for a loan. As of this writing, they have a $30 for $300 payday loan promotion. If you are a first time customer, you’ll save $15 on your first payday loan from Simply Cash. 

       

      Easy and Fast Application

      Simply Cash’s online application process is quick and easy. You can complete the application within 5-10 minutes. You can apply for a payday loan or an installment loan without having to worry about the process being too complicated. Simply Cash makes it easy for Ontario residents to apply for a short-term loan. 

       

      Repayment Period Extension

      If, for any reason, you are unable to repay your loan by the due date, Simply Cash can extend your repayment period. Simply give them a call at 416-291-3242 or send them an email at [email protected] and they will be happy to work with you to find a solution.

       

      How to Avail Simply Cash’s Services?

       

      If you are ready to get a short-term loan in the greater Ontario area, you can visit one of Simply Cash’s physical locations or apply through their website. Here’s how you can apply for a Simply Cash payday loan or installment loan online:

      1
      Simply Cash 1

      Visit Simply Cash’s website, click the “Apply Now” button on the upper right hand corner of the screen or fill out the online form on the home page. Choose between a Payday Loan or Installment Loan, provide the loan amount, and click the “Get Your Loan Now” button.

      2
      Simply Cash 3

      You’ll be redirected to a new window, where you’ll need to fill out an online form. You may check out the form below for the complete set of particulars that you need to provide.

      They include basic information such as:

      Personal particulars (Name, Address, Date of Birth, Phone Number, etc.

      3
      Simply Cash 2

      Employment details (Company Name, Address, Position, Immediate Supervisor, etc.)

      Bank account information (Bank Name, Account Number, Transit Number, etc.)

      4
      Simply Cash 5

      Purpose of the Loan

      5

      Upon successful submission of the form, you’ll just have to wait for a phone call from one of Simply Cash’s representatives. In just three simple steps, you can get the money you need to tide over your financial crisis.

      Apply now

      Frequently asked questions

      Which is better, payday loans or installment loans?

      Both are short-term loans that allow you to borrow money up to a certain amount. However, there are some differences between them. Payday loans are designed to be paid back in one lump sum, while installment loans can be repaid in several installments. If you are looking for a quick way to get cash, a payday loan is probably the best option. However, if you are looking for a more long-term solution, an installment loan is more suitable.

      How safe is Simply Cash?

      Having two physical locations in Ontario is more than enough to prove that Simply Cash is a legitimate company. For years, they have been providing fast and convenient loans to Canadians in the greater Ontario area. Their commitment to protecting their clients’ personal information is also a strong indicator that they are a reputable lenders.

      Why do I have to pay an insurance fee?

      You can actually choose not to pay the insurance fee, but you’ll be subject to a credit check. You also need to have a credit score of at least 690 to qualify for a Simply Cash installment loan.

      How much money can I borrow from Simply Cash?

      For payday loans, you can borrow up to $1,500. For installment loans, you can borrow up to $2,500.

      How fast can I receive my funds?

      Most applications get approved and funded the same day you apply.

      Conclusion

       

      If you live in Ontario and you are looking for a reputable short-term loan provider, Simply Cash is the place to go. They are committed to providing their clients with a hassle-free experience, which is why they offer in-store and online applications. They are also willing to work with people with bad credit, so you don’t have to worry even if you have a less than stellar credit score.

      Aunt Piggyy

      Share this article: