24Cash review

Our verdict

Our verdict

24Cash.ca is an online credit brokerage that allows you to apply for personal loans of up to $850. Described as payday loan alternatives, these loans are paid back in installments over 90 - 150 days. There's no credit check required, and you can get approved and funded within 24 hours. However, there's a $500 maximum loan limit for first-time borrowers, and you'll also need to pay a broker fee when you take out a loan.

Pros

• No credit checks
• Longer repayment terms than a payday loan
• Fast access to cash

Cons

• Maximum loan amount of $500 for first-time borrowers
• High cost of borrowing

24Cash Personal Loans is not currently available on Finder

Have you considered Loans Canada Personal Loan?

A broker with the largest lender network in Canada. Fill out one application and get matched for free with lenders.

• Bad credit doesn’t matter because Loans Canada will match you with a lender for your particular situation
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• High loan amounts of up to $50,000
• No collateral required to secure your loan

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Loan Amount

$500 - $850

Loan Term

90 - 150 days

Interest Rate

22%

What is 24Cash?

24Cash.ca is an online personal loan broker. With a registered address in Toronto, it connects borrowers with lenders who offer short-term installment loans.

Loans are available in most Canadian provinces, and the application process can be completed online or over the phone.

Is 24Cash legitimate?

24Cash.ca has a strong online presence and a large number of customer reviews on sites like Trustpilot. The broker has an A+ Better Business Bureau (BBB) rating but is not BBB accredited, and the BBB had closed one complaint against 24Cash.ca in the three years prior to writing.

ScamAdviser gives 24Cash.ca a Trustscore of 100/100, so there are several indicators that suggest this is a legitimate provider.

24Cash.ca loan features

What we like about 24Cash

• Easy online application. It’s easy to apply for a loan through 24Cash online. You can fill out an application within minutes, and you don’t need to submit any paper documents throughout the process.
• Instant bank verification. 24Cash.ca provides instant bank account verification to assess your income and determine whether you can afford to repay the loan. This speeds up the application process.
• Fast access to funds. You can get approved and funded for a loan within 24 hours, with same-day approval available if your loan application is accepted before 1:30pm EST. If you need a loan urgently, learn more about emergency loans.
• Longer repayment terms than payday loans. With loan terms of between 90 and 150 days, the repayments on a short-term loan through 24Cash.ca could be easier to afford than a payday loan.
• No credit checks. 24Cash.ca doesn’t conduct a credit check when you apply for a loan. This makes it an option worth considering if you have bad credit.

What to watch out for

• Not a lender. 24Cash.ca is an online broker and not a lender, so you don’t borrow money directly from 24Cash.ca.
• High interest rates. 24Cash.ca says it works with loan companies that offer a maximum APR of 22%. Make sure you compare a range of loan options to find financing that’s affordable and suits your needs.
• Broker fee applies. Be aware that you’ll need to pay a broker fee when you apply for a loan through 24Cash.ca. In the example of a $500 loan featured in the terms and conditions on the 24Cash.ca website, brokerage fees total $225 – that’s almost half the amount being borrowed.
• Low loan amounts. First-time borrowers can only borrow up to $500, while the maximum loan amount is limited to $850. This may not suit your financial requirements.

Summary of 24Cash reviews

Online customer reviews of 24Cash.ca generally tend to be quite positive. The broker has an average score of 4.2 out of 5 from over 1,500 reviews on Trustpilot and an average of 4.5 out of 5 from over 450 Google reviews.

Customers who wrote positive reviews did so due to the easy application process and helpful customer service. Those who left negative reviews tended to complain about slow loan approvals, in particular because 24Cash.ca is closed on weekends, and about rejected loan applications.

Compare 24Cash to other providers

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Name	Product	Interest Rate	Loan Amount	Loan Term	Requirements
Spring Financial Installment Loan Spring Financial Installment Loan		9.99% - 46.96%	$500 - $35,000	6 - 60 months	Requirements: min. income $1,800/month, 3+ months employed, min. credit score 500	Go to site View details	Compare	loading Fetching your data...
Loans Canada Installment Loan Loans Canada Installment Loan		8.00% - 46.96%	$500 - $50,000	4 - 60 months	Requirements: min. credit score 300	Go to site View details	Compare	loading Fetching your data...
SkyCap Installment Loan SkyCap Installment Loan		19.99% - 39.99%	$500 - $15,000	9 - 60 months	Requirements: min. income $3,333/month, full time employment/pension, min. credit score 600, no bankruptcy	Go to site View details	Compare	loading Fetching your data...
LoanConnect Installment Loan LoanConnect Installment Loan		32.00%	$500 - $2,500	3 - 6 months	Requirements: min. credit score 300	Go to site View details	Compare	loading Fetching your data...
Mogo Installment Loan Mogo Installment Loan		9.90% - 46.96%	$200 - $35,000	6 - 60 months	Requirements: min. income $13,000/year, min. credit score 500 100-day money-back guarantee. If you're not happy with your loan, pay back the principal and get your 100 days of paid interest and fees back.	Go to site View details	Compare	loading Fetching your data...

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Am I eligible for a 24Cash.ca loan?

If you want to apply for a loan through 24Cash.ca, you’ll need to meet the following eligibility criteria:

• Be 18 years of age or older.
• Be a Canadian citizen.
• Have held a steady job for at least three months.
• Earn at least $1,200 a month.
• Have a Canadian bank account for at least three months.
• Not be bankrupt or planning on claiming bankruptcy.
• Have a low short-term debt ratio.

How to apply for 24Cash loans

You can apply for a loan with 24Cash by completing the following steps:

1. Click through to the loan request form on the 24Cash.ca website.
2. Enter your name, gender, SIN, date of birth and contact details.
3. Provide details about your income, including your main source of revenue and how often you’re paid.
4. Specify the loan amount you want and enter your bank account details.
5. Enter the details of a safety contact.
6. Submit your application.

24Cash.ca says loan approval and funding are available within 24 hours.

How much will a 24Cash.ca loan cost?

There are two main factors to consider when calculating the cost of a loan from 24Cash.ca. The first is the interest rate. 24Cash.ca says it works with loan companies that offer APRs of up to 22%.

The second factor is the brokerage fee charged by 24Cash.ca. We couldn’t find details of how this fee is calculated on the 24Cash.ca website. However, in the $500 loan example listed in the terms and conditions on the broker’s website, brokerage fees of $225 apply. When paid off in six fortnightly repayments, this adds up to a total loan cost of $750.66.

Frequently asked questions

• Is same-day loan funding available?

  Yes. 24Cash.ca says that if your loan application is accepted before 1:30pm EST, the funds will be sent to your bank account before the end of the day.

• Will there be a penalty if I have insufficient funds to make a loan repayment?

  Yes. You will be charged an insufficient funds fee of $40.

• Will applying for a loan through 24Cash.ca impact my credit score?

  No. 24Cash.ca does not conduct credit checks and will instead consider your income to determine your ability to repay a loan.