Captain Cash Short Term Loans

Our verdict

Our verdict

Captain Cash offer same day short term loans in amounts from $500-$750. You can pay back your loan over the course of 90 to 120 days. This lender offer a couple of unique perks including no early repayment fees and payment deferral. While all fees are disclosed upfront, interest rates are very high – so you should avoid this type of loan unless you have no other alternatives.

Best for: Borrowers that may be able to pay back their loan early (and save on interest while paying no prepayment fees).

Pros

• Same day loan approval
• Payments can be deferred
• No prepayment fees

Cons

• High minimum borrowing amount
• Job verification required
• No funding for self-employed

Captain Cash Short Term Loans is not currently available on Finder

Have you considered GoDay Payday Loan?

To apply, you'll need to be a Canadian resident over the age of 18 with a valid email address, phone number and an open bank account with a Canadian bank or credit union.

• eTransfer & direct deposit
• Borrow $100 - $1,500
• APR & loan term vary by province

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Loan Amount

$500 - $750

Loan Term

90 to 120 days

Interest Rate

22%

If you need fast access to cash due to an unexpected emergency, you might benefit from a short term loan with Captain Cash Short Term Loans. This online lender offers same-day approval for loans starting at $500, with no collateral required to secure financing.

Just keep in mind that while these loans can be a temporary band-aid solution for your financial problems, they aren’t suitable for long-term use. This is because they come with high fees and interest rates, and can be difficult to pay off.

What are Captain Cash Short Term Loans?

Captain Cash works with various lenders to offer short term personal loans that are typically paid out to your bank account in under 24 hours. As a first-time customer, the most you can borrow at one time is $500 but you may be able to borrow more as you build an on-time payment history with the company.

The downside of these loans is that you’ll pay high annual interest rates (APR) and you’ll only have a limited amount of time to pay the money back. The upside is that it’s easy to qualify and you’ll have the choice to pay back your loan as quickly as you want.

How much will I pay for Captain Cash Short Term Loans?

Captain Cash Short Term Loans come with an APR on the amount borrowed of 22% plus a transaction fee of $0.50. For example, a loan of $500 including fees and interest would result in a reimbursement of approximately $750.

You may also need to pay additional fees for certain services. These can include non-sufficient funds fees for not having enough money in your bank account to cover a payment or fees for deferring your payments if you think you’ll have to miss one.

There is also mention of a surety fee in the FAQ section of the Captain Cash Short Term Loans website. This term isn’t explained, so it could be related to the APR charges but may be an additional fee you have to pay on top of your interest rates. These fees should be outlined in more detail on page three and four of your loan contract.

What can I use my Captain Cash loan for?

You can use the money from Captain Cash Short Term Loans however you want to. Often these types of short term loans are used to cover costs like:

• Emergency expenses. Short term loans are most commonly used to pay for unexpected or emergency expenses like car repairs, health care bills or funeral costs.
• Monthly expenses. Though it’s not recommended, you may be able to use your funds to cover monthly costs like rent and utilities between paycheques.
• One-off payments. You may want an injection of cash to cover large purchases like a new piece of furniture or an emergency flight.
• Debt repayment. You can use the amount you borrow to cover outstanding debts and avoid paying extra fees due to late payments and bounced cheques.

What are the benefits of a short term loan with Captain Cash?

There are a number of benefits that you can take advantage of when you take out a short term loan with Captain Cash:

• Easy application. You can apply for a loan online in a matter of minutes and get verified in less than 24 hours.
• Fast approval. You should receive your funds within 24 hours of being approved for your loan.
• Direct deposit. Your money will be deposited directly into your account so you won’t need to leave the comfort of your own home to receive your cash.
• Unsecured loans. You won’t need to put up any collateral like your home or vehicle to secure your loan.
• No credit check required. Captain Cash won’t check your credit score when you apply for a short term loan.
• Bad credit doesn’t matter. Your credit won’t typically factor in to your loan decision, though you’ll need to meet other eligibility criteria.
• Payments can be deferred. You may be able to have your payments deferred for a small fee if you think you’re going to miss one.
• No fee for early pay-outs. You won’t have to pay anything extra to clear your debt out early.

What should I watch out for?

There are a couple of drawbacks you should be aware of before you take out a short term loan with Captain Cash Short Term Loans:

• High interest rates. You’ll pay higher interest rates on this type of loan than you potentially could with a traditional loan.
• Small amounts. You’ll only be able to qualify for $500 on your first loan until you establish a history of repayment with Captain Cash Short Term Loans.
• Job verification is required. Your employment will need to be verified by phone and your loan won’t be processed until this occurs.
• No funding for self-employed. You won’t be able to qualify for funding if you’re self-employed unless you receive your income through direct deposit.
• Automatic withdrawals. Your payments will be taken automatically from your bank account, which means you have to budget accordingly to avoid late charges.
• Minimum income requirements. You’ll have to make a minimum income of $1,200 per month to qualify.

What should I know before I apply for Captain Cash Short Term Loans?

• Eligibility requirements

  To apply for a loan from Captain Cash Short Term Loans, you need to meet the following criteria:

  • Be at least 18 years old (and 19 in some provinces).
  • Be a citizen or resident of Canada.
  • Have a net salary of $1,200 per month and receive it by direct deposit or cheques from your employer.
  • Have at least three months of employment with the same company.
  • Have a Canadian bank account that has been active for at least three months.
  • Be free from bankruptcy or other forms of unmanageable debt.
  • Have few or no non-sufficient funds (NSF) transactions on your account.
  • Have a low short term debt ratio (including other active short term or payday loans).

• Required documents and information

  • Proof of ID. You’ll have to show a government-issued piece of ID like your driver’s licence or passport to prove your identity.
  • Proof of address. You may need to submit a utility or cell phone bill to prove that you’re living at a stable address in Canada.
  • Pre-authorized debit. You’ll have to fill out your direct deposit information to facilitate deposits and withdrawals from your account.
  • Bank statements. You’ll have to link your bank statements to Captain Cash Short Term Loans‘s online platform so an agent can verify your financial information.
  • Proof of employment. You’ll need to provide a letter from your employer stating your employment status, which will also be verified by phone.

Which forms of income are not accepted for Captain Cash Short Term Loans?

You’ll likely not be able to meet the minimum income requirements for a Captain Cash Short Term Loans if you use any of the following as your source of income:

How to apply for Captain Cash Short Term Loans

If you think you meet all the eligibility criteria and you’re ready to get started with your loan application, you just need to follow the steps below:

1. Use the online application to provide personal information like your name, email address, proof of ID and relevant documents.
2. Review and submit your application.
3. Get verified and negotiate the terms of your loan if you meet the eligibility requirements.

Bottom line

Captain Cash Short Term Loans is an online loan company that offers quick access to emergency cash. You can typically get approved in less than 24 hours for amounts up to $500. Just be aware that you’ll pay really high interest rates for these loans so they’re not good for long-term use. Use this post to find out whether this lender is right for you and what you need to qualify.

Compare other payday loan options

Check the websites of any lenders you’re interested in to confirm they operate in your province or territory of residence.

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Frequently asked questions about Captain Cash Short Term Loans

• How much does a loan with Captain Cash cost?

  If you were looking for a loan of $500 including fees and interest, it would result in a reimbursement of approximately $750.

• Can I get a loan if I have bad credit?

  You sure can. It’s easy to apply for Captain Cash Short Term Loans with bad credit as long as you make an income above $1,200 per month and you’re gainfully employed.

• How do I make my payments?

  You’ll repay your loan by setting up a direct deposit to take automatic withdrawals from your account. For this reason, it’s important to track when your money is due so you don’t end up paying a fee for having insufficient funds in your account.

• Why might my application be refused?

  Your Captain Cash Short Term Loans application might be refused if you don’t meet the eligibility requirements to be funded. These include making a minimum of $1,200 per month in income and having at least three months of continuous employment under your belt. You might also be refused if you don’t fill out your paperwork properly or you have an undischarged bankruptcy on your file.

• Who can I contact if I have questions about my account?

  Captain Cash Short Term Loans has an on-call team of customer service reps that can give you a hand with managing your loan via email and over the phone.