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Captain Cash loans review

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Captain Cash Short Term Loans
Interest Rate
22%
Loan Amount
$500 - $750
Loan Term
90 to 120 days
Turnaround Time
under 24 hours
Serviced Provinces
Ontario, PEI, BC or Alberta
All information about Captain Cash Short Term Loans has been collected independently by Finder. Finder is not connected with Captain Cash products, and this page is not sponsored, endorsed or administered by, or associated with, Captain Cash. All product names, logos, and brands have been used for identification purposes only and are property of their respective owners.

Our verdict

Get easy approval on a fast loan, but watch out for high fees.

Captain Cash specializes in no credit check loans for people who can't access traditional financing. It offers a fast, paperless process where you can get approved on the same day you apply, though this can vary depending on its volume of applications.

Captain Cash says its APR is 22% – however, watch out for a high fee that may get baked into your payments in addition to the interest. Captain Cash is not clear about this on its website at the time of writing, so if you apply, carefully review your contract and make sure you know exactly how much you'll be paying in fees and interest.

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

In this guide

  • Our verdict
  • Your reviews

What is Captain Cash?

Captain Cash is a brokerage that works with various lenders to offer short term personal loans to people who may not get approved by banks or credit unions. Loans 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.

Is Captain Cash legit?

Captain Cash is a registered business in BC and has verified Google and Trustpilot profiles. It also displays its office address, phone number, terms and conditions, and privacy policy on its website.

How much will I pay for a Captain Cash loan?

Captain Cash says its interest rate is 22% and it also charges a transaction fee of $0.50. However, watch out for an extra fee that may be added to your repayments, such as a brokerage fee or administration fee, that will make your loan much more expensive.

What we like about Captain Cash loans

  • Easy application. You can apply for a loan online in a matter of minutes and get verified in less than 24 hours.
  • Fast funding. 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 if you think you’re going to miss one, but there is a $25 fee.
  • No fee for early pay-outs. You won’t have to pay anything extra to clear your debt out early.

What to watch out for

  • High interest rates. You’ll pay higher interest rates on this type of loan than you could with a traditional loan.
  • Small amounts. Captain Cash loans max out at $750.
  • Certain incomes do not qualify. Captain Cash does not accept social assistance, student loans, child tax credit, self-employment, CPP, private pension, disability and other insurance income as valid sources of income.

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What do Captain Cash reviews say?

Captain Cash has received its fair share of negative reviews. People who have applied to Captain Cash have complained about its slow response times, bad customer service and extra fees. Those who have left positive Captain Cash reviews have commented on its polite customer service and fast processing times.

Summary of Captain Cash reviews

FeatureDetails
BBB accreditedNo
BBB ratingF
BBB customer reviews1 out of 5 stars, based on 2 reviews
Google reviews2.3 out of 5 stars, based on 106 reviews
Trustpilot score4.7 out of 5 stars, based on 4,713 reviews
Customer reviews verified as ofOctober 18, 2023

What can I use my Captain Cash loan for?

You can use the money from Captain Cash 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 need an injection of cash to cover large purchases, such as an emergency flight.

Overall, these loans are only suitable when you need to cover an urgent expense and you’ve exhausted your financing options.

Captain Cash loan 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 of Ontario, PEI, BC or Alberta.
  • 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).

Which forms of income does Captain Cash not accept?

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:

  • Social assistance
  • Student loan
  • Child tax
  • Self-employment
  • CPP
  • Private pension
  • Disability income
  • Other insurance income

How to apply for Captain Cash 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. Fill out the online application.
  2. Verify your income and identity through instant bank verification.
  3. Get a decision.

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.

Frequently asked questions about Captain Cash Short Term Loans

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