Cash Cow payday loans review
Ontario residents can apply for up to $1,500 with no credit check from this payday lender.
To be eligible, you must be at least 18 with an active bank account, proof of employment and 2 pieces of government-issued ID. This review is specifically about cashcowfinancial.ca and not other companies sharing the Cash Cow name.
$100 - $1,500
5 to 40 days
30-second takeCash Cow Financial offers loans to borrowers who need cash to hold them over until their next payday.
- Cash Cow is an online-only payday lender in Ontario. With Cash Cow payday loans, you can apply online, sign your contract electronically and receive your cash via Interac e-Transfer.
- At the time of writing, Cash Cow has fine print on its website that says “payments made after the loan maturity date may result in additional fees and interest at 59% per annum”. This is not in line with payday loan regulations in Ontario. Effective August 20, 2020, the maximum interest rate that lenders can charge is 2.5% per month non-compounding.
Alternatives to Cash Cow payday loans
Features of Cash Cow loans
- Loan amounts. Cash Cow provides payday loans of up to $1,500 maximum. You can’t borrow more than 50% of your net income.
- Loan terms. Cash Cow says loan terms fall between 5 and 40 days. Payday loans are typically repaid on your next payday.
- Borrowing fee. Cash Cow charges $15 for every $100 borrowed, which is the maximum amount permitted to be charged in Ontario.
- Availability. Cash Cow is only available to Ontario residents.
What are the benefits of Cash Cow payday loans?
- Easy online application. Cash Cow is an online-only lender, so borrowers in Ontario can apply wherever they have an Internet connection, sign their contract electronically and receive their funds via Interac e-Transfer.
- No credit checks. Anyone can apply for a Cash Cow payday loans. There are no credit checks and no minimum income requirements to meet.
- Use the funds for any purpose. Once you’re approved for a Cash Cow loan, you have the freedom to use the money as you’d like.
- Special promotions. Cash Cow offers a $200 cash advance for a fee of only $10 as a limited-time special offer to new customers on their first payday loan.
What to watch out for
- 59% annual interest rate for payments made after loan maturity. According to payday loan regulations in Ontario, lenders can only charge 2.5% per month non-compounding for a payday loan in default.
- Incredibly steep interest rates. Like all payday lenders, Cash Cow charges incredibly steep fees for taking out a payday loan, driving up the true cost of your short-term financing. With a fee of $15 for every $100 borrowed, you’re looking at an APR of nearly 400%.
- Short repayment terms. Payday loans are a quick-fix solution. You must repay your loan by your next payday, with terms capping out at 40 days. Make sure you can comfortably cover your payments with your next paycheque before you apply.
- Caps on how much you can borrow. Cash Cow’s payday loans cap at $1,500, so if you need more cash, this may not be your best option.
- Not available across Canada. Cash Cow is only licensed as a payday lender in Ontario.
Is Cash Cow Financial legitimate?
Cash Cow is a licensed payday lender in Ontario with an office in Mississauga. However, charging 59% per year on a payday loan past its maturity date is not in line with Ontario regulations.
Am I eligible?
To qualify for a Cash Cow loans, you’ll need to meet the following requirements:
- Be 18 years of age or older.
- Have proof of employment income via paystubs you can upload online.
- Have an active chequing account that can receive e-Transfers.
- Have 2 pieces of government-issued ID, including 1 with a photo.
How do I apply for Cash Cow loans?
If you’d like to apply for a Cash Cow payday loan, simply follow these instructions:
- Head to cashcowfinancial.ca and click on “Apply Now” on the homepage.
- Follow the prompts on the application page. Identify how much you’d like to borrow and then provide your full name, address, email address, phone number and date of birth.
- Upload images of 2 pieces of government-issued ID.
- Upload an image of your last paystub from your employer.
- Electronically sign and date your application.
- Fill out your banking details, including the name of your bank, branch number and account number.
- Provide your employment details, including your employer, job title, length of service and gross monthly income.
- Review your application and click “Submit” when you’re ready.
I got the Cash Cow payday loan, now what?
Your loan must be repaid by your next payday, as set out in your loan contract. Have a concrete plan for how you’ll repay what you’ve borrowed plus the fees you’ve incurred. Cash Cow will withdraw the amount owed directly from your bank account, so make sure the funds are there on your due date. You could face even more charges for missed, late or NSF payments.