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Cash Money Line of Credit review 

Need access to cash? The Cash Money Line of Credit offers flexibility to borrow as much or as little as you need, up to a maximum of $10,000.

To be eligible for a Cash Money Line of Credit, you must be a Canadian resident, of the age of majority in your province, have a stable source of income and an open chequing account.

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Interest Rate


Max. Loan Amount


Min. Credit Score


Product NameCash Money Line of Credit
Benefit DescriptionMin. credit score: 560
Interest Rate46.93%
Min. Loan Amount$100 (in store), $500 (online)
Max. Loan Amount$10,000
Loan Term6 - 60 months
Turnaround TimeGet access to funds anytime once approved
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30-second take

A Cash Money Line of Credit can be a convenient tool for when you need access to money. Here’s a rundown of key points for this product:

  • Think of a Cash Money Line of Credit if you want flexibility to borrow as much or as little as you need, up to a certain limit.
  • Pick something else if you can find lower interest rates via unsecured or secured personal loans. Cash Money Line of Credit comes with a steep 46.93% interest rate.
  • Keep in mind, with a Cash Money Line of Credit, you have access to funds up to your agreed upon limit, but you only accumulate daily interest on what you withdraw from the account.

What is a Cash Money Line of Credit?

A Cash Money Line of Credit is a convenient catch-all account that offers you the flexibility to borrow money up to a certain limit. Unlike payday loans, you only need to apply once for a Cash Money Line of Credit to qualify for a set maximum amount.

Once your limit is agreed upon, you have access to all those funds up to the limit. You don’t need to borrow the whole amount. For example, if your line of credit limit is $5,000, but all you need is $2,000, then you can just borrow $2,000, and interest will only apply to the $2,000. That untouched portion of your line of credit will not be charged interest. However, your outstanding balance will collect daily interest.

Read more about lines of credit

What are the benefits of a Cash Money Line of Credit?

Are you on the fence about opening up a Cash Money Line of Credit? Here are some advantages to take stock of:

  • Flexible loan size. Cash Money offers lines of credit that are as low as $100 (in store), $500 (online) up to $10,000. The amount you’re approved for will depend on your ability to make repayments. Only sign up for what you need to avoid accumulating unnecessary debt.
  • Access to cash without reapplying. You only need to apply once for a line of credit. Qualify for a set maximum amount and borrow from your line of credit as often as you need to as long as you have available credit.
  • Fast access to funds. Once you are approved you may be able to access your funds in as little as 15 minutes with INTERAC e-Transfer® or on the spot at your nearest Cash Money store.
  • Loan terms. A line of credit has an “open-ended” term, which means it stays open as long as you are using it. Your loan will only be closed if you request it to be, or if you do not use it for one full year.
  • Online and in-branch application. You can apply for a Cash Money Line of Credit both in-store and online. Online applications may be processed faster, but loan minimums apply – $100 (in store), $500 (online).

What to watch out for

On the other hand, a Cash Money Line of Credit comes with its share of drawbacks to watch out for. They include:

  • Interest rate of 46.93%. This interest rate is applied to all Cash Money loans, including lines of credit, regardless of the amount you borrow, the length of the loan or your financial capabilities. Remember, you are only charged daily interest on the amount you borrow from your line of credit though.
  • Potential for additional charges. Establishment fees, missed payment fees and default penalty fees may apply.
  • Loan amount is only up to $10,000. If you’re looking for a higher maximum amount, you’re out of luck with the Cash Money Line of Credit.
  • Not available across the country. Serviced provinces for a Cash Money Line of Credit are British Columbia, Alberta, Saskatchewan, Ontario and Nova Scotia.
  • Your credit score may be affected. Cash Money will run a hard check on your credit file to determine if you’re eligible for a loan. Unlike a soft check, a hard check will temporarily dip your credit score. This shouldn’t cause a lasting impact on your score unless you apply for too many credit products at once.

Am I eligible?

To be eligible for a Cash Money Line of Credit, you need to:

  • Be a Canadian resident.
  • Meet the minimum age requirement, which varies from province to province.
  • Be able to demonstrate an ability to make repayments, with a steady income source.
  • Have an open chequing account in your name.
  • Have a working telephone number.

After you apply for a line of credit, you will need to verify your identity and application details. You may be asked to provide:

  • Identification. You will need to provide either a Canadian driver’s licence, passport or birth certificate.
  • Verification of income. You’ll need to demonstrate your ability to make repayments by providing proof of employment and bank statements proving that you have a reliable income.

How do I apply?

If you’re ready to apply for a Cash Money Line of Credit, follow these steps:

  1. Click the “Apply now” button to go to the Cash Money homepage.
  2. Click “Continue”.
  3. Select your province, then the line of credit option.
  4. Fill in the prompts to create an account, including your email address, password and security question and answer.
  5. Once you’ve created your account, fill in the personal loan application. It shouldn’t take more than 10 minutes to complete. Provide your full name, contact information including your address and phone number, employment status, monthly income and credit score.
  6. Once you submit your application, you need to verify your income before receiving a lending decision. Provide information that documents your income either by using the online application portal or by directly emailing Customer Support. If you’re applying in person you can provide this paperwork at a local Cash Money branch.
  7. Cash Money will review your information and provide you with a lending decision within one business day, if not faster.
  8. If you’re approved, you can access your line of credit immediately. Select how much you want to borrow, up to your approved credit limit.
  9. Make regular payments on your loan over time. You can even make additional payments towards your loan to save on interest paid.

I got the Cash Money Line of Credit – now what?

Once you’re set up with a Cash Money Line of Credit, you can borrow from the account as often as you need to. As long as you have available credit and have been keeping up with your regularly scheduled payments, you can borrow up to your credit limit.

Cash Money provides the option of signing up for automatic payments, so you don’t have to worry about late payments or missed payments altogether. If you opt out of this feature, you can make payments in store, online or over the phone. Manual payments must be made by the close of business on your due date.

Your goal is to use your line of credit sparingly, in case of emergencies or for other unforeseen expenses. Stay on top of your monthly payments to help build your credit score and show lenders that you are responsible when it comes to managing your debts.

Compare lines of credit

Name Product Interest Rate Loan Amount Loan Term Requirements Credit Score Link
Cash Money Line of Credit
$100 (in store), $500 (online) - $10,000
6 - 60 months
No min. income or employment requirements
Min. credit score: 560
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More Info
Cash Money offers line of credit loans up to $10,000 for AB, BC, NS, ON and SK residents. (Residents of MB or NB can apply in-store only.)
LendDirect Line of Credit
19.99% - 46.93%
$100 - $15,000
No end dates
Min. income of $1,500 /month
Min. credit score: 560
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More Info
Borrow up to $15,000, based on your income and credit history, with a line of credit from LendDirect.

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Bottom line

A line of credit is a useful safety net to have in case you come across emergency expenses, job loss or other unexpected situations. Unlike a payday loan, which provides a small lump sum of money that you need to pay back within a short period of time, you only need to apply once for a line of credit and you have access to the funds on an “open-ended” term. As long as you’re staying on top of repayments to whatever you borrow from the account, it stays open.

Try not to overdraw on your line of credit and only take out what you can feasibly repay. The Cash Money Line of Credit comes with a steep daily interest rate of 46.93%, which means interest will add up quickly, driving up the cost of borrowing.

Frequently asked questions

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