Cash Money Payday Loans review
Cash Money allows you to borrow amounts up to $1,500 online, in-person or over the phone.
To be eligible, you must be at least 18 years old with recurring income and a chequing account.
Min. Loan Amount
Max. Loan Amount
14-40 days (varies by province)
|Product Name||Cash Money Payday Loan|
|Special Promo||Loan discount on your very first $300 payday loan at $20 borrowing cost (excludes Saskatchewan).|
|Interest Rate||Varies by province|
|Min. Loan Amount||$100|
|Max. Loan Amount||$1,500|
|Loan Term||14-40 days (varies by province)|
|Turnaround Time||In as little as 15 minutes with INTERAC e-Transfer® if approved|
|How to Apply||Online,In store|
|Go to site|
Cash Money offers payday loans of up to $1,500, which you can apply for in-store, online and over the phone. Upon approval, your loan is transferred over to you within 15 minutes via Interac e-Transfer or immediately in a Cash Money store. Always keep in mind, payday loans are high-cost loans, although they do offer the convenience of access to fast cash.
Sometimes you need an emergency injection of cash and a payday loan could save the day. Here’s what to keep in mind with Cash Money Payday Loans:
- Think of a Cash Money Payday Loan if you prefer to apply in-person or over the phone. While some payday lenders exist exclusively online, Cash Money has customer service readily available in-store, over the phone and online.
- Pick something else if you need a loan that’s more than $1,500 or if you can’t repay the loan within 40 days. Payday loans are meant to cover a cash shortfall until your next pay, and in most provinces, payday lenders can’t extend or roll over your payday loan.
- Keep in mind, Cash Money Payday Loans aren’t available in Alberta, Quebec, Newfoundland, Prince Edward Island, Yukon, Nunavut and the Northwest Territories.
Expert review on Cash Money Payday Loans
If you find yourself in a financial emergency without the help of a traditional lender, Cash Money may be a suitable option to gain access to funds quickly. Cash Money makes it easy to apply for a payday loan online, in-store or over the phone. Once you’re approved, your loan is transferred to you within 15 minutes via Interac e-Transfer.* You can even pick up your funds immediately at a Cash Money store or have the money instantly loaded onto an Opt+ Prepaid Mastercard.
Keep in mind, Cash Money Payday Loans, and payday loans on a whole, come with some of the steepest interest rates around, especially compared to conventional personal loans. Expect to pay between $15 and $19 per $100 borrowed, depending on the province you live in.
They’re genuinely meant to cover a short-term cash shortfall until your next paycheque, so loans need to be repaid within 14-40 days (varies by province). If you can’t pay your payday loan back on time, you’ll incur more fees and interest charges. This is what makes payday loans a risky band-aid solution.
⚠️ Warning: Be cautious with payday loansPayday loans are expensive. If you're experiencing financial hardship and would like to speak to someone for free financial counselling, you can call Credit Counselling Canada from 8:00am to 5:00pm Monday to Friday at +1 866-398-5999. Consider alternatives before applying for a payday loan:
- Local resources. Government agencies, nonprofits and local charities may offer free financial services and help with food, utilities and rent for those in need.
- Debt relief companies. These services can help you find a solution to reduce your debt payments and work toward becoming debt-free.
- Payment extensions. Talk with your bill providers about a longer payment plan or extension on your due date if you're behind on payments.
- Side jobs. Today's digital marketplace offers the ability to more easily sell unwanted items, sign up for food delivery or drive for rideshare services.
Compare payday loans
Take a look at your payday loan options and how they compare:
What provinces and territories are Cash Money Payday Loans available in?
If you’re considering a Cash Money Payday Loan, your best bet is to start by ensuring it services your province or territory. Here’s where Cash Money Payday Loans are available:
|Province||Loan amount/terms||How to apply|
|B.C.||$1,500/up to 40 days||Online, in-store or over the phone|
|Saskatchewan||$1,500/up to 40 days||Online, in-store or over the phone|
|Manitoba||$1,500/up to 40 days||In-store loans only|
|Ontario||$1,500/up to 40 days||Online, in-store or over the phone|
|Nova Scotia||$1,500/up to 40 days||Online, in-store or over the phone|
|New Brunswick||$1,500/up to 40 days||In-store loans only|
Cash Money Payday Loans aren’t available in the following areas:
- Prince Edward Island
- Northwest Territories
What are the benefits of a Cash Money Payday Loan?
Despite the exorbitant charges you’ll pay for a payday loan, Cash Money comes with some perks, including the following:
- Easy application process. You can apply for a loan online, in-store or over the phone, depending on the province you live in. In provinces where online lending is offered, the entire process can be completed from the comfort of your home.
- Fast access to funds. If approved, you can get your money in as little as 15 minutes with Interac e-Transfer.* You can also pick up your cash immediately in a Cash Money store, or if you have an Opt+ Prepaid Mastercard, you can get your cash instantly loaded onto your card.
- Fast decisions. Cash Money can generally provide a lending decision on the day of application.
- Customer service options. Customer service is readily available in person, online or over the phone.
What to watch out for
Across the board, consumers need to be wary of payday loans. And for good reason – here’s why Cash Money Payday Loans should be used as a last resort:
- Steep charges. Cash Money will charge you a fixed amount per $100 borrowed (from $15 to $19 per $100 borrowed, depending on your province of residence). To put it into perspective, a payday loan that costs $17 per $100 is the same as an annual interest rate of 442%.
- Loan terms. Watch out for short loan terms to the tune of up to 14 days – your next payday, essentially. Cash Money says the longest terms are capped at 40 days.
- Not available in all provinces and territories. You won’t find Cash Money payday loans in Alberta, Quebec, Newfoundland, PEI, Yukon, Nunavut and the Northwest Territories.
How much will a Cash Money Payday Loan cost?
It’s important to understand the cost of any financial product. You need to make sure you know what you will pay to borrow the loan and what you might pay if you’re late with your repayments. Cash Money will charge you a fixed amount per $100 borrowed – from $15 to $19 per $100 borrowed, depending on your province of residence.
Here’s a closer look:
Maximum borrowing costsYou should always refer to your loan agreement for exact repayment amounts and costs as they may vary from our results. The table below shows the maximum allowable cost of borrowing under a payday loan for each province:
|Province||Maximum allowable cost of borrowing|
|Alberta||$15 per $100 borrowed|
|British Columbia||$15 per $100 borrowed|
|Manitoba||$17 per $100 borrowed|
|New Brunswick||$15 per $100 borrowed|
|Newfoundland and Labrador||$21 per $100 borrowed|
|Northwest Territories, Nunavut & the Yukon||$60 per $100 borrowed|
|Nova Scotia||$19 per $100 borrowed|
|Ontario||$15 per $100 borrowed|
|Prince Edward Island||$25 per $100 borrowed|
|Quebec||Limit of 35% annual interest rate (AIR)|
|Saskatchewan||$17 per $100 borrowed|
Is it safe to apply for a Cash Money Payday Loan?
Sky-high charges aside, Cash Money is a legitimate lender and established business dating back to 1992. It has helped more than 595,850 Canadians with their short-term cash needs, and it has hundreds of store locations in most of Canada.
It’s also a Canadian Consumer Finance Association member, so you can trust that Cash Money is adhering to federal best practices and regulations.
Am I eligible?
To be eligible for a Cash Money Payday Loan, you must meet the following criteria:
- Be at least 18 years old.
- Have an open chequing account in your name. You will need to provide your branch transit number, financial institution number and your bank account number.
- Have proof of recurring income. You will need to provide your gross and net monthly income, pay cycle frequency, hire date, employer name and phone number.
- Have a working telephone number.
- Have a valid email address.
How do I apply?
If you’re ready to apply for a Cash Money Payday Loan, follow these steps:
- Click the “Go to site” button to go to the Cash Money homepage and click “Continue”.
- Select your province, then the payday loan option and click “Next”.
- Fill in the prompts to create an account, including your email address, password and security question and answer.
- 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.
- 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, by directly emailing customer support or by faxing your documents. If you’re applying in person, you can provide this paperwork at a local Cash Money branch.
- Cash Money will review your information and provide you with a lending decision within a business day, if not faster.
- If you’re approved, you can either pick up your cash at a store immediately in person or request an Interac e-Transfer, which will be sent within the hour. You will receive the full amount of your payday loan.
If you prefer to apply over the phone, you can also do so at 1-877-526-6639.
What documents do I need to apply?
After you apply for a loan, whether in person, online or on the phone, you will need to verify your identity and application details. You may be asked to provide the following:
- 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 illustrating reliable income.
I got the Cash Money Payday Loan. Now what?
Once you’re approved for a Cash Money Payday Loan, you will receive your funding within the same business day of your approval. The loan, which is capped at $1,500, will come as a lump sum provided directly to your bank account via Interac e-Transfer or in cash if you prefer to pick up your loan in person.
When you’re approved for your loan, your repayment due date will be determined. It’s usually set for your next payday, whether that’s in 1 week or 1 month. Typically, it’s about 2 weeks later, but Cash Money says loan terms cap out at 40 days.
Mark your due date on your calendar and make sure you have sufficient funds in your bank account to cover the full repayment of the loan. Cash Money makes it easy to repay your loan by paying with cash, debit or a post-dated personal cheque.
Payday loan extensions aren’t legal in most provinces, so Cash Money can’t roll over your payday loan. You’ll also face extra charges and penalties for not making your repayment on time, making your loan more expensive to pay off. This is why borrowers should be wary of getting stuck in a debt trap.
If you are facing unavoidable circumstances and you can’t pay off your loan, Cash Money says you should contact its Customer Relations team at 1-877-526-6639.
Cash Money is one of the biggest providers of payday loans in Canada, with options to apply online, in person or over the phone, making it easy for you to get quick access to funds if you’re in a sticky situation.
Tread carefully, though. While a payday loan may bail you out of a financial emergency, if you don’t have the funds to repay the loan on time, it could cause you more financial hardship in the long run.
Do your homework on your loan options. If you have a strong credit score, you can also consider personal loans on offer from banks, credit unions and online lenders. You can also look into secured loans if you’re willing to put up an asset as collateral. Both of these options may provide you with lower interest rates and better terms.
Frequently asked questions
*Get funds with INTERAC e-Transfer® in 2 hours or less if approved. Subject to system limitations and bank funding times.