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To be eligible, you must be at least 18 years old with recurring income and a chequing account. Cash Money is flexible with its income requirements and accepts many types of non-employment income. However, in Manitoba, Cash Money does not accept social assistance.
$100 - $1,500
5 - 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|
|Loan Amount||$100 - $1,500|
|Loan Term||5 - 40 days|
|Turnaround Time||As little as 15 minutes with INTERAC e-Transfer|
|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:
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 $21 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 5 - 40 days. 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.
Take a look at your payday loan options and how they compare:
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|
|Manitoba||$1,500/up to 40 days||In-store only|
|New Brunswick||$1,500/up to 40 days||In-store only|
|Newfoundland||$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|
|Ontario||$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|
Despite the exorbitant charges you’ll pay for a payday loan, Cash Money comes with some perks, including the following:
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:
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 $21 per $100 borrowed, depending on your province of residence.
Here’s a closer look:
|Province||Maximum allowable cost of borrowing|
|Alberta, British Columbia, New Brunswick, Ontario & PEI||$15 per $100 borrowed|
|Manitoba, Saskatchewan & Nova Scotia||$17 per $100 borrowed|
|Newfoundland and Labrador||$14 per $100 borrowed|
|Northwest Territories, Nunavut & the Yukon||Up to $60 per $100 borrowed|
|Quebec||Limit of 35% annual interest rate (AIR)|
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.
Find out about payday loans and compare different providers
To be eligible for a Cash Money Payday Loan, you must meet the following criteria:
If you’re ready to apply for a Cash Money Payday Loan, follow these steps:
If you prefer to apply over the phone, you can also do so at 1-877-526-6639.
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:
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.
*Get funds with INTERAC e-Transfer® in 2 hours or less if approved. Subject to system limitations and bank funding times.
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