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Cashco Financial payday loans review

Access cash fast with Cashco payday loans, but watch out for the high cost of borrowing.

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Please note: All information about Cashco Financial payday loans has been collected independently by Finder and this product is not available through this site.

Our verdict

Cashco Financial is an Edmonton-based lender that offers payday loans in Alberta, BC and Ontario. You can borrow up to $1,500 (or 50% of your net income in some provinces), bad credit won't stop you from getting a loan, and you can repay what you borrow by your next payday. However, you'll need to apply in-store or over the phone, and the expensive nature of payday loans means it's worth considering other borrowing options first.
  • Established lender
  • Bad credit is OK
  • Large branch network
  • High cost of borrowing
  • Short repayment terms
  • Can't apply online
  • Not available in all provinces
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What is Cashco Financial?

Cashco Financial is an alternative lender that offers loans in Alberta, BC and Ontario and Saskatchewan. It has over 55 locations spread across these four provinces and is headquartered in Edmonton.

Cashco Financial offers two types of loans. The first is a Flex Loan, which is an installment loan of up to $7,000.

The second is a payday loan, which allows borrowers to access loan amounts of up to $1,500. You can apply for a payday loan from Cashco Financial by visiting your nearest branch or over the phone.

Other services Cashco Financial offers include cheque cashing, income tax preparation and Western Union money transfers.

Is Cashco Financial legit?

Cashco Financial was founded in 2009 and claims to serve over 150,000 customers across the country. It is licensed as a payday lender in Alberta, BC and Ontario. Its licence numbers are:

  • Alberta: 328515
  • BC: 51628
  • Ontario: 4728407

It is also licensed as a high cost credit grantor in BC and as a financing corporation in Saskatchewan.

Cashco Financial payday loan features

Loan amountUp to $1,500
Loan termUp to 62 days
  • $15 for every $100 borrowed in Alberta
  • $15 for every $100 borrowed in BC
  • $15 for every $100 borrowed in Ontario
Serviced provincesAlberta, BC and Ontario
Eligibility requirementsMust meet minimum income requirements

What we like about Cashco payday loans

  • Established lender. Cashco Financial is an established lender with more than 10 years in the industry.
  • Bad credit is OK. If you have a less than perfect credit history, you can still qualify for a payday loan from Cashco.
  • Large branch network. Cashco Financial operates over 55 branches across 4 provinces, providing convenient access when you need to apply for a loan.
  • Get cash fast. If you apply for a loan in-store and get approved, you can get the money in your pocket the same day. Learn more about the best instant loans.

What to watch out for

  • Expensive. Payday loans in general cost $14 to $17 for every $100 borrowed, so this is a very expensive way to borrow money.
  • Short repayment terms. Payday loans have a maximum term of 62 days and are often due for repayment by your next payday. This makes it extremely difficult to budget for the full loan repayment, which makes getting trapped in a cycle of debt a very real risk.
  • Can’t apply online. If you want to take out a Cashco payday loan, you’ll need to apply in-store or over the phone.
  • Limited information online. There’s limited information on the lender’s website about Cashco payday loans, with most content focused on the Cashco Flex Loan.
  • Not available in all provinces. Cashco Financial is only licensed as a payday lender in Alberta, BC and Ontario, so if you don’t live in these provinces you’ll need to consider other options.

Alternatives to Cashco payday loans

Apply online and get an instant decision from one of these licensed payday lenders.

⚠️ Warning: Be cautious with payday loans
High-cost payday loans are unsustainable for borrowing over a continued period of time and are expensive as a means of longer-term borrowing. If you're experiencing financial hardship call Credit Counselling Canada for free financial counselling (Monday-Friday 8:00am-5:00pm at +1 866-398-5999). You may also want to consider payday loan alternatives.
1 - 2 of 2
Name Product Loan Amount Loan Term Interest Rate Turnaround Time Serviced Provinces Offer Table description
iCASH Payday Loan
$100 - $1,500
7 - 62 days
Varies by province
As little as 2 minutes with INTERAC e-Transfer®
Get up to 20% in cash back once your payday loan is fully repaid. Conditions apply.
Same day cash up to $1,500 for car payments, rent, mortgage, home & appliance repair, and more. 24/7 instant approval and e-Transfer funding. Income of at least $800/month required.
GoDay Payday Loan
$100 - $1,500
Up to 62 days
Varies by province
As little as 2 minutes with INTERAC e-Transfer®
To apply, you'll need to be a Canadian resident over the age of 18 with a valid email address, phone number and an open bank account with a Canadian bank or credit union.
Maximum borrowing costs of payday loans per province
Always refer to your contract for exact repayment amounts and costs as they may vary from our results.
Province Maximum allowable cost of borrowing
Alberta, British Columbia, New Brunswick, Ontario & Prince Edward Island $15 per $100 borrowed
Manitoba, Saskatchewan & Nova Scotia $17 per $100 borrowed
Newfoundland and Labrador $14 per $100 borrowed
Quebec Limit of 35% annual interest rate (AIR)

Summary of Cashco Financial reviews

Online customer reviews for Cashco Financial are a mixture of positive and negative ratings. Those who rated the lender highly mentioned factors such as friendly customer service and quick and easy loan application and funding.

However, expensive loans and customer service issues were sometimes mentioned in negative reviews.

Am I eligible for a Cashco Financial payday loan?

You’ll need to be the age of majority in your province to qualify for a Cashco payday loan. You’ll also need to be earning sufficient income to repay your loan, but there’s no information on the Cashco Financial website about its minimum income requirements or the types of income it accepts.

What documents do I need to apply?

You’ll need the following to apply for a payday loan from Cashco Financial:

  • A piece of photo ID
  • A banking account
  • Proof of employment

Can I get a Cashco Financial payday loan with bad credit?

Yes. A bad credit score won’t stop you from getting a payday loan, and you won’t need to complete a credit check to apply for a loan. The lender will instead assess your income when deciding whether you can afford to repay a loan.

How do I apply for a Cashco Financial payday loan?

You can apply for a payday loan from Cashco Financial by visiting your nearest branch. The lender has over 55 locations throughout Alberta, Saskatchewan, Ontario and BC, and there’s a branch locator tool on the Cashco website to help you find a location near you.

If you can’t make it to a branch, it’s possible to apply over the phone too.

How much will a Cashco Financial payday loan cost me?

The maximum cost of a payday loan is governed by provincial regulations. In the three provinces where Cashco offers payday loans — Alberta, BC and Ontario — the maximum amount a lender can charge you for a payday loan is $15 for every $100 borrowed.

As an example, let’s say you take out a $1,000 loan with a 14-day loan term. You’ll be charged $150 in fees and pay $1,150 in total to pay off the loan, which works out to an extremely high APR of 391%.

Bottom line

If you’re searching for a fast short-term loan in Alberta, BC and Ontario, Cashco Financial is an option worth considering. However, keep in mind that you can’t apply for a payday loan with Cashco online, and the extremely expensive nature of payday loans means they should only be considered as a last resort.

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