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Cashco Flex Loans review

Cashco Financial provides personal loans (“Flex Loans”) of up to $7,000 in Ontario, BC, Alberta and Saskatchewan.

To be eligible, you must be the age of majority in your province, with an active bank account, proof of employment and proof of residency.

$7,000

Max. Loan Amount

30-second take

If you aren’t qualifying for a personal loan via traditional lenders, Cashco Financial provides loans of up to $7,000. Here are its key features:

  • Think of using Cashco Financial if you have less-than-perfect credit and are struggling to secure a loan in Ontario, BC, Alberta or Saskatchewan, the 4 provinces Cashco services.
  • Pick something else if you can qualify for personal loans with better rates. Cashco’s interest rate is 48.99% and you may be charged fees of up to 10% of your loan amount for setting up your loan.

Expert review

While Cashco Financial doesn’t label itself as a bad credit lender, its personal loan product features indicate that it is. Cashco has an incredibly steep interest rate of 48.99% as well as no minimum credit score or minimum employment income thresholds to meet, allowing all types of borrowers to apply for financing, but at a premium. You’ll also incur charges of up to 10% of your loan amount to set up your loan.

Cashco says you can choose your loan term (up to 60 months) and how often you want to make payments. While this flexibility can be helpful, borrowers should be aware that extending a loan term means paying more interest over time.

What are the benefits of a Cashco Flex Loan?

  • Anyone can apply. Whether you have bad credit or no credit history at all, Cashco Financial encourages Canadians to apply as long as they have proof of employment income to make loan repayments.
  • An easy application process with a quick turnaround on loan decisions. Apply online, in a store or over the phone with Cashco and receive a decision on your loan application within minutes.
  • No prepayment penalties. Pay off some or all of your loan without incurring any early payment penalties.

What to watch out for

  • Incredibly steep interest rate. Cashco’s loans come with an interest rate of 48.99%, which is significantly higher than traditional personal loans you’d secure from a bank, credit union or other online lenders.
  • Admin fee. You may be charged an additional 10% to set up your loan.
  • Not available across Canada. You can only apply for a Cashco loan in BC, Alberta, Saskatchewan and Ontario.

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Compare up to 4 providers

Am I eligible?

To qualify for a Cashco Flex Loan, you’ll need to meet the following requirements:

  • Be of the age of majority in your province. You’ll need to provide ID, such as a passport or driver’s licence.
  • Have proof of residency, for example, a utility bill.
  • Have proof of an active source of employment income. You’ll need bank statements in Saskatchewan.
  • Have an active chequing or savings account.

How to apply for a Cashco Flex Loan

Applying for a Cashco Flex Loan can be done within minutes, whether you’re applying over the phone, in person at a physical storefront or online.

If you’re applying online, follow these steps:

  1. Head to cashcofinancial.com and click on “Apply Now” on the homepage.
  2. First, identify whether you’re a first-time applicant or a returning customer with an account. If you’re a new customer, click “New Client? Let’s Get Started.”
  3. On the next page, provide your full name, date of birth and marital status.
  4. Provide your contact information, including your email address and phone number.
  5. Provide details about your residence, including your mailing address, whether you rent or own your home and how many years you’ve lived at this property.
  6. Provide your employment information, including whether you’re full time, part time or self-employed. You can also choose to check off which government benefits, if any, you receive.
  7. Provide proof of your identity. Choose from your driver’s licence, passport, permanent residency card or provincial identification.
  8. Review your application and click “Submit” when you’re ready.

Is Cashco Financial legit?

Yes, it is. It says it’s served more than 150,000 Canadians and it has more than 200 employees at over 50 branches across the country. The company’s headquarters are based in Edmonton, Alberta. As of March 2017, Cashco entered into an agreement with ATB Financial, which is a Crown corporation wholly owned by the province of Alberta, to offer chequing and savings accounts. By August 2017, Cashco says over 5,000 Albertans had signed up for the accounts.

Cashco Financial has also won several awards, including The Silicon Review’s 50 Best Workplaces of the Year (2020).

I got the Cashco Flex Loan. Now what?

With its incredibly high interest rate, you should have a plan to repay the loan as quickly as possible. You can make early repayments without incurring any penalties.

Mark loan due dates on your calendar and determine how you’ll make your payments via your online account, over the phone or by visiting a Cashco branch. If you can’t make your next loan payment, find the branch nearest to you for assistance.

Bottom line

Cashco’s high interest rate may deter borrowers from choosing this lender. But if you’re having trouble getting approved for funding from banks, credit unions or other online lenders, it may be an option worth considering. Cashco says it doesn’t have a minimum credit score or minimum monthly income threshold.

Frequently asked questions

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