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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.

Choose your loan amount, loan term and payment schedule, but watch out for high interest rates and a fee to set up your loan. To be eligible for a Cashco loan, you must be the age of majority in your province, with an active bank account, proof of employment and proof of residency. Borrowers with bad credit can apply.

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

Cashco Flex Loans at a glance

  • Fast funding: Within 24 hours
  • Flexible loan terms
  • All credit scores considered
  • High interest rates
  • Fees of up to 10% of your loan amount

What is Cashco Financial?

Cashco Financial is a finance company based in Edmonton, Alberta. Since it was founded in 1985, Cashco Financial has expended to operate over 50 branches in BC, AB, SK and ON. Besides offering installment loans, it also offers cheque cashing and chequing and savings accounts. You can apply for loans entirely online or at one of the branches.

Is Cashco Financial legitimate?

Yes, Cashco Financial is a legitimate company that has been in business for over 35 years and has served over 150,000 customers. 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.

Cashco Financial has also won several awards, including The Silicon Review’s 50 Best Workplaces of the Year (2020) and is Great Place to Work certified. It has been featured in publications like Newswire and the Edmonton Journal. Cashco Financial has also sponsored Edmonton’s official CFL football team, the Edmonton Elks.

Cashco Flex Loans features

Loan amount$100 – $7,000
Loan term6 to 60 months
Interest rate48.99%
FeesUp to 10% of your loan amount to set up your loan, NSF and late payment fees of $25.
Serviced provincesBC, AB, SK and ON
Basic eligibility criteriaMust be the age of majority in your province, with an active bank account, proof of employment and proof of residency to apply.

What we like about Cashco Flex Loans

  • 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.
  • Improve your credit score. Cashco reports on-time payments to the credit bureaus to increase the borrower’s credit score.
  • Flexible. Cashco says you can choose your payment schedule, loan amount and loan term.

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, which is not common among personal loans.
  • Not available across Canada. You can only apply for a Cashco loan in BC, Alberta, Saskatchewan and Ontario.
  • Principal vs. interest. Before signing a loan agreement from Cashco, know how much of your payments will go towards paying the interest first vs. reducing the principal.

Our take on Cashco Flex Loans

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. This is not a common fee for bad credit personal loans.

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.

Summary of Cashco Financial reviews

BBB accreditedNo
BBB ratingB-
BBB customer reviews1.17 out of 5 stars, based on 12 Cashco reviews
Google reviews2.6 out of 5 stars, based on 45 Cashco reviews
Customer reviews verified as ofJune 29, 2022

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Am I eligible for Cashco Flex Loans?

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 Cashco Flex Loans

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 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.

How much will Cashco Flex Loans cost?

The Cash Money Line of Credit comes with a standard interest rate of 48.99%. You’ll also have to pay up to 10% of your loan amount as an application fee to set up your loan, as well as NSF and late payment fees of $25.

So, for example, let’s say you get a $3,500 Cashco Flex Loan on a 3 year loan term. In that case, you would need to pay $187.22 every month. You would end up paying back $6,740.08 in total, which includes $3,240.08 paid towards interest alone.

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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.

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Frequently asked questions about Cashco Flex Loans

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