Cashkrab review

Our verdict

Our verdict

Cashkrab.com is an online lender that offers lines of credit of between $300 and $1,000. You can apply online without the need for a credit check, and your loan will be funded the same day. You then have between 3 - 6 months to pay back what you borrow. Cashkrab is worth considering if you're searching for a payday loan alternative, but watch out for a high APR and additional fees.

Pros

• Quick and easy application process
• No credit checks
• Same-day funding
• Repay over up to six months

Cons

• High APR
• Watch out for fees
• Maximum loan amount of $1,000 won't suit everyone
• No reviews

Cashkrab Line of Credit is not currently available on Finder

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What is Cashkrab?

Cashkrab is an online lender that offers variable lines of credit to Canadian borrowers. There are no credit checks needed to apply, and you can borrow amounts ranging from $300 to $1,000. Cashkrab says its lines of credit have an APR of 20%, while you’ll also need to keep an eye out for other loan fees.

Is Cashkrab legit?

Cashkrab is a registered business according to British Columbia’s public directory of organizations registered in this province. It also offers a well-developed website that includes key features such as contact details, a privacy policy and details of loan costs.

However, we weren’t able to locate any verified Cashkrab.com customer reviews online.

How does borrowing from Cashkrab work?

You can apply for a Cashkrab credit line by providing your personal details, contact information and proof of income. Your credit score won’t be taken into account by the lender when assessing your application.

If you’re approved, the funds will be deposited into your account the same day. Repayment terms range from three to six months, and you can choose from weekly, bi-weekly or monthly repayments.

Cashkrab features

What we like about Cashkrab

• Easy to apply. You can apply online for a Cashkrab line of credit within minutes. Just enter your name, personal information and contact details, provide your bank account details and upload proof of income.
• Instant bank verification. Cashkrab offers instant bank verification so it can verify your bank account details online, speeding up the application process.
• No credit checks. You can apply for a loan from Cashkrab.com without completing a credit check, so a bad credit score won’t stop you from getting a line of credit.
• Same-day funding. You can apply, get approved and get funded with Cashkrab in the same day.
• Terms of up to six months. Cashkrab offers variable credit with terms ranging from three to six months, so you have longer repayment terms and more flexibility than a payday loan.
• Early repayment. You also have the option to pay your loan back early without incurring any fees.
• Renewals. If you have a balance on your authorized credit and you want to renew your line of credit, amounts of up to $1,500 are available.

What to watch out for

• High APR. An APR of 20% applies to Cashkrab loans, so interest charges will significantly increase the cost of paying back what you borrow.
• No reviews. We couldn’t find any customer reviews for Cashkrab, so it’s difficult to get a complete picture of the lending service it offers to customers.
• Loan size may not suit your needs. The maximum loan amount of $1,000 won’t suit everyone.
• Fees apply. Administration or renewal fees also apply to Cashkrab.com lines of credit, while a $40 NSF fee is charged if you miss a payment.
• Self-employed income not accepted. Cashkrab.com doesn’t accept self-employment income when assessing your application.

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Summary of Cashkrab reviews

Unfortunately, we could not find any verified Cashkrab reviews online.

Am I eligible to borrow from Cashkrab?

In order to qualify for a line of credit from Cashkrab you must:

• Be 18 years of age or older
• Be a Canadian citizen
• Have been employed by the same employer for at least 3 months
• Receive your income via direct deposit
• Have minimal NSF transactions on your account

How to sign up for a Cashkrab loan

You can apply for a Cashkrab loan by completing the following steps:

1. Visit Cashkrab.com and click through to the application form.
2. Select the amount you want to borrow.
3. Enter your name, gender and date of birth.
4. Enter your email address, phone number and residential address.
5. Select the source of your revenue, such as employment income.
6. Upload a document to provide proof of income.
7. Submit your application. If approved, you can access your line of credit the same day.

Frequently asked questions

• Are there any types of income that Cashkrab does not accept?

  Cashkrab does not accept self-employment income and will not approve loans for people who source their revenue from employment insurance, employment allocation, student loans or a bursary program.

• Will I be charged a fee if I miss a payment on a Cashkrab loan?

  Yes. Cashkrab charges a $40 NSF fee, while your bank will also charge its own fee. It's possible to defer a payment by contacting Cashkrab at least 72 hours before it is due, but this will attract an additional fee.

• Can I get a line of credit from Cashkrab if I have bad credit?

  Yes, it's still possible to qualify for a loan. Cashkrab does not conduct credit checks, and will instead assess your income to determine whether you can afford to pay back what you want to borrow.

• How do I pay back my Cashkrab loan?

  Your loan repayments are automatically debited from your bank account on each due date.