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Focus Cash Loans Review
AB, BC, ON residents can apply for up to $1,500 with this online payday lender.
To be eligible, you must be 19 or older, have a net income of at least $1,200 per month, and an active chequing account that has been opened for at least 3 months. You won’t need to email or fax any documents to get approved, but you’ll need to authorize your bank to send Focus Financial electronic copies of your bank statements.
Please note: All information about Focus Cash Loans has been collected independently by Finder and this product is not available through this site.
Focus Cash Loans is a payday lender offering loans of up to $1,500 to borrowers who need quick access to cash before their next payday. It is owned by Focus Financial Inc.
Think of Focus Cash Loans if you’re looking for a payday lender that accepts non-employment income. Focus Financial considers pension, private disability and some government benefits as valid sources of income as long as you have proof that the cash is directly deposited into your chequing account.
Think of something else if you don’t live in British Columbia, Alberta or Ontario. These are the only provinces Focus Financial currently has a payday licence in. Keep in mind, first time borrowers only get access to up to $500.
What should I know about Focus Cash Loans?
Focus Financial is an online-only payday lender, so you can count on a completely digitized application process, from filling out an application to proving your identity and banking history. People with all types of credit scores can apply because Focus Financial prioritizes an applicant’s income and banking history over their credit score.
Focus Financial accepts several types of non-employment income, including Canada pension plan (CPP), private pension, employment insurance (EI), workers’ compensation, child tax credit or private disability benefits. It does not accept government disability income.
Payday loans are expensive
Payday loans like Focus Cash Loans have high borrowing costs and incredibly short repayment terms. Before signing on the dotted line, make sure you’ll have enough income left to pay for other debts, bills and expenses after you repay your payday loan on the due date.
What are the benefits of Focus Cash Loans?
Easy online application. Focus is an online-only lender, so borrowers can apply wherever they have an Internet connection, sign their contract electronically and receive their funds via Interac e-Transfer. You don’t have to email or fax any documents unless you don’t get paid via direct deposit or your personal information doesn’t match your bank account profile.
Fast. After submitting your application, you can get a decision within 30 minutes during business hours and get your funds within 30 minutes after approval.
Bad credit is okay. Anyone can apply for a Focus Financial payday loan. There are no credit checks because the emphasis is on your monthly income and ability to repay the loan. You must not have gone bankrupt in the past year, though.
No collateral. Payday loans are unsecured and do not require any collateral.
Use the funds for any purpose. Once you’re approved for a loan, you have the freedom to use the money as you’d like.
What to watch out for
Steep interest rates. Whether you live in Ontario, BC or Alberta, you’ll pay $15 for every $100 borrowed. Payday loans are some of the most expensive ways to borrow cash with APRs that are as high as 400%, driving up the true cost of your short-term financing.
Short repayment terms. Payday loans are a quick-fix solution. You must repay your loan by your next payday, with terms capping out at 62 days. Make sure you can comfortably cover your payments with your next paycheque before you apply.
Caps on how much you can borrow. You can only borrow up to $500 for your first Focus payday loan. After that, payday loans cap out at $1,500.
Not available across Canada. Focus is only licensed as a payday lender in AB, BC, ON.
References. You’ll need to provide Focus Financial with 2 references, including their name and phone number.
Is Focus Cash Loans legitimate?
It is. Focus Cash Loans is owned by Focus Financial Inc. Founded in 2008, Focus is a publicly registered organization in British Columbia, Ontario and Alberta. Its head office is in Vancouver. It has customer service Monday to Saturday, and an active social media presence on Facebook, Twitter, YouTube and LinkedIn.
Most importantly, it prominently displays its payday licences in each of the provinces it operates in, including applicable fees, APRs and repayment terms. For full transparency, it also shows you the full cost of your payday loan as the first prompt during the application process.
Alberta licence: 327008
BC licence: 50034
Ontario licence: 4716299
Licence numbers as of March 2022
Am I eligible?
To qualify for a Focus Financial payday loan, you’ll need to meet the following requirements:
Be 19 years of age or older.
Have proof of a net income of $1,200 per month via bank statements that show steady direct deposits from the past 3 months.
Have an active chequing account that can receive e-Transfers.
Have an active telephone number that Focus can contact you at.
Which provinces are Focus Financial payday loans available in?
Focus Financial payday loans are available in Ontario, B.C. and Alberta.
⚠️ Warning: Be cautious with payday loans
Payday loans are expensive. 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). Consider payday loan alternatives:
Visit 211.ca. A free and confidential service that connects you to organizations that can help with finances, food, housing and more.
Debt relief companies. There are services to help you reduce your debt payments.
Payment extensions. Talk with bill providers about longer payment plans or due-date extensions.
Side jobs. Sell unwanted items online, sign up for food delivery and more.
Alternatives to Focus Cash Loans
1 - 2 of 2
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.
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
Limit of 35% annual interest rate (AIR)
How do I apply for a Focus Cash Loan?
If you’d like to apply for a Focus payday loan, simply follow these instructions:
Head to focuscashloans.com and click on “Apply Now” on the homepage.
Follow the prompts on the application page. Start by selecting which province you live in. Focus will show you its payday licence and the payday loan regulations in your province. Click “Continue” to proceed.
Provide your full name, email address, home address, phone number, date of birth and how much you’d like to borrow (up to $1,500).
Indicate your income type (for example, employment, CPP, EI, WCB or private disability insurance).
Indicate whether you’re renting or own your home and how long you’ve lived at this residence.
Provide the name of your employer, employment type, job title, how long you’ve worked there, how often you get paid, and whether you get paid via direct deposit or paper cheques. You’ll need to indicate your specific pay dates – this is how Focus will determine your loan repayment due dates.
Electronically sign and date your application.
Fill out your banking details, including the name of your bank, branch number and account number.
Review your application and click “Submit” when you’re ready. Focus says that if you apply during business hours, you should hear back within 30 minutes.
What documents do I need to apply?
You don’t need to provide any documents unless you don’t receive your income through direct deposit or the name, address or employer you provided on your application does not match your banking profile.
What is the application like?
The application is user-friendly and easy to fill out online. You’ll need to answer around 25 questions about your personal and financial situation. Once you submit your application, you can get a decision in as little as 30 minutes. Once you receive approval, you’ll get your funds within 30 minutes via e-transfer.
Below is a preview of the first few steps of the application process.
Select your province.
Read the cost of borrowing.
Provide your name, and choose how much you want to borrow.
Your loan must be repaid on the due dates as set out in your loan contract. If you live in Alberta, your payday loan must be repaid in installments and have a minimum loan term of 42 days. B.C. and Ontario do not have these rules, so you may have to repay the loan in full by your next payday.
Make sure you have a concrete plan for how you’ll repay what you’ve borrowed plus the fees you’ve incurred. Focus Financial will withdraw the amount owed directly from your bank account, so make sure the funds are there on your due date.
Frequently asked questions
Focus Financial says it doesn't do credit checks. However, it can still verify your financial information. At the end of the application, Focus Financial's terms and conditions say that it may request financial information about you from credit granting institutions, credit bureaus, credit reporting agencies and government agencies.
If your payment is late or your account has insufficient funds, you'll incur an NSF fee which will be added to your total balance. In AB, BC, ON, payday lenders are allowed to charge a maximum of $25.
Focus Financial says it accepts applicants with all credit backgrounds. It will look at your monthly income to make sure you can repay your loan. You cannot have filed for bankruptcy within the past year.
If you're a first-time customer, you can borrow up to $500. If you're a returning customer, you can borrow up to 50% of your net income or up to $1,500, whichever is less.
Focus Financial accepts CPP, EI, WCB, CTC, private pension and private disability benefits. It does not accept government disability benefits.
You can get your payday loan within 1 hour. Focus Financial can give you a response 30 minutes after you submit your application. Once you sign the contract, you'll receive your money within 30 minutes. However, a few factors can affect turnaround time: if you apply outside of business hours, if Focus Financial needs more information from you, if you wait to submit your signed contract or if Focus Financial has a high volume of applications.
Focus Financial can consider your application if you haven't gone bankrupt in the past year.
Carmen Chai is a freelance writer at Finder, specializing in financial products. She is an award-winning Canadian journalist who has lived and reported from major cities such as Vancouver, Toronto, London and Paris. She has reported on personal finance, mortgages, and banking products for nearly a decade.
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