Cash Cowboy: Is It Legit?

Is Cash Cowboy legit?

Cash Cowboy is a licensed payday lender in AB, BC, ON and MB, according to the government databases of each province. Cash Cowboy appears to follow payday lending regulations in those provinces — for example, it displays its payday lending licence numbers and a breakdown of loan costs on its website.

Cash Cowboy lists an office address in Toronto and can be contacted by phone and email.

What we like about Cash Cowboy loans

• Fast and easy applications. You can apply for a Cash Cowboy loan online and get approved within 5 minutes to 1 hour.
• No credit checks. You won’t need to undergo a credit check to qualify for a Cash Cowboy loan. The lender will instead consider your income to determine your ability to repay what you borrow.
• Easy bank verification. You can verify your bank account details via SMS with Cash Cowboy, ensuring a faster application process.
• Benefits are fine. Cash Cowboy says it can accept non-employment income, but it doesn’t list which ones.

What to watch out for

• Only in AB, BC, ON and MB. If you live in any other province, you’ll need to consider other lenders.
• High cost of borrowing. You’ll be charged $14 for every $100 borrowed, so payday loans are very expensive.
• Short repayment terms. You’ll need to repay your loan by your next payday, so it can be very difficult to budget for loan repayments.

Alternative: Cash advances

Instant Transfers

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$75 Reward

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T&Cs apply

• 0% + monthly fee from $2
• Borrow $20 – $250
• Flexible terms
• No credit check

High Maximum Limit

Bree Early Pay

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• 0%
• Borrow $20 – $750
• Repay within 90 days
• No credit check

Builds Credit

Nyble Credit Line

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• 0%
• Borrow $30 – $250
• Repay within 31 days, extendable
• No credit check

Summary of Cash Cowboy reviews

Cash Cowboy has received many positive Google reviews about its prompt service. However, there have also been complaints about receiving the opposite and getting denied.

Cash Cowboy’s website is cashcowboy.net. On Trustpilot, a cashcowboy.ca website has received negative reviews. This is not the same as cashcowboy.net.

Am I eligible for a Cash Cowboy loan?

To qualify for a Cash Cowboy loan, you will need to:

• Have a stable income
• Have a bank account with consistent activity for the past 6 months
• Have minimal or no NSF fees

What do I need to apply?

You’ll need to provide your name, address, birth date, contact information and bank account details. You’ll also be asked to provide a government-issued form of photo ID, such as a driver’s licence, passport or permanent residence card, and upload a photo of your last paystub.

Can I get a Cash Cowboy loan with bad credit?

Yes. You don’t need to undergo a credit check to qualify for a loan from Cash Cowboy, so your bad credit score won’t stop you from getting funded. The lender will instead assess your income to determine whether you can afford to repay your loan.

How do I apply for a Cash Cowboy loan?

You can apply by completing the following steps:

1. Click the “Apply now” link on the Cash Cowboy website.
2. Select your province.
3. Enter your name, date of birth and email address.
4. Specify whether or not you are in a bankruptcy or consumer proposal.
5. Enter your desired loan amount.
6. Verify your ID and bank account information.
7. Submit your application.

How much will a Cash Cowboy loan cost me?

Across Canada, payday lenders can charge you up to $14 for every $100 borrowed.

Example: In Ontario, lenders charge up to $14 for every $100 you borrow. So, if you take out a $500 loan, it'll cost $570 to repay. And if the loan has a term of 14 days, that equals an APR of 365%.

Bottom line

Cash Cowboy is an option worth considering if you need a payday loan. But payday loans are very expensive and have short repayment periods, so they should only ever be considered as a last resort.