Cash Money Review: Features, Pros & Cons

Cash Money at a glance

What is Cash Money?

Cash Money is an established lender that offers payday loans and lines of credit to people who may not qualify for a loan from a bank or credit union. You can apply online or by phone. Cash Money has been in business since 1992 with headquarters in Toronto, Ontario.

Is Cash Money legit?

It is. Cash Money has been in business since 1992 and is provincially licensed where it operates. It’s a member of the Canadian Consumer Finance Association (CCFA) and has an A+ rating from the Better Business Bureau (BBB).

Our take on Cash Money loans

Cash Money specializes in lending to people who may not get approved by a bank because of their credit score and/or income. Just like other lenders working in this space, they charge high interest rates for their loans. Because of this, Cash Money loans are only suitable as a last resort.

Before you get a Cash Money loan

• Consider alternatives like credit counselling, negotiating with your creditors or visiting 211.ca.
• Know how much you’ll pay in interest with each payment, plus the overall cost.
• Make sure you can manage the loan repayments with your monthly budget.

Alternatives to Cash Money

Related: Cash Money alternatives

What types of Cash Money loans are available?

The following Cash Money loans are available online:

Loan type	Loan amount	Loan term	Interest rate
Cash Money payday loan	Up to $1,500	Up to 62 days	$14 per $100 borrowed
Cash Money line of credit	$1,000 – $10,000	Open-ended	34.99%

Please note: Cash Money stopped offering installment loans in 2023.

What we like about Cash Money loans

• Convenient. You can apply for a Cash Money loan online or over the phone. The application process takes less than 10 minutes.
• Flexible loan sizes. You can apply for as little as $100 right up to $10,000. The amount you’re approved for will depend on your income and ability to keep up with repayments. To avoid accumulating debt, only apply for as much as you need and can afford to pay back.
• Flexible eligibility requirements. Cash Money can consider your application even if you have bad credit, low income or non-employment income.
• Fast. Get an instant decision on your application, and receive your money via Interac e-Transfer® or direct deposit.
• No penalties or fees for early repayments. If your budget allows, you can make additional repayments at any time or pay off your Cash Money loan in its entirety without incurring any early repayment penalties or fees.

What to watch out for

• Incredibly steep interest rates. Cash Money loans come with high interest rates. If you get a Cash Money line of credit, pay it off as soon as you can to save on interest. Cash Money’s payday loan rates are fixed and regulated by each province.
• Not available across the country. Its loans are available online in AB, MB, NB, NL, NS, ON and SK.
• Potential for additional charges. Read the fine print before signing on the dotted line because you may come across late or missed payment fees and NSF fees.
• Your credit score may be affected. Because Cash Money runs a hard check on your credit file to determine your eligibility, you may see a temporary dip in your credit score.
• Principal vs. interest. Before signing up for a Cash Money line of credit, know how much of your payments will go toward paying the interest vs. reducing the principal. Try to reduce your principal with each payment.
• Loan protection plan. You may be offered loan insurance in case you default on payments. Loan insurance is optional, and Cash Money can’t require you to get it. Loan insurance will add to the cost of your loan.

Summary of Cash Money reviews

People who have left positive Cash Money reviews have commented on its fast, professional and helpful service. People who have left negative Cash Money reviews have commented on its high interest rates and payments not reducing the principal.

Feature	Details
BBB accredited	No
BBB rating	A+
Trustpilot score	4.4 out of 5 stars, based on 8,100+ Cash Money reviews

Requirements to get a Cash Money line of credit or payday loan

To qualify for a loan from Cash Money, you’ll need to meet the following:

• Be at least 18 years old
• Have an active chequing account
• Have a working telephone number
• Have proof of a steady income

How much do Cash Money loans cost?

The cost of a Cash Money loan will depend on the type of loan, how much you borrow and the term length.

Cash Money payday loan cost

Payday loans cost $14 for every $100 borrowed. This typically works out to APRs over 300%.

Cash Money line of credit cost

A Cash Money line of credit has an interest rate of 34.99%. How much it’ll cost you will depend on how much you withdraw and when you make your repayments. You’ll need to pay off the entire balance fast, because interest accrues daily on the outstanding principal balance.

Consider other fees

Aside from the interest rate, you may need to pay fees for late or missed payments and NSF transactions. Cash Money doesn’t disclose details of these potential charges on its website, so make sure you check your contract before you sign.

How to apply for a Cash Money loan online

1. Select your province, then select the product you want.
2. Fill in the prompts to create an account, including your email address, password and security question and answer.
3. Once you’ve created your account, fill in the loan application. It shouldn’t take more than 10 minutes to complete. Provide your full name, address, phone number, employment status and monthly income.
4. Once you submit your application, you need to verify your income before receiving a lending decision. Provide information that documents your income either by using the online application portal, by directly emailing customer support or by faxing your documents. If you’re applying in person, you can provide this paperwork at a local Cash Money branch.
5. Cash Money will review your information and provide you with an instant decision.
6. If you’re approved, you can get your money via Interac e-Transfer®, direct deposit or prepaid debit card.

Is Cash Money open 24 hours?

You can apply online 24/7 for a Cash Money loan, but lending decisions and funding times will vary. The fastest loan to get is the payday loan, which offers instant decisions and funding in as little as 15 minutes via Interac e-Transfer®.

If you apply online for a Cash Money line of credit, you’ll get your money within one to two business days.

Bottom line

Cash Money offers a quick and easy way to get approved for and receive funding when your credit score isn’t in the best shape, but its loans come with high interest rates. Comparison shop before you apply for a Cash Money loan to see if you can score a lower interest rate and better terms elsewhere.

If you’re only eligible for high-interest loans because of your financial situation, we consider Cash Money a solid choice because it’s licensed and well-established with rapid turnaround times.

Frequently asked questions

• What are Cash Money's interest rates?

  Cash Money's line of credit has an interest rate of 34.99%. Cash Money's payday loans cost $14 per $100 borrowed.

• What are Cash Money's hours?

  You can apply online 24/7 for a Cash Money loan, but lending decisions and funding times will vary.

• Will getting a Cash Money loan affect my credit score?

  It can. Cash Money will run a hard credit check to determine if you're eligible for its loans, which can temporarily dip your credit score. If you default on a loan, it'll negatively affect your credit score. Finally, Cash Money is not a credit repair service, which means making on-time loan repayments to Cash Money may not improve your credit score.

• Can I get a Cash Money loan if I have bad credit?

  Cash Money payday loans are available to individuals with low credit scores. Strong credit or collateral is not required to apply because Cash Money focuses more on your ability to repay the loan responsibly.

• How long does Cash Money e-Transfer take?

  Once Cash Money receives your signed contract, you can get funding in as little as 15 minutes via Interac e-Transfer®. However, this is subject to bank processing and system limitations.