Cashco Financial Payday Loans: Should You Apply?

What is Cashco Financial?

Cashco Financial is an alternative lender that offers loans in AB, BC and SK. It is headquartered in Edmonton, Alberta.

Cashco Financial offers two types of loans. The first is a Flex Loan, which is an installment loan of up to $9,000.

The second is a payday loan, which allows borrowers to access loan amounts of up to $1,500. You can apply for a payday loan from Cashco Financial over the phone or by visiting your nearest branch.

Other services Cashco Financial provides include cheque cashing, income tax preparation and Western Union money transfers.

Is Cashco Financial legit?

Cashco Financial was founded in 2009 and claims to serve over 150,000 customers across the country. It is licensed as a payday lender in AB, BC and SK. Its licence numbers are:

• Alberta: 328515
• BC: 51628
• Saskatchewan: 316715

What we like about Cashco payday loans

• Established lender. Cashco Financial is an established lender with more than 10 years in the industry.
• Bad credit is okay. If you have a less-than-perfect credit history, you can still qualify for a payday loan from Cashco.
• No credit check. Cashco doesn’t check your credit and instead focuses on your income and cash flow.
• Get funded fast. Apply online, get approved and receive funds on the same day. Learn more about instant loans.
• Non-employment incomes are okay. Receiving benefits? You can use those to apply for a loan.

What to watch out for

• Expensive. Payday loans in general cost $14 for every $100 borrowed, so this is a very expensive way to borrow money.
• Short repayment terms. Payday loans have a maximum term of 62 days and are often due for repayment by your next payday. This makes it extremely difficult to budget for the full loan repayment, which makes getting trapped in a cycle of debt a very real risk.
• Not available in all provinces. Cashco Financial only lends in AB, BC and SK, so if you don’t live in these provinces you’ll need to consider other options.

Alternative: Cash advances

Cash advances can be much cheaper, with APRs as low as 0% and flexible repayment terms. Fees apply for instant funding.

Summary of Cashco Financial reviews

Online customer reviews for Cashco Financial are a mixture of positive and negative ratings. Those who rated the lender highly mentioned factors like friendly customer service and quick and easy loan application and funding.

However, expensive loans and customer service issues were sometimes mentioned in negative reviews.

Am I eligible for a Cashco Financial payday loan?

You’ll need to be the age of majority in your province to qualify for a Cashco payday loan. You’ll also need to be earning sufficient income, which means your monthly debts and expenses can’t be more than your monthly income.

What documents do I need to apply?

You’ll need the following to apply for a payday loan from Cashco Financial:

• A piece of photo ID
• A bank account
• Proof of income

Can I get a Cashco Financial payday loan with bad credit?

Yes. A bad credit score won’t stop you from getting a payday loan, and you won’t need to complete a credit check to apply for a loan. The lender will instead assess your income when deciding if you can afford to repay a loan.

Bottom line

If you’re searching for a fast short-term loan in AB, BC and SK, Cashco Financial is an option worth considering. However, keep in mind that you can’t apply for a payday loan with Cashco if you’re not in any of these provinces: AB, BC and SK. Also, the extremely expensive nature of payday loans means that they should be considered a last resort.