CoolCash Review: Is It Legit?

Is CoolCash legitimate?

We’re not prepared to sign off on the legitimacy of CoolCash. Our research into the lender raised the following concerns:

• No licence. We couldn’t find any valid payday lending licences for CoolCash.
• Broken links. The links from the CoolCash homepage to its app in the Apple App Store and Google Play Store were not working, and when we visited the stores to look for CoolCash, our search turned up empty.

Alternative: Cash advances

Instant Transfers

KOHO Cover

$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

Features of CoolCash

• Borrow up to $500. CoolCash says it offers loan amounts of up to $500.
• Fast access to funds. You can apply and get approved the same day, and funds will be deposited into your bank account within 30 minutes of approval.
• Bad credit is okay. While CoolCash conducts a credit check during the application process, bad credit won’t stop you from getting a loan. Learn more about the best bad credit loans.
• Term loans. The CoolCash website also mentions the availability of term loans with a 30-day repayment period.

What to watch out for

• Not a licensed lender. CoolCash does not appear to be licensed to provide payday loans.
• Credit checks. According to CoolCash’s loan agreement, the lender will conduct a credit check as part of the application process.
• App download required. You’ll need to download the CoolCash app to your mobile device to apply for a loan, but the apps don’t seem to be available on the app stores. Learn more about loan apps in Canada.
• High cost of borrowing. Payday loans are extremely expensive and have short repayment terms, so it’s important to be sure you can afford to repay what you borrow before applying for a loan from any lender.
• $500 loans. The $500 maximum loan amount may not be enough for your financial needs.

What do CoolCash reviews say?

We were unable to find any CoolCash customer reviews online.

What is the CoolCash application process like?

You can apply for a CoolCash payday loan by downloading the lender’s app to your mobile device. You’ll need to provide sensitive personal information like your name, date of birth, address and contact details along with your Social Insurance Number. You’ll also need to provide details of your income and employment as well as proof of ID.

Bottom line

CoolCash claims to offer quick payday loans. However, we couldn’t find a valid payday lending licence for this provider. So, if you’re searching for a payday loan from a legit lender, consider applying elsewhere.