CoolCash review
Our verdict
CoolCash claims to offer fast payday loans in Ontario, but we're not signing off on its legitimacy.
CoolCash says it offers payday loans and term loans of up to $500 in Ontario. You can apply via the CoolCash mobile app, same-day approval is available and the funds are deposited into your bank account within 30 minutes of approval.
But we couldn't find valid payday lending licence details for CoolCash on the Government of Ontario database, and the payday lending licence displayed on the lender's website expired in 2020. So if you're searching for a payday loan, consider applying elsewhere.
Is CoolCash legitimate?
We’re not prepared to sign off on the legitimacy of CoolCash. Our research into the lender in December 2024 raised the following concerns:
- Not a licensed payday lender. We could not find CoolCash in the Government of Ontario’s database of licensed payday lenders.
- Expired licence. CoolCash does display a legitimate Ontario payday lending licence on its website, but that licence expired in September 2020.
- Broken link. As of December 2024, the link from the CoolCash homepage to its app in Apple’s App Store was not working.
Outdated social media. The most recent posts on CoolCash’s Facebook page were uploaded in 2020.
⚠️ Warning: Be cautious with payday loans
High-cost payday loans are unsustainable for borrowing over a continued period of time and are expensive as a means of longer-term borrowing. 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). You may also want to consider payday loan alternatives. Maximum borrowing costs will vary by province. Review the maximum borrowing cost for your province before entering into a loan agreement.Alternatives to CoolCash
iCash Payday Loan
Loan Amount
$100 - $1,500
Loan Term
7 - 62 days
Cost
$14 per $100 borrowed
GoDay Payday Loan
Loan Amount
$100 - $1,500
Loan Term
Up to 62 days
Cost
$14 per $100 borrowed
Wagepay Wage Advance Loan
Loan Amount
$100 - $1,500
Loan Term
Up to 62 days
Cost
$8 per $100 borrowed
Features of CoolCash
- Easy application process. It’s easy to apply for a loan via the CoolCash mobile app.
- Borrow up to $500. CoolCash offers loan amounts of up to $500.
- Fast access to funds. You can apply and get approved the same day, and the funds will be deposited into your bank account within 30 minutes of approval. Learn more about fast, easy loans.
- Bad credit is OK. 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 that have a 90-day repayment period.
What to watch out for
- Not a licensed lender. CoolCash does not appear to be licensed to provide payday loans in Ontario.
- Credit checks. According to CoolCash’s loan agreement, the lender will conduct a credit check on you 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. 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.
- Ontario only. CoolCash payday loans are only available in Ontario.
How much will it cost me to borrow from CoolCash?
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%.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 personal information such as 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 in Ontario, but we couldn’t find a valid Ontario payday lending licence for this provider. So if you’re searching for a payday loan from a legit lender, consider applying elsewhere.
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