Cash Cowboy review
- Loan Amount
- $100 - $1,500
- Loan Term
- Up to 62 days
- Serviced Provinces
- BC, Ontario and Alberta
Our verdict
Payday loans with same-day funding and no credit checks.
Cash Cowboy is an online payday lender offering loans of up to $1,500 in BC, Alberta and Ontario. You can apply online without completing a credit check, and if approved, it's possible to get funded the same day. However, payday loans are an extremely expensive way to borrow money, so make sure you're aware of the full cost of borrowing and the short repayment period before you apply.
Pros
-
No credit checks
-
Easy online application process
-
Get your funds in as little as 1 day once approved
Cons
-
Only available in BC, Ontario and Alberta
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Very expensive
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Short repayment terms
What is Cash Cowboy?
Cash Cowboy offers online payday loans of $100 – $1,500. The application process is managed completely online, and you can borrow up to 50% of your net income . Once approved and funded, you can repay the loan via e-Transfer by your next payday.
Is Cash Cowboy legit?
Cash Cowboy is a licensed payday lender in BC, Ontario and Alberta, 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.
Cash Cowboy loan features
| Feature | Details |
|---|---|
| Loan amount | $100 – $1,500 (up to 50% of your net income) |
| Loan term | Up to 62 days |
| Serviced provinces | BC, Ontario and Alberta |
| Interest rate | $15 for every $100 borrowed in BC$15 for every $100 borrowed in Ontario$15 for every $100 borrowed in Alberta |
| Repayments | e-Transfer |
| Basic eligibility requirements | 18 years or older and receive employment income of $500 per month |
| Types of income it accepts | Employment income |
What we like about Cash Cowboy loans
- Fast and easy applications. You can apply for a Cash Cowboy loan online within minutes.
- 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.
- Same-day funding. Cash Cowboy says loan approval usually takes 1-3 hours, and the loan amount is then sent to your account via e-Transfer.
- Repay via e-Transfer. You can make quick and easy Cash Cowboy loan repayments via e-Transfer.
What to watch out for
- Only in BC, Ontario and Alberta. If you live in any other province or territory, you’ll need to consider other lenders.
- High cost of borrowing. You’ll be charged $15 for every $100 borrowed you borrow, 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.
- Only accepts employment income. Cash Cowboy says you’ll need to receive employment income in order to qualify for a loan.
Alternatives to Cash Cowboy
⚠️ 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. View payday costs and regulations by province here. 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 of payday loans per province
Always refer to your contract for exact repayment amounts and costs.| Province | Max. cost of borrowing a $100 payday loan | Cooling off period to cancel loan | Max. penalty for returned cheque or pre-authorized debit |
|---|---|---|---|
| Alberta | $15 | 2 business days | $25 |
| British Columbia | $15 | 2 business days | $20 |
| Manitoba | $17 | 48 hours excluding Sundays and holidays | $20 |
| New Brunswick | $15 | 48 hours excluding Sundays and holidays | $20 |
| Newfoundland and Labrador | $14 | 2 business days | $20 |
| Nova Scotia | $15 | Next business day (2 days for online loans) | $40 (default penalty) |
| Ontario | $15 | 2 business days | $25 |
| Prince Edward Island | $15 | 2 business days | N/A |
| Quebec | Limit of 35% AIR | N/A | N/A |
| Saskatchewan | $17 | Next business day | $25 |
Summary of Cash Cowboy reviews
Cash Cowboy has received more than 250 Google reviews, most of which are positive. Reviewers commonly mention an easy application process as well as fast approvals and funding. However, there are occasional complaints about slow customer service response times.
| Feature | Details |
|---|---|
| Better Business Bureau accredited | No |
| Better Business Bureau rating | Not available |
| Better Business Bureau reviews | Cash Cowboy reviews not available |
| Google reviews | 4.8 out of 5 stars, based on 259 Cash Cowboy reviews |
* Reviews verified correct as of June 28, 2023.
Am I eligible for a Cash Cowboy loan?
To qualify for a Cash Cowboy loan you will need to:
- Be a resident of BC, Ontario and Alberta
- Be 18 years of age or older
- Have access to online banking
- Receive employment income of at least $500 per month
What documents 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:
- Click the “Apply now” link on the Cash Cowboy website.
- Select your province.
- Enter your name, date of birth and email address.
- Specify whether or not you are in a bankruptcy or consumer proposal.
- Enter your desired loan amount.
- Verify your ID and bank account information.
- Submit your application.
How much will a Cash Cowboy loan cost me?
The maximum cost of a payday loan is governed by regulations in each province and territory. Cash Cowboy offers loans in BC, Ontario and Alberta where the maximum cost of a payday loan is the following:
- $15 for every $100 borrowed in BC
- $15 for every $100 borrowed in Ontario
- $15 for every $100 borrowed in Alberta
So if you take out a $500 loan in Ontario, it will cost you $575 to repay. With a repayment term of 14 days, that’s an APR of 391%. The APR will be relatively lower in Alberta since the minimum loan term in this province is 42 days.
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.
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