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. It operates online and in person, with over 90 store locations across Canada. Cash Money has been in business since 1992 with headquarters in Toronto, Ontario.
What types of Cash Money loans are available?
The following Cash Money loans are available online or in-store:
Cash Money no longer offers installment loans as of May 4, 2023.
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 repayment(s) with your monthly budget.
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+
Google rating
Varies by location, but they are consistently over 4 out of 5 stars
Trustpilot score
4.3 out of 5 stars, based on 2,242 Cash Money reviews
Customer reviews verified as of
May 4, 2023
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
Have a minimum 600 credit score if you’re applying for a Cash Money line of credit and 525 if you’re applying for a payday loan.
What we like about Cash Money loans
Convenient application process. You can apply for a Cash Money loan online, at a local store 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 approval process and transfer of funds. Get an instant decision on your application, and get 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 line of credit is available online in AB, BC, MB, NB, NL, NS, ON & SK, while its payday loan is available online in BC, MB, NL, NS, ON, SK. If you prefer to apply in-store, take a look at Cash Money’s map to find a branch near you.
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 towards 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 completely optional, and you shouldn’t be required to get it. Loan insurance will add to the cost of your loan.
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
The cost will depend on your province. Cash Money charges the maximum interest rate they’re legally allowed to in each province. In Ontario for example, payday lenders can charge up to $15 for every $100 borrowed. In Newfoundland lenders can charge up to $14 for every $100 borrowed. If you get a $1,000 payday loan in Ontario, you’ll pay $150 in interest ($15 for every $100 borrowed). Using a loan term of 14 days, that’s 391% APR.
Cash Money line of credit cost
A Cash Money line of credit has an interest rate of 46.93%. 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
Select your province, then select the product you want.
Fill in the prompts to create an account, including your email address, password and security question and answer.
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.
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.
Cash Money will review your information and provide you with an instant decision.
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?
Select Cash Money branches are 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 decision 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.
Compare personal loans and payday loans in Canada
⚠️ 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.
Cash Money's line of credit has an interest rate of 46.93%. Cash Money's payday loan rates vary depending on the province.
Most Cash Money stores are open until 9pm. A few Cash Money stores in metropolitan areas are open 24 hours. You can apply for an online loan on the Cash Money website 24/7.
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.
The minimum credit score required to apply for a Cash Money line of credit is 600, which is considered fair credit. You can get a Cash Money payday loan with bad credit.
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.
Leanne Escobal is a publisher for Finder. She has over 11 years of experience in financial services, specializing in content and marketing. Leanne has completed the Canadian securities course (CSC®) as well as the personal lending and mortgages course by the Canadian Securities Institute. She has a Bachelor of Arts (Honours) in English literature and creative writing from Western University.
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