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Cash Money line of credit review

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Cash Money Line of Credit
2.5
★★★★★
Finder score
APR Range
46.93%
Loan Amount
$500 - $10,000
Loan Term
No end dates
Min. Credit Score
600
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Our verdict

Need access to cash? The Cash Money line of credit offers flexibility to borrow as much or as little as you need, up to a maximum of $10,000.

The Cash Money line of credit is worth considering if you don't have a good credit score but want to access an open credit account. It offers flexibility to withdraw only what you need, make payments on the interest only and repay your outstanding principal at any time.

This line of credit comes with a high interest rate, so if you have a decent credit score, you can probably find a more affordable borrowing option.

Best for: Borrowers with lower credit scores looking for flexible repayments

Pros

  • Borrow as much or as little, up to the approved limit
  • Only pay interest on the amount you use
  • Available to borrowers with less-than-perfect credit
  • Established licensed lender

Cons

  • High interest rate

In this guide

  • Our verdict
  • Frequently asked questions
  • Your reviews

What is Cash Money?

Cash Money is a Toronto-based lender that has been in business since 1992. It operates both online and at over 90 physical stores across Canada. Cash Money offers payday loans and lines of credit to people who may not qualify with banks or credit unions.

Is Cash Money legit?

Yes, Cash Money is a legitimate decades-old finance company, established in 1992. As a member of the Canadian Consumer Finance Association (CCFA), Cash Money must abide by the CCFA Code of Best Business Practices. The company also has an A+ rating from the Better Business Bureau (BBB).

Cash Money line of credit features

FeatureDetails
Loan amount$500 – $10,000
Loan termNo end dates
Interest rate46.93%
FeesEstablishment fees, missed payment fees and default penalty fees may apply.
Serviced provincesAB, BC, MB, NB, NL, NS, ON & SK
Basic eligibility criteriaNo min. income or employment requirements, min. credit score 600

What we like about the Cash Money line of credit

Are you on the fence about opening up a Cash Money line of credit? Here are some advantages to take stock of:

  • Flexible loan size. Cash Money offers lines of credit that are as low as $500 up to $10,000. The amount you’re approved for will depend on your ability to make repayments. Try not to overdraw on your line of credit and only take out what you can feasibly repay.
  • Access to cash without reapplying. You only need to apply once for a line of credit. Qualify for a set maximum amount and borrow from your line of credit as often as you need to as long as you have available credit.
  • Fast access to funds. Once you are approved you may be able to access your funds in as little as 15 minutes with Interac e-Transfer® or on the spot at your nearest Cash Money store.
  • Easy repayment methods. Cash Money provides the option of signing up for automatic payments, so you don’t have to worry about late payments or missed payments altogether. If you opt out of this feature, you can make payments in store, online or over the phone. Manual payments must be made by the close of business on your due date.
  • Loan terms. A line of credit has an “open-ended” term, which means it stays open as long as you are using it. Your loan will only be closed if you request it to be, or if you do not use it for one full year.
  • Online and in-branch application. You can apply for a Cash Money line of credit both in-store and online. Online applications may be processed faster, but loan minimums apply – $500.

What to watch out for

On the other hand, a Cash Money line of credit comes with its share of drawbacks to watch out for. They include:

  • Interest rate of 46.93%. You will be charged daily interest on the amount you borrow from your line of credit. Try to reduce your principal as much as possible with each scheduled payment.
  • Potential for additional charges. Establishment fees, missed payment fees and default penalty fees may apply.
  • Loan amount is only up to $10,000. If you’re looking for a higher maximum amount, you’ll need to apply elsewhere.
  • Not available across the country. You can only get its line of credit in these provinces: AB, BC, MB, NB, NL, NS, ON & SK.
  • Your credit score may be affected. Cash Money will run a hard check on your credit file to determine if you’re eligible for a loan. Unlike a soft check, a hard check will temporarily dip your credit score. This shouldn’t cause a lasting impact on your score unless you apply for too many credit products at once.

How does a Cash Money line of credit work?

You only need to apply once for a Cash Money line of credit to qualify for a set maximum amount. Once your limit is agreed upon, you have access to all those funds up to the limit. You don’t need to borrow the whole amount. For example, if your line of credit limit is $5,000, but all you need is $2,000, then you can just borrow $2,000, and interest will only apply to the $2,000. That untouched portion of your line of credit will not be charged interest. However, your outstanding balance will collect daily interest.

Summary of Cash Money reviews

Positive customer reviews for Cash Money generally mention its fast, professional and helpful service. Negative reviews typically discuss its high interest rates and payments not reducing the principal.

FeatureDetails
BBB accreditedNo
BBB ratingA+
BBB reviews1 out of 5 stars, based on 12 Cash Money reviews
Google reviewsVaries by location, but they are consistently over 4 out of 5 stars
Trustpilot score4.5 out of 5 stars, based on 4,095 Cash Money reviews
Customer reviews verified as ofFebruary 22, 2024

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Am I eligible for a Cash Money line of credit?

To be eligible for a Cash Money line of credit, you need to:

  • Be a Canadian resident.
  • Be at least 18 years old.
  • Be able to demonstrate an ability to make repayments, with a steady income source.
  • Have an open chequing account in your name.
  • Have a working telephone number.
  • Have a credit score over 600.

After you apply for a line of credit, you will need to verify your identity and application details. You may be asked to provide:

  • Identification. You will need to provide either a Canadian driver’s licence, passport or birth certificate.
  • Verification of income. You’ll need to demonstrate your ability to make repayments by providing proof of employment and bank statements proving that you have a reliable income.

How do I apply for the Cash Money line of credit?

If you’re ready to apply, follow these steps:

  1. Click the “Apply now” button to go to the Cash Money homepage.
  2. Click “Continue”.
  3. Select your province, then the line of credit option.
  4. Fill in the prompts to create an account, including your email address, password and security question and answer.
  5. Once you’ve created your account, fill in the personal loan application. It shouldn’t take more than 10 minutes to complete. Provide your full name, contact information including your address and phone number, employment status, monthly income and credit score.
  6. 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 or by directly emailing Customer Support. If you’re applying in person you can provide this paperwork at a local Cash Money branch.
  7. Cash Money will review your information and provide you with a lending decision within one business day, if not faster.
  8. If you’re approved, you can access your line of credit immediately. Select how much you want to borrow, up to your approved credit limit.
  9. Make regular payments on your loan over time. You can even make additional payments towards your loan to save on interest paid.

Bottom line

The Cash Money line of credit comes with a steep daily interest rate of 46.93%, which means interest will add up quickly, driving up the cost of borrowing. It’s important to reduce your principal with each payment.

If you have good to excellent credit, consider getting a line of credit from a bank or credit union.

Frequently asked questions

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