{"id":951967,"date":"2021-11-16T18:53:22","date_gmt":"2021-11-16T23:53:22","guid":{"rendered":"https:\/\/www.finder.com\/ca\/?p=951967"},"modified":"2026-01-21T17:47:35","modified_gmt":"2026-01-21T22:47:35","slug":"cashco-personal-loan-review","status":"publish","type":"post","link":"https:\/\/www.finder.com\/ca\/personal-loans\/cashco-personal-loan-review","title":{"rendered":"Cashco Financial review"},"content":{"rendered":"

What is Cashco Financial?<\/h3>

Cashco Financial is a finance company based in Edmonton, Alberta. Since it was founded in 1985, Cashco Financial has expanded to operate over 50 branches in Alberta, BC, Ontario and Saskatchewan. Besides offering installment loans, it also offers payday loans, cheque cashing and Western Union money transfers. You can apply for Cashco loans entirely online or at one of its branches.<\/p>

Cashco Financial is licensed as a payday lender in Alberta, BC and Ontario, as a high-cost credit grantor in BC, and as a financing corporation in Saskatchewan.<\/p>

Is Cashco Financial legit?<\/h3>

Yes, Cashco Financial is a legitimate company that has been in business for over 35 years and has served over 150,000 customers. As of March 2017, Cashco entered into an agreement with ATB Financial, which is a Crown corporation wholly owned by the province of Alberta, to offer chequing and savings accounts.<\/p>

Cashco Financial has also won several awards, including The Silicon Review\u2019s 50 Best Workplaces of the Year (2020) and is Great Place to Work certified. It has been featured in publications like Newswire and the Edmonton Journal. Cashco Financial has also sponsored Edmonton\u2019s official CFL football team, the Edmonton Elks.<\/p>

Features of Cashco loans<\/h3>
Feature<\/th>Personal loan (\u201cFlex Loan\u201d)<\/th>Payday loan<\/th><\/tr><\/thead>
Loan amount<\/td>Up to $9,000<\/td>Up to $1,500<\/td><\/tr>
Loan term<\/td>Up to 60 months<\/td>Up to 62 days<\/td><\/tr>
APR<\/td>35.00%<\/span><\/td>
  • $14 for every $100 borrowed in Alberta<\/li>
  • $14 for every $100 borrowed in BC<\/li>
  • $14 for every $100 borrowed in Ontario<\/li><\/ul><\/td><\/tr>
Serviced provinces<\/td>AB, BC, NB and SK<\/td>AB, BC and SK<\/td><\/tr>
Eligibility requirements<\/td>Must earn employment income and have an active bank account<\/td>Must meet minimum income requirements<\/td><\/tr><\/tbody><\/table>

What are Cashco loans?<\/h3>

Cashco offers two types of loans: personal loans (which it calls Flex Loans) and payday loans.<\/p>

A Flex Loan is an installment loan that allows you to borrow up to $9,000 over a term of up to 60 months. You can apply online even if you have bad credit, and pay the loan back at any time without incurring any penalties. Cashco Financial also reports your on-time payments to the credit bureau, allowing you to improve your credit score.<\/p>

Payday loans are short-term loans of up to $1,500. They\u2019re usually designed to be repaid by your next payday but have a maximum loan term of 62 days.<\/p>

In this review, we\u2019ll focus on the features, rates and fees of Cashco Financial Flex Loans.<\/p>

What is Cashco\u2019s interest rate for its Flex Loans?<\/h3>

The maximum APR on a Cashco Financial Flex Loan is 35%. To give you an idea of what this means for the cost of your loan, Cashco gives the example of a $1,000 loan with a 12-month term, a 10% admin fee and bi-weekly payments. Your regular payment amount on this loan would be $53.61, and the total repayment cost would be $1,393.86.<\/p>

The 35% APR is very high, so it\u2019s worth comparing a range of lenders to determine whether there are lower rates available elsewhere.<\/p>

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\nRelated: <\/span>Best installment loans in Canada<\/a>\n<\/div>\n<\/article>

What we like about Cashco Flex Loans<\/h3>
  • Anyone can apply.<\/strong> Whether you have bad credit or no credit history at all, Cashco Financial encourages Canadians to apply as long as they have proof of employment income to make loan repayments.<\/li>
  • Easy application process.<\/strong> Apply online, in a store or over the phone with Cashco Financial.<\/li>
  • Fast decisions.<\/strong> You can receive a decision on your loan application within minutes.<\/li>
  • No prepayment penalties.<\/strong> Pay off some or all of your loan without incurring any early payment penalties.<\/li>
  • Improve your credit score.<\/strong> Cashco reports on-time payments to the credit bureaus to increase the borrower\u2019s credit score.<\/li>
  • Flexible.<\/strong> Cashco says you can choose your payment schedule, loan amount and loan term.<\/li><\/ul>

    What to watch out for<\/h3>
    • Incredibly steep interest rate.<\/strong> Cashco\u2019s Flex Loans come with a maximum interest rate of 35%, which is significantly higher than traditional personal loans you\u2019d secure from a bank, credit union or other online lenders.<\/li>
    • Admin fee.<\/strong> You may be charged an additional 10% fee to set up your loan, which is not common among personal loans.<\/li>
    • Buy Some Time program.<\/strong> Cashco also offers the Buy Some Time program, which allows Flex Loan holders to miss a payment every six months with no NSF fees. However, this program comes at a cost of $19.95 per month.<\/li>
    • Not available across Canada.<\/strong> You can only apply for a Cashco Flex Loan in BC, Alberta, Saskatchewan and Ontario.<\/li>
    • Principal vs. interest.<\/strong> Before signing a loan agreement from Cashco, know how much of your payments will go towards paying the interest first vs. reducing the principal.<\/li><\/ul>

      Alternatives to Cashco loans<\/h3>