Cash Money payday loans review

What is Cash Money?

Cash Money is one of the largest payday lenders in Canada. It offers payday loans and lines of credit online and in-store.

Is Cash Money legitimate?

Cash Money is a legitimate lender and established business dating back to 1992. It has helped more than 595,850 Canadians with their short-term cash needs.

It’s also a Canadian Consumer Finance Association member, so you can trust that Cash Money is adhering to payday loan regulations.

Cash Money payday loan features

What we like about Cash Money payday loans

• Easy application process. Apply online, over the phone or in-store. Cash Money has over 90 locations across Canada.
• Fast decisions. Get an instant decision after you apply.
• Fast access to funds. If approved, you can get your money in as little as 15 minutes with Interac e-Transfer®.* You can also pick up your cash immediately in a Cash Money store.
• Lenient eligibility criteria. Your income does not need to come from employment, and you can apply with bad credit.

What to watch out for

• Steep charges. Cash Money will charge you a fixed amount per $100 borrowed. The cost will depend on your province and can be anywhere from $14 to $17 for every $100 borrowed.
• Loan terms. The loan term is short – by your next payday. Before getting a payday loan, make sure you’ll have enough income left to pay for other debts and expenses once you repay your loan.
• Not available in all provinces and territories. You can apply for a Cash Money payday loan only if you’re in BC, MB, NL, NS, ON, SK.

How much will a Cash Money payday loan cost?

It’s important to understand the cost of any financial product. You need to make sure you know what you will pay to borrow the loan and what you might pay if you’re late with your repayments. Cash Money will charge you a fixed amount per $100 borrowed. The amount will depend on your province.

For example, in Ontario payday lenders can charge up to $15 for every $100 borrowed. If you borrow $500 with a loan term of 14 days, you’ll pay $75 in interest. This works out to 391% APR.

You may come across extra fees if you make missed or late payments, a cheque bounces or you have insufficient funds in your bank account. These charges will vary depending on the province you live in.

Am I eligible?

To be eligible for a Cash Money payday loan, you must meet the following criteria:

• Be at least 18 years old.
• Have an open chequing account in your name. You will need to provide your branch transit number, financial institution number and your bank account number.
• Have proof of recurring income. You will need to provide your gross and net monthly income, pay cycle frequency, hire date, employer name and phone number.
• Have a working telephone number.
• Have a valid email address.

How do I apply for a Cash Money payday loan?

If you’re ready to apply for a Cash Money payday loan, follow these steps:

1. Click the “Go to site” button to go to the Cash Money homepage and click “Continue”.
2. Select your province, then the payday loan option and click “Next”.
3. Fill in the prompts to create an account, including your email address, password and security question and answer.
4. 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.
5. 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.
6. Cash Money will review your information and provide you with a lending decision within a business day, if not faster.
7. If you’re approved, you can either pick up your cash at a store immediately in person or request an Interac e-Transfer®*, which will be sent within the hour. You will receive the full amount of your payday loan.

If you prefer to apply over the phone, you can also do so at 1-877-526-6639.

What documents do I need to apply?

After you apply for a loan, whether in person, online or on the phone, you will need to verify your identity and application details. You may be asked to provide the following:

• 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 illustrating reliable income.

Compare other payday loans

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Name	Product CAFSL	Loan Amount	Loan Term	APR	Turnaround Time	Serviced Provinces	Offer	Table description
GoDay Payday Loan GoDay Payday Loan		$100 - $1,500	Up to 62 days	Varies by province	As little as 2 minutes with Interac e-Transfer	AB, BC, MB, NB, NS, ON, PEI, SK		To apply, you'll need to be a Canadian resident over the age of 18 with a valid email address, phone number and an open bank account with a Canadian bank or credit union.	Go to siteMore Info Compare	loading Fetching your data...
Cashco Financial Payday Loans Cashco Financial Payday Loans		$100 - $1,500	Up to 62 days	Varies by province	Same day approval	AB, BC, ON, SK		Get quick access to funds based on your income. Active bank account required. All income types accepted.	Go to siteMore Info Compare	loading Fetching your data...
Venue Financial Payday Loans Venue Financial Payday Loans		$50 - $1,500	Up to 62 days	Varies	As little as 2 hours with Interac e-Transfer	BC		Apply online in minutes and borrow up to $1,500. Available to BC residents over 18 with a valid email, phone number, and an active bank account. Receive funds quickly with flexible repayment options.	Go to siteMore Info Compare	loading Fetching your data...
iCash Payday Loan iCash Payday Loan		$100 - $1,500	7 - 62 days	Varies by province	As little as 2 minutes with Interac e-Transfer	AB, BC, MB, NB, NS, ON, PEI	24/7 instant approval and e-Transfer funding.	Same day cash up to $1,500 for car payments, rent, mortgage, home & appliance repair, and more. Income of at least $800/month required.	Go to siteMore Info Compare	loading Fetching your data...
Wagepay Wage Advance Loan Wagepay Wage Advance Loan		$100 - $1,500	Up to 62 days	Varies by province	As little as 2 minutes with Interac e-Transfer	BC, ON	Lower and transparent fees. No late or NSF fees.	Get early access to a portion of your pay. Sign up in less than 3 minutes and receive funds via e-Transfer 24/7.	Go to siteMore Info Compare	loading Fetching your data...
Money Mart Payday Loan Money Mart Payday Loan		$120 - $1,500	1 - 62 days	Varies by province	As little as 1 hour after getting approved	AB, BC, MB, NS, NT, ON, SK, YT		To be eligible, you’ll need to be at least 18 years of age with a steady source of income and a chequing account. No credit check required.	More Info Compare	loading Fetching your data...
Cash Money Payday Loan Cash Money Payday Loan		$100 - $1,500	5 - 40 days	Varies by province	As little as 15 minutes with INTERAC e-Transfer	BC, MB, NL, NS, ON, SK		Instant decision and e-Transfer funding. Income of at least $1,000/month required.	More Info Compare	loading Fetching your data...

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Bottom line

Cash Money is one of the biggest providers of payday loans in Canada, with options to apply online, in person or over the phone, making it easy for you to get quick access to funds if you’re in a sticky situation.

Tread carefully, though. While a payday loan may bail you out of a financial emergency, if you don’t have the funds to repay the loan on time or you do but not enough to pay for other expenses, it could cause you more financial hardship in the long run.

Frequently asked questions about Cash Money

• What is the minimum and maximum amount that I can borrow?

  Cash Money payday loans range from $100 to $1,500.

• How long does it take to get a lending decision for a Cash Money payday loan?

  It’s possible to get a decision right after you apply.

• What are acceptable forms of income?

  Cash Money says you must present a recurring source of income, with unemployment and disability benefits as accepted forms of income too. Its priority is ensuring you have adequate funds to repay the loan.

• Can I pay my loan off in-store?

  Yes, you can. Cash Money says you can choose how you want to repay your payday loan – in cash, by debit or via a post-dated personal cheque.

• How long does Cash Money e-Transfer take?

  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.

*As soon as 15-minute funding available only when using Interac e-Transfer®. Subject to bank processing and system limitations.

• View Lender Disclaimer

  Payday loans are High-Cost Loans.

  
  
  

  British Columbia: The maximum charges permitted in British Columbia for a Payday Loan is 15% of the principal. We charge $15 per $100 borrowed. On a $300 loan for 14 days, the total cost of borrowing is $45, with a total payback amount of $345 and an APR of 391.07%. BC Licence #50066.

  
  

  Manitoba: The maximum allowable charge for a payday loan is 17% of the principal amount of the loan. We charge $17 per each $100 loaned. On a $300 loan for 12 days, the cost of borrowing is $51, the total that must be prepaid is $351 and an APR of 517.08%. To learn more about your rights as a payday loan borrower, contact the Consumers Protection Office at 945-3800, (800)-782-0067 or at https://www.gov.mb.ca/cp/cpo/.

  
  

  Newfoundland Residents: The maximum allowable cost of borrowing under payday loan agreements in Newfoundland and Labrador is $14 per $100 borrowed. We charge $14 per each $100 borrowed. On a $300 loan for 14 days, the total cost of borrowing is $42, with a total payback amount of $342 and an APR of 365.00%. $300 for $20 promotional rate - Under this offer, on a $300 loan for 14 days, the cost of borrowing is $20, with a total payback amount of $320 and an APR of 173.81%. Licence #21-23-CA291-1

  
  

  Nova Scotia: The cost of borrowing is $17.00 per $100 on a $300 loan for 14 days (443.21% APR). Ontario: The maximum allowable cost of borrowing per $100 borrowed in Ontario is $15. Our cost per $100 borrowed is $15. On a $500 loan for 14 days, the cost of borrowing is $75, with a total repayment amount of $575 and an APR of 394.07%.

  
  

  Saskatchewan: The maximum allowable cost of borrowing under payday loan agreements in Saskatchewan is $17 per $100 borrowed. We charge $17 per each $100 borrowed. On a $300 loan for 14 days, the total cost of borrowing is $51, with a total payback amount of $351 and an APR of 443.21%.

  
  

  Installment Loans/Lines of Credit: Loan minimum of $100 to a maximum of $10,000, based on a completed application, net pay and other qualification requirements, and customer verification including a credit check. Installment loan terms are from 6 months to 60 months and are based on the amount lent. Annual Interest Rate 46.93%.

  
  
  

  Payments are due on scheduled income deposits. Cash Money offers short term personal loans and is not a credit repair service.