Deposit My Cash Now review
- APR Range
- 18% + fee
- Loan Amount
- $300 - $3,000
- Loan Term
- up to 6 months
Our verdict
Get installment loans of $300 - $3,000 within an hour, but make sure you check the fine print.
Deposit My Cash Now is a network of lenders and brokers that claims to offer fast access to loans of up to $3,000. You can apply online and have your application processed within 45 minutes, then pay back your loan over a period of up to 6 months.
However, watch out for the high cost of borrowing. It's not entirely clear what APR you can expect when you take out a loan through Deposit My Cash Now. The lender's homepage lists an interest rate of 18%, but it also mentions that financing fees of $12 apply for every $100 outstanding on your loan. This fee is charged weekly. As a result, you can likely expect the APR of your loan to be much higher than 18%.
That's why it's vital that you read the fine print closely before signing a loan agreement. Make sure you know exactly how much the loan is going to cost and whether you can afford your repayments.
Pros
-
Completely online
-
Bad credit is okay
-
Paperless
Cons
-
Expensive
-
Fee in addition to the interest
What is Deposit My Cash Now?
Deposit My Cash Now is a network of lenders and brokers where you can access loans ranging from $300 to $3,000 in as little as an hour. You can apply without completing a credit check, and the funds are sent to you via e-Transfer. Loan repayment is automatically debited from your bank account on the due date.Deposit My Cash Now says it offers a wide range of loan products, including installment loans, no credit check loans, payday loans and secured credit cards. This provider also serves the following provinces:- Alberta
- British Columbia
- Manitoba
- New Brunswick
- Newfoundland
- Ontario
- Quebec
- Saskatchewan
Is Deposit My Cash Now legit?
Deposit My Cash Now’s website lists all the information you would expect to find from a legitimate lender. This includes a Montreal office address, phone and email contact information, a Google profile and a privacy policy.
However, Deposit My Cash Now is not Better Business Bureau accredited and has picked up some negative customer reviews online.
Features of Deposit My Cash Now loans
| Feature | Details |
|---|---|
| Loan amount | $300 – $3,000 |
| Loan term | up to 6 months |
| Interest rate | 18% + fee |
| Serviced provinces | Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland, Ontario, Quebec, Saskatchewan |
| Eligibility requirements | Must have an active chequing account, have worked full-time for three months and receive your income by direct deposit. Must not currently be in a bankruptcy or consumer proposal and not be subject to wage garnishment |
What are Deposit My Cash Now’s interest rates?
Deposit My Cash Now lists an interest rate of 18%, but watch out for the weekly fee. On your loan agreement, check for terms like “administration fee”, “brokerage fee”, “surety fee” or “subscription fee”. With this fee added to the interest, your loan will be much more expensive.
Benefits of Deposit My Cash Now loans
- No documents required. Deposit My Cash Now uses instant bank verification to speed up the application process, so you don’t need to waste time uploading documentation during the application process.
- No credit checks. You can apply for a loan through Deposit My Cash Now without completing a credit check, so your bad credit history won’t stop you from qualifying for funding. Learn more about no credit check loans.
- Fast funding. If you apply between 10:00 am and 6:00 pm, Deposit My Cash Now can approve and fund your loan within an hour.
- Apply online 24/7. It’s easy to apply for a loan online at any time that is convenient to you.
What to watch out for
- High cost of borrowing. In addition to an 18% interest rate, Deposit My Cash Now says it charges a weekly financing fee of $12 for every $100 of outstanding loan balance.
- Confusing information. The Deposit My Cash Now website says borrowers can access “payday loans” of up to $3,000. However, the maximum payday loan amount in Canada is $1,500.
- Limited details. The Deposit My Cash Now homepage mentions you can access loans from a “network of private lenders”, but we couldn’t find any information about who those lenders are.
- No refusal. The Deposit My Cash Now website also mentions “no refusal payday loans”. A responsible lender will need to assess your income and financial situation before deciding whether to approve a loan, and promising guaranteed approval is a red flag that can sometimes indicate a loan scam.
- Doesn’t report to the credit bureaus. Deposit My Cash Now doesn’t report your on-time loan payments to the credit bureaus, so it can’t help you improve your credit score.
- Negative reviews. The Deposit My Cash Now reviews we found online from customers were largely negative.
Alternatives to Deposit My Cash Now loans
What do Deposit My Cash Now reviews have to say?
While there are limited customer reviews online for 18%, those reviews that we could find tended to be negative. Customers complained about factors such as the high cost of borrowing, and providing their personal information and bank account details only to never receive a loan.
Summary of Deposit My Cash Now reviews
| Feature | Details |
|---|---|
| BBB accredited | No |
| BBB rating | F |
| BBB reviews | 1 our of 5 stars, based on 3 reviews |
| Google reviews | 1 out of 5 stars, based on 12 Deposit My Cash Now reviews |
| Trustpilot reviews | No Deposit My Cash Now reviews available |
| Facebook reviews | No Deposit My Cash Now reviews available |
| Customer reviews verified as of | 20 October 2023 |
Am I eligible for a loan from Deposit My Cash Now?
You’ll need to meet the following criteria to qualify for a loan from Deposit My Cash Now. You must:
- Be the age of majority in your province or territory
- Have held a chequing account for at least three months
- Have worked full-time for at least three months
- Receive your income by direct deposit
- Not currently be in a bankruptcy or consumer proposal and not be subject to wage garnishment
- Provide proof of address
How to apply to Deposit My Cash Now online
If you’d like to apply for a loan online with Deposit My Cash Now, here’s what you need to do.
- Head to the Deposit My Cash Now website and click “Apply Now”.
- Select your province.
- Choose the amount you want to borrow.
- Enter your name, date of birth and contact details.
- Enter your income and employment details.
- Submit your application.
Bottom line
If you’re considering applying for a loan from Deposit My Cash Now, make sure you do your research first. With the potentially high cost of borrowing and a limited number of negative reviews, it’s vital that you know exactly how much your loan will cost before you apply.
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