Cashco Financial review
- APR Range
- 20.00% - 48.99%
- Loan Amount
- $500 - $7,000
- Loan Term
- 6 - 60 months
- Min. Credit Score
- 300
Our verdict
Borrow up to $7,000 with a Cashco Financial Flex Loan, but watch out for the high interest rate.
The Cashco Financial Flex Loan is an installment loan that allows you to borrow up to $7,000. You can repay your loan over a term of up to 60 months, and payments are reported to the credit bureau to help you rebuild your credit score. Borrowers with any type of credit can apply for a Cashco Flex Loan, but you'll need to be aware that high interest rates and fees apply.
Pros
-
Get funded within 24 hours
-
Bad credit is OK
-
Flexible loan terms
Cons
-
Very high interest rate
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10% admin fee applies
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Not available in all provinces
What is Cashco Financial?
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.
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.
Is Cashco Financial legit?
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.
Cashco Financial has also won several awards, including The Silicon Review’s 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’s official CFL football team, the Edmonton Elks.
Features of Cashco loans
| Feature | Personal loan (“Flex Loan”) | Payday loan |
|---|---|---|
| Loan amount | Up to $7,000 | Up to $1,500 |
| Loan term | Up to 60 months | Up to 62 days |
| APR | 20.00% - 48.99% |
|
| Serviced provinces | BC, AB, NB, SK and ON | AB, BC, ON, SK |
| Eligibility requirements | Must earn employment income and have an active bank account | Must meet minimum income requirements |
What are Cashco loans?
Cashco offers two types of loans: personal loans (which it calls Flex Loans) and payday loans.
A Flex Loan is an installment loan that allows you to borrow up to $7,000 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.
Payday loans are short-term loans of up to $1,500. They’re usually designed to be repaid by your next payday but have a maximum loan term of 62 days. Provincial regulations limit the cost of these loans — in Alberta, BC and Ontario where Cashco offers payday loans, the maximum the lender can charge you is $15 for every $100 you borrow.
In this review, we’ll focus on the features, rates and fees of Cashco Financial Flex Loans.
What is Cashco’s interest rate for its Flex Loans?
The maximum APR on a Cashco Financial Flex Loan is 48.99%. 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.
The 48.99% APR is very high, so it’s worth comparing a range of lenders to determine whether there are lower rates available elsewhere.
What we like about Cashco Flex Loans
- Anyone can apply. 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.
- Easy application process. Apply online, in a store or over the phone with Cashco Financial.
- Fast decisions. You can receive a decision on your loan application within minutes.
- No prepayment penalties. Pay off some or all of your loan without incurring any early payment penalties.
- Improve your credit score. Cashco reports on-time payments to the credit bureaus to increase the borrower’s credit score.
- Flexible. Cashco says you can choose your payment schedule, loan amount and loan term.
What to watch out for
- Incredibly steep interest rate. Cashco’s Flex Loans come with a maximum interest rate of 48.99%, which is significantly higher than traditional personal loans you’d secure from a bank, credit union or other online lenders.
- Admin fee. You may be charged an additional 10% fee to set up your loan, which is not common among personal loans.
- Buy Some Time program. 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.
- Not available across Canada. You can only apply for a Cashco Flex Loan in BC, Alberta, Saskatchewan and Ontario.
- Principal vs. interest. Before signing a loan agreement from Cashco, know how much of your payments will go towards paying the interest first vs. reducing the principal.
Alternatives to Cashco loans
Finder Score for personal loans
To make comparing even easier we came up with the Finder Score. Interest rates, fees and features across 110+ personal loans are all weighted and scaled to produce a score out of 10. The higher the score the better the loan - simple.
What do Cashco reviews have to say?
Customer reviews for Cashco Financial are mixed. People who left positive reviews commented on factors such as helpful customer service and an easy application process. Those who left negative reviews mentioned factors such as poor customer service and the high cost of borrowing.
Summary of Cashco reviews
| Feature | Details |
|---|---|
| BBB accredited | No |
| BBB rating | B- |
| Google reviews | 2.4 out of 5 stars, based on 47 Cashco Financial reviews for corporate head office (Individual Cashco branches have different review scores) |
| Trustpilot reviews | 2.8 out of 5 stars, based on 3 Cashco Financial reviews |
| Facebook reviews | No Cashco Financial reviews available |
| Customer reviews verified as of | 9 August 2023 |
Cashco reviews from Finder survey
How are Flex Loans for bad credit different from other bad credit personal loans?
Cashco Flex Loans are similar to other bad credit personal loans in many ways. They have similar loan amounts, loan terms and APRs as you will find at other alternative lenders.
The difference is that Cashco says its loans are flexible. Flex Loans are advertised as offering more flexibility for borrowers in terms of choosing what payment schedule, loan amount and loan term works best for them.
What are the eligibility requirements of Cashco Flex Loans?
To qualify for a Cashco Flex Loan, you’ll need to meet the following requirements:
- Be of the age of majority in your province. You’ll need to provide ID, such as a passport or driver’s licence.
- Have proof of residency, for example, a utility bill.
- Have proof of an active source of employment income. You’ll need bank statements in Saskatchewan.
- Have an active bank account.
How to get Cashco Flex Loans online
If you’re applying for a Cashco Flex Loan online, here’s what you need to do:
- Head to cashcofinancial.com and click on “Apply For a Loan” on the homepage.
- First, identify whether you’re a first-time applicant or a returning customer with an account. If you’re a new customer, click “New Client? Let’s Get Started.”
- On the next page, provide your full name, date of birth and marital status.
- Provide your contact information, including your email address and phone number.
- Provide details about your residence, including your mailing address, whether you rent or own your home and how many years you’ve lived at this property.
- Provide your employment information, including whether you’re full-time, part-time or self-employed. You can also choose to check off which government benefits, if any, you receive.
- Provide proof of your identity. Choose from your driver’s licence, passport, permanent residency card or provincial identification.
- Review your application and click “Submit” when you’re ready.
The application process takes approximately five minutes.
Where is Cashco located?
Cashco Financial’s head office is located in Edmonton and it has more than 55 locations spread across Alberta, Saskatchewan, Ontario and BC. You can find Cashco branches near you by using the branch locator tool on the lender’s website.
Bottom line
Cashco Flex Loans are worth considering if you’re looking for a bad credit personal loan. It’s easy to apply, there are large loan amounts available, and making on-time payments will boost your credit score.
But with a high maximum interest rate and admin fees, borrowing with a Flex Loan could be expensive. Make sure you compare a range of lenders and loan options before deciding where to borrow.
Frequently asked questions
