Trust check
Is Cashco Financial legit?
Cashco is licensed in every province they lend in, has been lending for well over a decade and is active on social media. However, their BBB rating is poor and they are not CLA certified.
Cashco Financial: Overview
Whether you need help covering a pressing expense before your next payday, a payday loan from Cashco Financial may help.
Cashco Financial: Overview
Cashco Financial is an Alberta-based finance company that focuses on providing subprime Canadians with immediate financial relief. They specialize in providing loans to Canadians who cannot secure loans from traditional banks, and they have been lending since 2009. Their mission is to make borrowing simple and supportive for everyone.
The company offers payday loans of up to $1,500 in Alberta, British Columbia and Saskatchewan. Cashco no longer has branches, so everything is done online or by phone.
Who Is Cashco Financial Best For?
Cashco Financial is best for consumers who:
- Need quick cash before payday. You can borrow up to $1,500 with instant approval, and the online application takes about 5 minutes.
- Have sub-par credit. Cashco doesn't run a credit check, so approval is based on your income and banking rather than your credit score.
- May be unable to secure a loan from a traditional lender. Income like the Child Tax Credit, CPP, OAS and disability assistance counts, so you don't need a regular paycheque to apply.
What Products Does Cashco Financial Offer?
Cashco Financial provides financial relief through one product, a payday loan.
Payday Loans
A Cashco Payday Loan is a short-term loan that lets you borrow a portion of your upcoming paycheque. You can borrow up to $1,500 and use it for bills, rent, groceries or emergency repairs.
| Loan Amount | Up to $1,500 |
| Cost | $14 per $100 borrowed |
| Term | Your next payday in BC and Saskatchewan. 42 to 62 days in Alberta, in at least two installments |
| Funding | Sent by e-Transfer once you're approved |
Features
- No Credit Check: Cashco doesn't rely on a credit score or credit check to decide whether to approve you.
- No Early Repayment Penalty: You can pay your loan off early at no extra cost.
- Benefits Income Accepted: Child Tax Credit, regular income, some types of government assistance, disability assistance, CPP and OAS all count.
- Apply Online Or By Phone: Apply online any time, or apply over the phone and sign your agreement with eSign.
- Builds Credit: Your borrowing and repayment history is reported to Equifax and TransUnion.
How Fast You Get Your Money
| Stage | Timing |
|---|---|
| Application | About 5 minutes online |
| Approval | Instant approval |
| Response Time | Cashco responds within 48 to 72 hours |
| Funding | Sent to your bank account by e-Transfer once you're approved |
| Loan Services Hours | Monday to Saturday, 10am to 6pm MST |
Qualifying With Cashco Financial: Payday Loan
Qualifying for financing with Cashco Financial is relatively easy and requires the following:
- Be of legal age in your province
- Live in Alberta, British Columbia or Saskatchewan
- Have an active bank account with access to online banking
- Have a regular source of income, including government benefits
- Have a valid email address and phone number
What Documents Do You Need To Apply With Cashco Financial?
When applying for a payday loan, you'll need to provide the following:
- Personal identification (ex: government-issued photo ID)
- Banking information (ex: your online banking login to verify your account, or a recent bank statement)
- Proof of income (ex: pay stubs, proof of employment or benefit statements)
How To Apply With Cashco Financial For A Payday Loan
Applying for financing with Cashco Financial is easy. You can apply online, or call 1-855-525-3410 to apply by phone and sign with eSign.
What A Cashco Payday Loan Costs
Cashco charges $14 per $100 borrowed in Alberta, British Columbia and Saskatchewan.
| You Borrow | Cost Of Borrowing | Total You Repay |
|---|---|---|
| $100 | $14 | $114 |
| $300 | $42 | $342 |
| $500 | $70 | $570 |
| $1,000 | $140 | $1,140 |
| $1,500 | $210 | $1,710 |
A payment that's returned by your bank costs $20. In British Columbia and Saskatchewan, a loan in default is charged 2.5% a month.
These numbers are for illustrative purposes only. Actual numbers may vary.
Is Cashco Financial Licensed?
Cashco Financial is licensed for payday loans and high-cost credit in every province they lend in.
High cost credit licence 349228, expires January 31, 2027
Service AlbertaVerified
High cost credit grantor licence 83735, expires October 31, 2026
Consumer Protection BCVerified
Financing corporation licence 316715, continuous since February 1, 2017
Financial and Consumer Affairs AuthorityVerified
Is Cashco Financial Safe?
Cashco Financial is compliant with provincial and federal legislation that oversees personal information and other legislation to protect the privacy and security of your personal data. Cashco Financial will only collect and use your information if provided with express consent.
What Do Consumers Think Of Cashco Financial?
Claimed profile, with reviewers often praising the staff.
Not BBB accredited. 29 complaints in the last three years.
Lending to Canadians since 2009.
What We Like And Don't Like About Cashco Financial
What We Like
- Quick approval: Cashco offers instant approval, and the online application takes about 5 minutes.
- No credit check: Cashco doesn't rely on your credit score, so bad credit won't hold you back.
- Benefits income accepted: Child Tax Credit, CPP, OAS, disability assistance and some other government assistance all count as income.
- Build credit: Cashco reports your borrowing and repayment history to Equifax and TransUnion, so on-time payments can help your credit score.
- No early repayment penalty: You can pay your loan back early without being charged extra.
What To Watch Out For
- Not available everywhere: While Cashco only lends in Alberta, British Columbia and Saskatchewan, you can apply online or by phone from anywhere in those provinces.
- Negative impact on credit with missed payments: While reporting to Equifax and TransUnion means late payments can hurt your score, on-time payments can help build it.
- No branches to visit: While Cashco no longer offers in-person service, you can apply online in about 5 minutes or over the phone.
Cashco vs Cash Money vs Speedy Cash
Comparing Cashco Financial, CashMoney and Speedy Cash on loan amount, interest rate, term, availability, funding time, funding method, repayment options, eligibility and required documents, as listed by each lender.
| Feature |  Cashco Financial Payday Loan Apply now Learn more |  CashMoney Payday Loan Apply now Learn more |  Speedy Cash Payday Loan Learn more |
|---|---|---|---|
| Loan amount | Up to $1,500 | Up to $1,500 | $200 – $1,500 |
| Interest rate | $14 per $100 | $14 per $100 | $14 per $100 |
| Term | Up to 62 days | Up to 60 days | Next payday |
| Available in | AB, BC, SK | BC, MB, NL, NS, ON, SK | AB, BC, NS, SK |
| Funding time | Instant approval Response within 48 – 72 hours | Typically within 24 hours | Within 24 hours |
| Funding method | e-Transfer |
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| Repayment | Not listed | Automatic debit | Automatic debit |
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Figures are as listed by each lender and can change. Check the lender's site before you apply.
Final Thoughts
Cashco Financial may be a viable option for you if you have bad credit and need fast cash before your next payday. Plus, Cashco accepts benefits income, doesn't run a credit check and reports your payments to Equifax and TransUnion, so paying on time can help your credit.
Cashco FAQs
Where is Cashco available?
Can I get a loan if I have bad credit?
Will a Cashco payday loan affect my credit?
What if I can't make a payment?
How much can I borrow from Cashco?
How much does a Cashco payday loan cost?
How do I apply with Cashco?
®Fairstone Financial Inc. is a wholly owned subsidiary of Fairstone Bank of Canada.
*Interest rates are subject to change. Actual Annual Percentage Rate (APR) varies based on the province of residence and individual factors like credit details and loan amount. The interest rate on an unsecured personal loan is 31.99% in BC.
Fairstone Financial Inc. holds high-cost credit licenses in AB, MB (License #85047, expiring 20-02-2026) and QC; it has applied for a high-cost credit grantor license in NL. For license information by province, visit Fairstone.ca/HCCG
