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Find A LenderCashco Financial: Overview
Whether you need help covering a pressing expense, want to consolidate your debt, or boost your credit score, a flexible 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 and other financial solutions to Canadians who cannot secure loans from traditional banks.
The company offers installment loans with flexible repayment terms, as well as cheque-cashing services for those in need of immediate funding. Cashco Financial prides itself on providing a more affordable and easier-to-manage alternative to payday and high-interest loans.
Our Verdict
| Who is Cashco Financial best for? | Cashco Financial is best for consumers who: – Need quick cash – Have sub-par credit – May be unable to secure a loan from a traditional lender |
| What we like about Cashco Financial | – Quick approval – Fast funding within 24 hours of approval – Making timely payments on your loan can help build good credit – Bad credit accepted |
| What we don’t like about Cashco Financial | – Not available everywhere – Potentially high interest rates up to 35% (APR) |
What Products Does Cashco Financial Offer?
Cashco Financial provides financial relief through the following financial products and services:
Flex Loans
With Cashco’s Flex Loan, borrowers can access up to $7,000 for up to 60 months. This installment loan is considered a Flex Loan because it allows the borrower to choose terms based on their unique financial needs. As such, you can customize your loan repayment terms based on your situation and needs.
- Loan term: 6 to 60 months
- Loan amount: Up to $7,000
- Interest rate: Fixed rate of 35%
- A $1,000 Flex Loan over 12 months yields a bi-weekly payment of approximately $45.84. The total cost of borrowing is approximately $191.24 ($1,191.24 including principal).
- Early repayment: No penalties
Buy Some Time
The “Buy Some Time” product offered by Cashco Financial is a package you can add to your Flex Loan. It provides additional perks that can come in handy when you find yourself in a financial pinch, including the following:
- Skip A Payment: Every 6 months, you’ll be allowed to skip a payment without incurring any penalty fees.
- Lower NSF Fees: If you incur an NSF charge, the “Buy Some Time” package will lower the amount you usually pay.
- More Time To Repay: You’ll have some extra time to get your finances back in order without the risk of default on your loan.
- Loan Payout Program: The package also gives you options to pay your entire loan in full and access to their monthly loan payout program.
Cheque Cashing
For a fee, Cashco also provides immediate access to the funds you need by cashing your cheque instantly. They accept many types of cheques, such as:
- Payroll
- Insurance
- Money orders
- Certified cheques
- Post-dated cheques
- Personal cheques
- Government cheques
Simply show 2 pieces of government-issued photo ID, and your cheque will be cashed that day.
The Village Credit Building Program
The Village is a paid membership program designed to help you build good credit. No credit check is required. The cost is $44.95 per month, and each payment made is reported to the credit bureaus, which can help you build a good credit score.
Following 12 timely payments throughout the year, you may qualify for a $2,000 Flex Loan. As a member, you can also cash your cheques for free up to $1,500 at more than 65 Cashco locations across the country.
Money Transfers
Through Western Union, you can transfer money to family and friends in more than 200 countries. Transfer fees within Canada and to the US start at $11.
Income Tax Services
Cashco Financial’s newest service is its income tax preparation. Now, you can get your income taxes prepared with expert help at all 65 Cashco locations across Canada.
Learn more: When Can I File My Taxes In Canada?
Cashco Financial: Snapshot
| Product/Service | Features |
| Flex Loan | – Borrow up to $7,000 – Loan terms of 6 to 60 months – Pay funds back early with no penalty – Interest rate of 35% (APR) |
| Buy Some Time | – Add-on package to your Flex Loan – Skip a payment every 6 months without penalty – Lower NSF fees – More time to repay – Pay your loan in full & access your monthly loan payout program |
| Cheque Cashing | Get immediate access to the funds you need with instant cheque cashing, including payroll, government cheques, & personal cheques. |
| The Village | – Paid membership program that helps you build good credit – No credit check is required – $44.95 per month – Each payment made is reported to the credit bureaus, which can help you build a good credit score – May qualify for a $2,000 Flex Loan after 12 timely payments |
| Money Transfers | – Transfer money through Western Union to and from more than 200 countries- Transfer fees within Canada and to the US start at $11 |
| Income Tax Preparation | Get your income taxes prepared at all 65 Cashco locations across Canada |
Qualifying With Cashco Financial: Flex Loan
Qualifying for financing with Cashco Financial is relatively easy and requires the following:
- Be of legal age
- Have an active bank account
What Documents Do You Need To Apply With Cashco Financial?
When applying for a Flex Loan, you’ll need to provide the following:
- Personal identification (ex: driver’s license)
- Banking information (ex: bank statements)
- Proof of income (ex: pay stubs, letter of employment)
What Do You Need To Cash A Cheque?
To cash a cheque, you’ll need to bring 2 pieces of government-issued ID, along with your cheque.
How To Apply With Cashco Financial For A Flex Loan
Applying for ifinancing with Cashco Financial is easy. Simply click the “Apply Now” button on the website to start the process. This will take you to the online loan application form page, where you’ll be required to provide personal information, including your:
- Name
- Birthdate
- Email address
- Province of residence
You’ll then be asked for details about the type of loan you need, the purpose of the loan, and the amount you wish to borrow.
Once you agree with the license information that details the various charges and fees applicable for your loan, submit the form by clicking on the ‘get an online loan’ button. If you’re a new user, you can register with Cashco when you apply.
What We Like About Cashco Financial
Advantages of Cashco Financial include the following:
- Quick approval. Get approved for financing within minutes of applying.
- Fast funding. Get access to your money within 24 hours of approval.
- Build credit. Making timely payments on your loan can positively affect your credit score.
- Bad credit accepted. All borrowers are encouraged to apply, including those with bad credit.
What We Think You Should Watch Out For
Along with the perks of Cashco Financial are a few drawbacks to consider:
- Not available everywhere. Cashco is only available to those in British Columbia, Alberta, Saskatchewan, and Ontario.
- Negative impact on credit with missed payments. If you make late payments, your credit score may suffer.
- Potentially high interest rates. Cashco charges 35% (APR), which can be high depending on other options you may have available to you.
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?
| BBB Accredited + Rating | Not BBB accredited B- rating 1.44/5 stars |
| Google Rating | Varies based on individual locations |
| Trustpilot Rating | 4.7/5 stars |
| Social Media Presence | Instagram: 2,386 followers Facebook: 15K followers Twitter: 652 followers |
| Physical Location | 65 offices across BC, Alberta, Saskatchewan, and Ontario |
How Does Cashco Financial Compare To Fairstone?
Other personal loan lenders in Canada offer loans similar to Cashco Financial, like Fairstone. So, how do the two lending companies compare?
| Cashco | Fairstone (Unsecured Personal Loans) | |
| Loan Amounts | Up to $7,000 | $500 – $25,000 |
| Loan Terms | 6 to 60 months | 6 – 60 months |
| Interest Rates | 35% (APR) | 29.99% – 34.99%* |
| Prepayment Penalties | None | None |
| Funding Time | In as little as 24 hours | Within 24 hours |
| Availability | BC, AB, SK, ON | All across Canada |
| Bad Credit Accepted? | Yes | Yes |
Final Thoughts
Cashco Financial may be a viable option for you if you have bad credit and prefer to steer clear of payday loans to access fast cash. Plus, Cashco’s Flex Loan provides much higher loan amounts and longer loan terms than payday loans, with the option to skip a payment or get more time to make a payment when finances are tight.
Cashco FAQs
Where is Cashco available?
Will a Cashco Flex Loan affect my credit?
What if I can’t make a payment?
®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
