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Who is Cashco Financial?
What Products Does Cashco Financial Offer?
Cashco Financial provides financial relief through long and short term installment loans and cheque cashing. They also provide bank services in the form of chequing and savings accounts. However, unlike the installment loan, the bank services are restricted to the residents in Alberta.
In addition to that, they also offer a number of different services like credit monitoring, money transfers, small business loans, and more through their partnerships.
Flex Loans
With Cashco’s Flex Loan, borrowers can access up to $7,000 dollars for up to 60 months. This installment loan is considered a Flex Loan because it gives the borrower the ability to choose their terms based on their unique financial needs. As such, whether you’re looking for a short term loan or a long term loan, at Cashco Financial, you can have either by customizing the terms of your loans based on your needs.
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.
- Skip a Payment: Every 6 months, you’ll be allowed to skip a payment without having to incur any penalty fees.
- Lower NSF Fees: If you incur an NSF charge, the “Buy Some Time” package will lower the amount you usually have to pay.
- 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 different types of cheques such as payroll, insurance, money orders, certified cheques, post-dated cheques, personal, government, and more.
Banking Services
- Everyday Use Account – Enjoy lower fees while earning cash with Cashco’s chequing account. It provides users with up to $500 in overdraft protection and up to $5 in cashback when you spend money using your chequing account. If you apply for a direct deposit, you can access this account for free. This account is perfect for people who are tired of paying high fees for bounced cheques, low account balances and an overdraft.
- Jumpstart Savings Account – Cashco’s savings account has an automatic savings feature that helps users save money. With no monthly fee and unlimited deposits, this account provides a great incentive for people to save.
- Mom Matches Savings Account – The Mom Matches Savings Account is a free savings account for mothers. You can earn an extra $120 with this account by simply saving $10 a month. For every $10 you save, Cahsco will match it up to $120 per year.
All banking accounts with Cashco are free of applicant fees and are accessible through ATB’s online portal, branches, and ATMs.
Extra Services
Cashco Financial has partnered with a number of businesses to provide you with the following products and services.
- Credit monitoring
- Small business loans
- Tax returns
- Money transfers
Who is Eligible to Apply With Cashco Financial?
Flex Loans
In order to apply for a loan with Cashco Financial, you need to fill out an application form online, call or visit a local Cashco branch. To fill out your application, you will need the following documents:
- Personal identification (ex: driver’s license)
- Proof of residence
- Banking information (ex: bank statements)
- Proof of employment (ex: pay stubs, letter of employment)
Cheque Cashing
In order to access Cashco’s Cheque Cashing services, simply visit your local Cashco Financial branch. All you need to bring with you is two pieces of identification, of which one must be a photo ID that is issued by the government. Of course, don’t forget to bring the cheque you want to cash out. For a low service charge fee, Cashco will cash your cheque the very same day.
Banking Services
To apply for Cashco’s banking services, simply fill out their online application form with your contact information. Within 24 hours, a Cashco Financial representative will contact you with the next steps. All you need is two pieces of government-issued photo ID and your SIN number.
How Much Does it Cost to Get a Loan With Cashco Financial?
In general, there are four main factors to consider when taking out a loan: interest, fees repayment term, and the amount borrowed.
- Interest: The most obvious factor to consider is the interest. The high the number, the more expensive it will be.
- Fees: Oftentimes, lenders will charge origination fees, administrative fees and more when you apply for a loan. You should also be aware of future potential penalty fees such as late fees and pre-payment fees.
- Term: The length of your repayment period is important as it affects the amount of interest you’ll pay. The longer your repayment period is, the more you’ll pay in interest and vice versa. However, a longer repayment period provides you with payments that are smaller and more affordable.
- Loan Amount: Naturally, the more money you borrow, the more money you’ll have to pay back. As such, you should always borrow how much you can pay back rather than how much you qualify for.
Cashco Flex Loan Details
| Interest | Up to 48.99% |
| Term | Up to 60 months |
| Loan Amount | Up to $7,000 |
| Fees | Undisclosed |
Pros and Cons of Getting a Loan With Cashco Financial
| Pros | Cons |
| Cashco Flex Loan can help you build credit when you make on-time payments. | Geographical restrictions – Cashco banking services are only available to residents of Alberta. |
| You can create your payment schedule according to your financial needs. | Late or missed loan payments can affect your credit negatively |
| Cashco accepts a wide range of borrowers, including bad credit individuals. | |
| Cashco Financial has over 65 branches across BC, AB, or ON. |
Is a Flex Loan Better Than a Payday Loan?
In most cases, you should only use a payday loan as a last resort solution. Payday loans have extremely high APRs and extremely short repayment periods, which usually vary around 14 days. This makes payday loans very hard to pay off and very easy to fall into the payday loan cycle.
On the other hand, the Flex Loan can provide you with the same financial relief as a payday loan, but for a lower cost. Due to their lower rates and longer terms, the Flex Loan terms are ideal for people looking to cover their bills, an emergency expense, or even to make a large purchase.
