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Cashco Financial Reviews, Ratings And Fees 2020

Based on 2
Customer Reviews
ADDRESS
#325, 8170 50 St.
Edmonton, Alberta
T6B 1E6
BUSINESS HOURS
  • Monday to Friday 7 am to 8 pm MST
  • Saturday 8 am to 8 pm MST
WEBSITE
https://cashcofinancial.com/
Presentation

Who Is Cashco Financial

Cashco Financial was found in 2010 in Alberta with the mission of providing subprime Canadians that live paycheque to paycheque with immediate financial relief in the form of long and short term installment loans, as well as cheque cashing. During the first quarter of 2017, they started offering chequing and savings accounts to their clients by entering a contract with ATB; a well respected financial service provider in Alberta. Cashco Financial is a great alternative to payday loans and other high-interest loans. Regardless of your credit, you can get the financial help you need online by applying online or by visiting any one of their branches in BC, AB, or ON.

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

InterestUp to 48.99%
TermUp to 60 months
Loan AmountUp to $7,000
FeesUndisclosed

Pros and Cons of Getting a Loan With Cashco Financial

ProsCons
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. 

Frequently Asked Questions

Can I get a loan if I have bad credit?

Yes, Cashco Financial’s products cater to borrowers with less than perfect credit scores. It is their mission to help Canadians gain access to the financing they need when they need it, regardless of their credit score. Cashco Financial puts a greater emphasis on factors that portray your current financial situation such as your income, debt-to-income ratio and more. 

Will a Cashco’s Flex Loan affect my credit?

Yes, every payment you make will be reported to the credit bureaus. If you have low credit, Cashco’s Flex Loan can help you build credit as you pay down your loan. 

What if I can’t make a payment? 

If you can’t make a payment, you may want to consider getting the “Buy Some Time” package. It provides borrowers access to additional perks such as loan buyout options, payment skips and lower NSF fees.
Services

Offered Services

scroll table
Loan Range
Rate & Terms
Product Details
Eligibility
Requirements & Documents

Flex Loan

$250 – $7,000
Interest Rate
-
Term (Months)
6 – 60
Funding Time
  • Under 1 hour
Funding Method
  • Direct deposit
  • Email money transfer
Repayment Options
  • Automatic debit
  • Flexible payment options
  • Canadian resident
  • Age of majority in your province
  • Bank account
  • Living at currrent address for last 3 months
  • Government-issued photo ID
  • Proof of employment
  • Proof of residence
Reviews

Reviews & Ratings

Is Cashco Financial legit or a scam? See what others have to say.

Fast easy and convenient.

- Beckie (November 14, 2019)

This is a trusted service provider in Canada.

- Loans Canada (June 11, 2019)

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