When you don’t have good credit or a high income, it can be very tough to get approved for a loan, especially through banks, credit unions, and other prime lenders. If you don’t have perfect credit, you can still get Cash Money or easyfinancial loans.
Both of these established lenders have been operating in our country for over 30 years. Check out this Loans Canada review for our summary of Cash Money vs easyfinancial.
What Types Of Loans Can You Get With easyfinancial?
easyfinancial offers a variety of loan options, including:
- Personal Loans of $500 – $20,000 (with terms of 9 – 84 months)
- Home Equity Loans of $15,000 – $100,000 (with terms of 72 – 120 months)
- Auto Loans of $5,000 – $15,000 (with terms of 12 – 84 months)
- Bad Credit Loans of $500 – $100,000 (with terms of 9 – 120 months)
- Installment Loans of $500 – $100,000 (with terms of 9 – 120 months)
They also offer alternative financial products, such as:
- Point-Of-Sale Financing
- Value-Added Services
- Small Business Financing of $5,000 – $500,000
What Types Of Loans Can You Get With Cash Money?
Cash Money offers two basic kinds of financing:
- Payday Loans:
- Instant payday loans of $50 – $1,500
- Online and regular payday loans of $100 – $1,500
- Lines of Credit from $500 – $10,000
Requirements Of An easyfinancial Personal Loan
At easyfinancial, the approval requirements depend on the type of financing you want. For instance, here are the minimum requirements to get an easyfinancial personal loan:
- Must be at least the age of majority in your province/territory (18 or 19+)
- Must have a minimum net income of $1,200 per month (of which $1,000 must be full-time, part-time, self-employed, disability, or pension)
- Must be a citizen or resident of Canada, whose status is one of the following:
- Permanent Resident
- Work Permit
- Foreign Student for at least 6 months
- Must hold one of the following employment statuses:
- Full-time
- Part-time
- Self-employed
- Seasonal
- Maternity leave
- Retired (pension)
- Disabled (disability benefits)
To qualify for an easyfinancial personal loan, your employment status cannot be social assistance (i.e. welfare) or unemployed (Employment Insurance), unless your EI income is due to maternity leave or a seasonal layoff. Additionally, you cannot become eligible for an easyfinancial personal loan if your Residency Status is “Visitor” or “Other”.
Requirements Of An Cash Money Loan
To apply for a Cash Money loan or line of credit, you’ll need to meet these requirements:
- Be at least 18 years of age
- Have an active chequing account
- Have a working telephone number
- Have a valid email address (for online loans)
- Have proof of a steady income
easyfinancial vs. Cash Money: Which One Is Cheaper?
Before you apply with any loan provider, make sure to find out what their products cost and compare them to other lenders in your area. While easyfinancial and Cash Money are both transparent about their interest rates, their fees are not listed on their websites. Extra fees will affect the overall amount of debt you’ll owe
easyfinancial Unsecured Loan Cost
easyfinancial interest rates normally range from 9.99% to 46.96%. However, the final cost of your product can vary greatly based on your loan type, loan size, repayment term, and easyfinancial’s assessment of your credit profile. Here are two examples:
- Unsecured personal loan interest rates range from 29.99% to 46.96%
- Payment terms can last from 9 to 84 months
- You plan to borrow the maximum amount of $20,000
Example #1:
- You borrow $20,000 over the shortest possible term of 9 months
- You pay in monthly installments, at the lowest interest rate of 29.99%
- Your monthly payment will be $2,509.04
- You’ll pay $2,581.35 in total interest
- The final cost of your unsecured personal loan will be $22,581.35
Example #2:
- You borrow $20,000 over the longest possible term of 84 months
- You pay in monthly installments, at the highest interest rate of 46.46%
- Your monthly payment will be $815.09
- You’ll pay $48,467.30 in total interest
- The final cost of unsecured personal loan will be $68,467.30
Does easyfinancial Have Fees?
Although easyfinancial offers a free loan application process, you might encounter various fees for certain transactions and penalties, including but not limited to:
- Non-sufficient funds (NSF)
- Late payments
- Missed payments
- Prepayments (early payments)
- Administrative services (loan origination, etc.)
- Cancelling your loan outside of their 14-day grace period (before that, you can cancel your unsecured loan agreement without penalty or a specific reason)
Cash Money Unsecured Loan Cost
Since Cash Money offers payday loans, their terms and interest rates vary according to the province or territory you’re in when you borrow from them. In Canada, the maximum rate for a payday loan is $14 to $17 per $100 you borrow. Here are two examples:
- In most provinces, the maximum term for a Cash Money payday loan is 14 days
- Most payday loans also have to be paid off all at once, with interest and fees
- You plan to borrow $300 over the full 14 days
Example #1:
- You borrow $300 in Newfoundland, which has the lowest rate of $14 per $100
- The total cost of borrowing will be $42 or 365% APR
- The minimum cost of your payday loan is $342 (not including fees or promotions)
Example #2:
- You borrow $300 in Saskatchewan, which has the highest rate of $17 per $100
- The total cost of borrowing will be $51 or $443.21% APR
- The minimum cost of your payday loan is $351 (not including fees or promotions)
Does Cash Money Have Fees?
On their website, Cash Money does not state if they charge any application fees. Their payday loans and lines of credit may come with additional costs too, including fees for:
- Non-sufficient funds (NSF)
- Late payments
- Missed payments
- Prepayments
- Administrative services (loan origination, etc.)
Benefits Of easyfinancial vs. Cash Money
Whether you’re interested in applying for a personal loan or line of credit, it’s equally important to weigh the pros and cons of every lender you come across during your research. For instance, here are some of the most notable benefits of easyfinancial and Cash Money:
easyfinancial Benefits
- Available Everywhere in Canada – easyfinancial has over 400 locations across all 10 provinces and territories (Cash Money is only available in certain regions).
- Choice – Unlike some alternative lenders, easyfinancial offers a good variety of products and services, including several types of secured and unsecured loans.
- Large Loans And Long Terms – easyfinancial offers loans of up to $100,000 (or $500,000 for small business financing) and flexible terms of up to 120 months.
Cash Money Benefits
- Requirements – Cash Money has more lenient criteria than easyfinancial. You can even apply if you’re on EI, Child Tax Benefits, or the Canada Pension Plan.
- Fast Loan Process – Whether you do it online, in-store, or over the phone, it only takes about 10 minutes to apply and receive a decision with Cash Money.
- Charitable Programs – Cash Money helps out with a number of large non-profit organizations, such as Humane Canada and Ronald McDonald House Charities.
easyfinancial vs. Cash Money: Overview
| easyfinancial | Cash Money | |
| Loan Types | – Personal Loans – Home Equity Loans – Auto Loans – Bad Credit Loans – Installment Loans | – Payday Loans – Lines of Credit |
| Loan Amount | – $500 – $20,000 (personal) – $15,000 – $100,000 (home equity) – $5,000 – $15,000 (auto) – $500 – $100,000 (bad credit/installment) | – $50 – $1,500 (instant payday) – $100 – $1,500 (online/regular payday) – $500 – $10,000 (line of credit) |
| Interest Rate | – 9.99% – 46.96% APR (secured) – 29.99% – 46.96% APR (unsecured) | – $14 – $17 per $100 borrowed (varies by province/territory) – 46.93% APR (line of credit) |
| Terms | – 9 – 84 months (personal) – 72 – 120 months (home equity) – 12 – 84 months (auto) – 9 – 120 months (bad credit/installment) | – 7 – 30 days for payday loans (depends on province/territory) – Open-ended for lines of credit |
| Fees | Possible: – NSF – Late payments – Missed payments – Prepayments – Administrative – Cancelling after 14-day grace period | Possible: – NSF – Late payments – Missed payments – Prepayments – Administrative |
| Funding Time/Method | – Funding time depends on loan type – Interac e-Transfer – Electronic Funds Transfer (ETF) – Over 400 stores across Canada | – As little as 15 minutes (unless collecting your funds by ETF) – CashDirect Deposit – Interac e-Transfer – Electronic Funds Transfer (ETF) – Over 90 stores across Canada |
| Requirements | – At least the age of majority in your province – Minimum net income of $1,200 per month (of which $1,000 must be full-time, part-time, self-employed, disability, or pension) – Citizen or Resident of Canada – Full-time, part-time, self-employed, seasonal, maternity Leave, pension, disability benefits | – At least 18 years of age – Active chequing account – Working telephone number – Valid email address (for online loans) – Proof of a steady income |
How To Apply: easyfinancial vs. Cash Money
When you apply for a loan through easyfinancial or Cash Money, keep in mind that the process and required documents may differ from product to product. That said, the application process should take approximately 5 to 10 minutes with both lenders:
easyfinancial
- Contact easyfinancial by phone, visit one of their stores, or go to their website.
- Fill out an application and submit the following documents:
- Two most recent pay stubs
- Last 90 days of banking information
- 1 recent bill with your current home address
- 1 piece of valid government photo identification
- Wait for a decision (you should receive one within 30 minutes).
Cash Money
- Contact Cash Money by phone, visit one of their stores, or go to their website.
- Choose your province and desired loan product
- Create a Cash Money account using your email address.
- Create a password, then choose a security question and answer.
- Fill out and submit the first part of the application using your:
- Full Name
- Home Address
- Phone Number
- Employment Status
- Monthly Income
- Verify your income and identity by providing documents that show proof of your open chequing account, source of income, age, and phone number. These may include pay stubs, bank statements, and government ID. You can do this by:
- Entering them into the Cash Money online application portal
- Emailing or faxing them directly to Cash Money customer support
- Presenting them at your local Cash Money branch
- Submit all this information and get an instant decision.
Looking To Apply For A Loan In Your Region?
If so, Cash Money and easyfinancial are two viable options, especially if you don’t have a great credit score or income. Both lenders have store locations and online services that make it convenient to apply for a loan, without the hassle that banks often give you. For more details about Cash Money vs easyfinancial, check out the Loans Canada blog. If you want to get your free credit score, try CompareHub by Loans Canada.
