Cash Money

Cash Money, online personal loans in Canada

Cash Money is a Canadian entity specialising in personal loans that operates primarily online, although it also accepts applications by phone and in branch. Its catalogue is built around two products: the line of credit and the payday loan. The company reports 34 years in business, more than 19 million loans granted since 2000 and more than 3 million Canadian customers since 2005.

Line of credit: the most requested product

The line of credit is presented as the entity's most popular option. It allows access to up to $10,000, with the particularity that the customer takes only the amount they need and pays interest only on what they use. The application is made once and, once approved, the available credit remains accessible at any time and place. As payments are made, more limit is released. According to the website information, pre-approval does not affect the credit score, although accepting the line of credit involves a hard inquiry that can affect it.

Payday loan: fast, smaller-amount financing

The payday loan is designed for one-off liquidity needs. Its maximum amount is $1,500 and funding can be obtained in as little as 15 minutes. A flat fee applies based on the amount borrowed. It does not require collateral or an excellent credit history: the determining criterion is the ability to repay. The application can be completed online quickly.

Requirements and application process

The process is structured in three steps. In the first, the applicant submits the application online, by phone or in branch, in the case of auto equity financing. In the second, the required documents are verified: being at least 18 years old, valid ID, a steady source of income, an open chequing account and a phone number. The company states that employment and disability income are accepted. After verification, a lending decision is received and, once approved, the contract is signed. In the third step, the funds are delivered via Interac e-Transfer electronic transfer or direct deposit into the bank account.

Customer service and complementary services

The entity stresses that every customer experience is important and that its representatives are professional, friendly and trained to find the best solution for each situation. In addition to the credit products, the website mentions a security centre, a loan protection plan and a claims procedure associated with that plan. It also offers an FAQ section and a blog.

Customer reviews

On the Trustpilot platform, Cash Money has accumulated 8,211 reviews with an overall rating of "Excellent". The comments highlight the speed of the process, the clarity of the terms, the service received and the ease of making payments or accessing the line of credit. Several users mention having obtained financing for urgent car repairs or to cover unexpected expenses.