Turbo Cash

Turbo Cash: online installment loans for Canadian residents

Turbo Cash is an online lender operating in Canada that offers installment loans between $250 and $1,500 CAD. The company presents itself as "Canada's #1 Trusted Lender" and targets Canadian residents who meet a series of eligibility requirements. The application process is fully digital and does not require a credit check.

Loan products and terms

Turbo Cash's catalog focuses on installment loans with amounts ranging from $250 to $1,500 CAD. The repayment term is 90 to 120 days. According to the example published by the company itself, a $500 CAD loan with an annual percentage rate (APR) of 24% is repaid in 6 to 8 payments over more than 90 days. Payments are divided into 3, 6, 8, 10, or 12 installments, depending on the applicant's pay frequency. The company states that payments are flexible and adjust to the client's pay schedule.

Eligibility requirements

To apply for a loan, interested parties must be Canadian citizens, over 18 years of age, with full-time employment and a minimum of three months in the position. Income must exceed $1,200 CAD per month and be received by check or direct deposit from the employer. Additionally, applicants must have an active Canadian bank account for at least three months, where the salary is received by direct deposit, and an active mobile phone number. The company also requires not being on the cusp of bankruptcy or about to enter into a consumer proposal, having few or no insufficient funds transactions, and a low short-term debt ratio.

Turbo Cash does not accept certain sources of income: self-employment, social assistance, student loans, CPP pension, child tax, private pensions, disability payments, and other income from insurance. Also excluded are individuals receiving ODSP, EI, CERB, or disability, as well as self-employed workers.

Application and verification process

The application is made online and, according to the company, is completed in approximately one minute. Turbo Cash does not request paper documentation: the process includes instant verification and electronic signature. Instant bank verification (IBV) allows the company to access a read-only copy of the bank statement for 90 days, without Turbo Cash having access to the user's credentials or identification information. The company recommends this method for its speed and security. Approval is communicated within minutes and funds can be received the same day, usually between 30 and 90 minutes after approval, via Interac e-Transfer. Clients renewing a loan can request delivery by e-transfer, also available on weekends and holidays.

Payments, deferrals, and renewals

Payments are calculated by adding principal and interest and dividing the total into equal installments according to the client's pay schedule. Turbo Cash allows deferring payments, but not the first or last payment of the loan. Nor can the next payment be deferred if the previous one was missed, nor can two consecutive payments be deferred. In case of non-payment, the company recommends contacting the account manager to evaluate available options, and warns that late payments may incur additional charges. The company also offers the possibility of renewing a loan.

Company profile

Turbo Cash identifies itself as a Canadian lender and operates exclusively online. Its proposition is based on the absence of a credit check, the speed of the process, and the flexibility of payments. The company claims to guarantee top-notch customer service and the most competitive interest rates on the market, a point that corresponds to its own presentation and not to an independent verification.