PERSONAL FINANCE BLOG

Money shouldn´t stop making your plans come true. Learn how personal loans can help you!
Capital Cash Payday Loans Review
20 Sep 2018

Capital Cash Payday Loans

When you need money for food, rent, transportation, an urgent repair bill, or any other pressing necessity that you can’t quite afford, payday loans are there to help you out. Capital Cash can be where you get yours.

Get a loan for up to $1,000 in less than a day with no credit check required.

You are interested if

You need a small amount of money immediately and know you will be able to pay it back in your next pay period.

 

Key Points

Brief Description Capital Cash offers micro-loans that can be accessed by almost all prospective borrowers with just a quick and easy online application.
Limits and Deadlines Loans are available for anywhere between $100 and $1,000 depending on your financial history. First-time clients are usually limited to $150 loans until they have established a good track record with Capital Cash. All loans must be repaid in 14 days.
Urgency If all goes well, you’ll receive your money on the same day you applied for it. In fact, many applicants receive their funds in just one hour.
APR Range Loans are subject to a 546% annual rate, but are short-term only and will almost never accrue interest for that long.
Closing/Origination Fees None.
Early Payment Fees Due to the brevity of the repayment period, early payment fees cannot apply.
How to Contract the Product Capital Cash takes all their loan applications through their online portal, and they only require a few quick questions in order to be considered for a loan. Once this has been done, your case will be processed as soon as possible and you’ll find out if you’ve been approved without too long a wait.
Main requirements Like most Canadian loans, you must be at least 18 years old and a citizen or permanent resident of Canada to apply. You must currently have a job and have held it for at least 90 days, be paid by direct deposit, and take home at least $700 every paycheck after taxes.  You must also have an active chequing account in your name that you have had for at least 2 months prior to applying, and have a valid phone number and email address for contact purposes.

About Capital Cash Payday Loans

Main Features

Capital Cash offers borrowers an easy way to make it through life when minor financial stumbling blocks present themselves. Very few people are so fortunate as to never have any money troubles at all, and in some cases, even a very small amount of extra cash can do a lot to help smooth them over. Instead of compromising your quality of life or risking significant late fees on overdue bills, you can use a payday loan (also called a cash advance) to cover these expenses. Unlike most loans, there’s relatively little risk involved since payment is due very soon after signing the agreement papers – it’s hard for anything to go drastically wrong in your financial life in so short a time. As long as you are able to correctly gauge your ability to afford the loan from the start, you can make use of these financial products with little fear.

This lender in particular intentionally keeps the stakes low for both parties in order to improve access to funding and widen their customer base. Because the loans offered are so small, there is no credit check to go through and very little in the way of application questions; almost everyone is deemed a suitable initial risk. After you’ve taken out your first loan, Capital Cash uses the data they’ve gathered on your borrowing behaviour (namely, whether you paid your balance in full and on time) to decide whether you can be trusted with additional leeway in your loans. If they decide that you can be, you’ll be able to take out loans for up to the full $1,000 limit if you can afford to do so. However, they do not offer higher limits than this, even for their most loyal and affluent customers.

Each customer may only have one loan with Capital Cash at a time, and they do not provide automatic loan renewals. If you wish to renew your loan, you’ll need to initiate that process yourself. However, customers who do return to borrow again after their first successful experience will have an even easier time reapplying and will have a better chance of being offered a larger loan amount. You can reapply for a new loan in this way as many times as you want, as long as the previous one that was in your name was fully paid off.

Should a customer fail to repay the entirety of their loan by the expected repayment date, they will be charged an NSF fee of $49.50 in addition to the remainder of their loan; they may also incur bank fees as a result of the failed transaction. Their new balance will then begin to accrue interest at a rate of 59% per year. Capital Cash will also attempt to contact the customer at this point using any of the contact methods they were obliged to provide as part of the application process. This is the delinquent borrower’s last chance to try to settle their account.

If these measures also fail to encourage proper repayment, that customer’s account will be sent to a collections agency that Capital Cash regularly works with. At this point, the customer may be offered a chance to settle for less than the final pre-collections balance, but this is not a guarantee. Responsible borrowers will ensure that this never happens outside of very rare and sudden downturns in their personal financial situation.

How Does It Work?

To get a loan from Capital Cash, all you need is a device with an Internet connection and a little bit of spare time. According to their website, an applicant can complete the entire process in under 5 minutes. There is no credit check required and applicants with poor credit are encouraged to apply for that reason. Particularly when it’s your first time approaching this lender, you don’t need to have a very high income to be approved either. Virtually all applicants can look forward to being approved for the initial loan of $150. You’ll hear back from them on the same day and be told how much you’ll be permitted to borrow at that time.

Once an agreement has been reached, Capital Cash will ask the customer to sign an electronic form to make the loan contract binding. Funds are then sent to the recipient through an email money transfer or are deposited directly into their bank account via an electronic funds transfer. The email money transfer option is significantly faster than the alternative (it only takes approximately 20 minutes for the funds to go through), but either will get you the money you need in less than 24 hours.

The repayment process is also easy. At the end of the 14-day loan period, Capital Cash’s systems will automatically withdraw the exact amount of funds necessary to pay the customer’s full balance from their linked chequing account. Should the account have less money in it than is needed to do this, the borrower will have an non-sufficient funds fee applied to their account. This should only happen if you are careless and do not verify whether or not you have the right amount of money at the right time. If you do check your account and find you cannot come up with the necessary funds to cover this transaction, you have the option to defer your loan for another pay period at the cost of paying more interest on it. This is not the optimal scenario, but it will be less expensive than letting extra fees accrue and dealing with collections if the loan goes into delinquency.

Conclusions

For the most part, Capital Cash is a standard payday lender with all the standard payday loan restrictions and requirements. Like any such lender, their services are useful for getting you out of emergencies and providing a short-term way to access cash you’ll earn in the future. Their application process is simple and they get you the money you need in a very reasonable amount of time.

Like many lenders who prefer to court the business of repeat customers over first-timers, many of the restrictions they impose can be a bit discouraging to deal with. It’s hard to deal with any kind of true financial emergency with so little money, and there’s no way to build up your reputation with them in advance because you don’t know when problems will surface. While keeping initial borrowing to a minimum is a smart idea for both you and your lender, hard limits like this, especially when they are so low, make things harder than they need to be. There are other payday lenders who are willing to loan higher amounts right from the start, and many people will have no choice but to opt for them in order to actually meet their needs.

The fact that they are fairly generic in terms of what kinds of loans they offer can actually be counted as a point in their favour. Because of this, it’s extremely simple to understand what they’re about and how everything works with their loans. You won’t be caught off guard by unexpected fees or unclear conditions, and you’ll know exactly what is expected of you in return. While some other lenders or types of loans might offer certain extra advantages, the predictability you’ll find here can be comforting, particularly when you don’t really need any extra bells and whistles.

The fact that they are an American offshoot company, however, does set them apart, but not necessarily in a good way. While being a larger international company does provide greater stability and influence, it also potentially suggests a lesser investment in the specific needs and preferences of the Canadian market. Some people who prefer to support Canadian businesses whenever possible may feel more comfortable choosing a different lender, and for the most part, they’ll have no trouble finding the same kinds of offerings in their chosen substitute. Conversely, there isn’t much about them that would prompt someone to insist on borrowing from them specifically.

Capital Cash: Your Online Loan Access Point

Capital Cash has been lending thousands of dollars online to Canadians for many years now. Though they do conduct business in Canada, they are actually based in Florida and are an American company first and foremost. Their Canadian branch operates entirely online and serves customers in all provinces except Alberta and Manitoba. They have helped thousands of customers get the small loans they need to get through life, and many of their clients have kept coming back for more. They are available 6 days a week by phone and email to answer any questions or address any concerns you might have about your loan.

What We Think

Our final verdict on Capital Cash is rather neutral. They’re a trustworthy lender willing to work with people with all kinds of financial profiles, they’re fairly quick to transfer funds without leaving you waiting around for long, and there’s no reason to believe they won’t treat you well when you borrow from them. There are no significant downsides to choosing them (well, none that don’t exist with nearly all lenders of this type, anyway), and they have a solid client reputation online.

If you just want a hundred dollars or so and truly don’t care where you get it, they’ll get you what you need – it’s just that there isn’t any particular reason to recommend them over other lenders, either. Use them if you feel so inclined, but shop around a little more if you have any doubts about their ability to meet your needs; many lenders offer more optimized solutions that may come closer to your ideal arrangement.