Unless you have a truly disastrous credit history or a very low level of income, you have plenty of options when it comes to getting money fast. In many ways, Cash Money installment loans are just another one of these options, but there are a few aspects of them that give them a slight leg up on the competition. You can read more about them in the following article.
Check The Specifics First
Like any kind of loans, you should make sure you know everything you can about Cash Money installment loans before you start thinking seriously about getting them. These are large loans that you’ll be paying down for a minimum of a few months – if you’re looking for something more short-term, Cash Money also offers payday loans, but their installment loans are probably not for you. You can borrow up to $10,000 at any one time and you can pay it back over anywhere between 6 months and 60 months. Both the amount that you borrow and the repayment period you agree to are up to you, as long as you stay within the limits that Cash Money has approved you for. You can easily get your money in the course of just 24 hours regardless of how you choose to receive it, but some methods are faster than others.
To be eligible to get these loans, you must have a steady source of income and a chequing account that is active and in good standing – you cannot borrow without a bank account. You will need to provide some personal information during the application process, so you should be ready to do that when you apply. You must also live in either Ontario, Saskatchewan, British Columbia or Nova Scotia, since these are the only provinces that Cash Money serves. Residents of any other province are unfortunately out of luck, but there are sure to be dozens of other lenders available to meet your needs.
As for the interest rates, the stated APR for installment loans with this company is 46.93%. This is high, but you should know that there are no surprise charges that you will be expected to pay unless you fail to meet your obligations – that rate includes the full cost of the loan. You can pay off your loan at any time without incurring any extra fees, so you might consider doing that to minimize how much you will be paying in interest. You will also still pay late fees and non-sufficient funds fees if you fail to properly handle your payments, so take that into account when you are considering this lender.
A Look at the Application Process for Cash Money Installment Loans
If you’re thinking about applying for Cash Money installment loans yourself, you might be wondering about what you can expect to have to do over the course of that process. The first thing you should know is that you can apply in one of three ways: online, in person, or over the phone. You can choose whichever of these best suits you, but you should be aware of the fact that you’ll almost always have the easiest time using the online route. When you do this, you’ll have to answer a series of questions about your personal characteristics, your income, and any past problems with credit.
You will then have to wait for the necessary credit check and income verification processes to be completed, just as you would expect. This should not take long, since Cash Money has invested in some very sophisticated systems that allow them to complete these tasks with almost no human intervention and can work on them at any time of day – assuming you did not choose to apply through an outlet, of course. The only caveat is that you will need to submit the documentation they ask for before they can begin, but you should be given simple and thorough instructions on how to do this; Cash Money will get to work as soon as they receive what they need. When this is all done and the results have been sent to you, you can review what you’ve been approved for (if anything) and sign the loan agreement papers to solidify the deal.
You can get your money in as little as 2 hours if you choose to receive the funds by Interac e-Transfer, but if you prefer, you can also choose to pick up your funds by cheque at a Cash Money location at your earliest convenience. If you do that, you can pick them as soon as you can get there, which is a nice option if you happen to live very close to an outlet.
Why Choose Cash Money Installment Loans?
Perhaps the most compelling reason to choose Cash Money installment loans over similar products from other lenders is this lender’s excellent level of presence in the real world. Unlike many payday lenders nowadays who operate exclusively online, Cash Money has outlet stores scattered all across the four provinces they serve. This gives them exceptional reach in terms of their ability to provide customer service to their clients. If you ever want to drop off a payment in person, pick up your funds as a check, get some help parsing the details of some of the documentation or have a problem of any kind with your loan once you’ve already signed up for it, Cash Money’s representatives will be right there waiting to help you in any one of their stores. This is extremely important for some people who are not comfortable with operating entirely online and would like the chance to switch to offline support if they need it – this point of view is particularly common in older clients. Cash Money is one of few lenders like this who will be able to serve these people in the manner that they expect, which is a huge plus for them.
Another great reason to choose this lender is the fact that they offer loan protection coverage to help you continue to keep on top of your payments in the event that you experience a significant disruption in income. If you have this protection and become too ill to work or lose your job, you will be able to have your payments covered for that period of time. This ensures that you do not have to worry about falling behind on your loan payments during a time when you will already be under considerable financial strain. If you did not have this means of recourse to fall back on, you could easily end up buried under high mounting interest fees that would significantly increase the total cost of your loan – if you didn’t just outright land in default, that is. This coverage is only optional and you must pay an extra fee to have it (the exact cost depends on the specifics of your individual loan), but having the option open to you at all is a nice touch that is not available from all lenders like this. Be sure to inquire about it if you are interested.
Aside from that, Cash Money is also a fairly reputable provider that is not known for disappointing their customers often. If you choose them, you can be fairly confident that you will get a good experience during the whole process and never feel taken advantage of. This should be a standard expectation in the lending industry, but it isn’t always, so it’s best to be careful if you have the option.
Some Downsides to Cash Money Installment Loans
These loans are not cheap by any stretch of the imagination. If you want to borrow money badly, they will certainly cost you less than a payday loan would if paid off in the same amount of time. However, that is the only comparison you can really make that makes it look like you are getting a good deal. Interest rates of nearly 50% can be extremely taxing, especially on large loans like this. While knowing that you won’t have to cope with extra fees is nice, that doesn’t reduce the massive expense that those rates represent. This high interest rate also makes the long repayment periods you can get from Cash Money much less appealing than they would otherwise be. The longer you take to pay back your loan, the more of an impact that these high rates will have on your final loan cost.
However, we must point out in the interest of fairness that this is fairly typical of these kinds of loans, and that you will probably experience similar problems if you choose to contract a product like this from any of Cash Money’s many competitors. It’s simply an unfortunate part of the process of borrowing money, a standard drawback that is hard to avoid no matter where you look. We mention it not to discourage you from trying to borrow from this lender but to make sure that you know what you are getting into. If you choose to take out these loans, you will pay dearly to do so, and there is no getting around that expense.
One issue that is specific to this provider, however, is the severely restricted availability of these loans. Since Cash money only serves a few particular chunks of the country, you can only get them if you live in certain provinces – currently, this includes Ontario, Nova Scotia, Saskatchewan and British Columbia. If you’re a resident of any other part of Canada, these particular loans will not be an option for you for the foreseeable future and you should start looking elsewhere to meet your needs. This may change eventually, but there are no concrete plans in place to do so and it’s best not to count on that as a result.
One last potential issue is a somewhat high set of standards for applicants which may lock some people out of accessing these loans. You will have to pass both a credit check and an income verification process in order to be considered a viable borrower here. For some people, this may be a deal-breaker that they simply cannot get past, either because they know they will not be able to pass these checks or because they disagree with the concept of them in general. If you have bad credit, extremely low income or income from atypical sources, you will probably not be able to get these loans, but there are other options out there for you that you should look into instead. One good strategy is to look for bad credit lenders who are likely to be much more forgiving with their requirements than standard lenders like Cash Money.
What Does Bonsai Finance Think?
Cash Money installment loans are very predictable but also dependable products that will get you your money quickly and reliably. They haven’t made any major improvement to the borrowing process as compared to other lenders and they don’t offer you much of a bargain, but they are easy to use and lay everything out clearly for their applicants right from the start, which is more than some can say.
Ultimately, they’re not too much different from similar installment loan lenders around Canada, but they do have the benefit of physical presence to set them apart from the rest. If that aspect of the lending process matters to you, they may be worth seriously considering for that alone. No matter what you want them for, if you’re at all interested in these products, consider applying for them through our simple and convenient webpage to save yourself even more time and energy. We’ll make things as easy as possible for you, and you won’t pay a single cent more for your loan than you usually would regardless. It’s a great opportunity to take off some of life’s little burdens so you can save your attention for the things that really matter.