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Cash4You Loans Review
8 Sep 2018

Cash4You Loans

Sometimes, even people who never imagined themselves taking out a loan will want to take the plunge and try it for the first time. If you’re one of them, Cash4You might be a great choice to help you navigate this unfamiliar territory. Even if you’re a veteran patron of Canada’s lenders, you can benefit from their easy availability and high level of responsiveness.

Borrow from a lender with over 100 physical locations and a help line that’s open 7 days a week.

You are interested if

You need a loan from an established lender with a strong online and offline market presence who can easily offer you in-person support.

 

Key Points

Brief Description Cash4You provides both micro-loans and more substantial ones to applicants who want to work with a lender that has the resources to guide them through the process.
Limits and Deadlines Installment loans are available in amounts ranging between $1,000 and $15,000 and can be paid back over up to 60 months. Payday loans can be approved for up to $1,500 and must be paid back by your next payday. Both types of loans are only available to residents of Ontario.
Urgency Online applications are processed almost immediately, letting the company get back to prospective borrowers very quickly with their approval decisions. However, the funds themselves will not be transferred until all application information has been verified and the applicant has signed the agreement form. Applying through a physical location may take significantly more time due to increased processing requirements for paper forms. Once this is done, customers who choose the Interac E-Transfer payment method will receive their funds within just one hour.
APR Range The APR of their installment loans varies too much for them to give an accurate estimate outside of an individual case; however, their example APR is 59.90% on a one-year loan, so customers should expect something similar to this. Their payday loan costs are assessed differently; in those cases, the cost of borrowing is a flat $15 per $100 borrowed, a rate which applies to all approved applicants.
Closing/Origination Fees None; Cash4You prefers to keep things simple so their customers can fully understand what they’re getting into. All costs associated with the loan are accounted for within the APR they quote for each customer.
Early Payment Fees No early payment penalties apply on either type of loan.
How to Contract the Product Prospective applicants have the choice of either applying through Cash4You’s convenient online portal or going to apply in person at one of their real-world locations. If the in-person option is chosen, the customer can have all the paperwork filled out by the customer service representative helping them at the store. Either option involves a short application form and a brief wait while the necessary documentation is looked over.
Main requirements Applicants must be at least 18 years of age, live in Ontario and have valid photo ID to prove it, have an active bank account, and have a steady source of income that reaches or exceeds a certain minimum amount each month (this threshold depends on the terms of the loan you request – for payday loans, it is always $500 a month). The terms of your loan will be determined in large part by your reported income, so the higher it is, the better off you’ll be.

About Cash4You Loans

Main Features

Cash4You loans are a simple and flexible way to handle any sudden expenses that come your way. Their payday loans are small and carry high-interest rates but are easily accessible as soon as something comes up. Their installment loans, on the other hand, can be taken out in large enough amounts to do something substantial with them, such as getting extensive car repairs done, paying for much-needed dental work, or putting in a small pool. It’s up to you to decide what to use that money for.

These loans are available to almost anyone with enough income to pay them back. Applicants have to undergo a full credit check in order to be considered, but the company is open to working with individuals with a somewhat checkered credit history regardless. Applicants in a precarious position should be aware that the check will trigger a hard credit pull penalty that will further damage their credit score in the short term. However, the credit hit is rarely substantial and will be more than made up for by the positive effects of paying your loan back on time, should you successfully get one.

As mentioned above, Cash4You also offers help for their applicants at any of their branch stores and even runs a help hotline during the entire week (weekends included) to make sure they are always available when their customers need them. Online applications can be accessed at any time, day or night, and will be processed as soon as possible regardless. Timing is therefore almost never an obstacle for applicants.

How Does It Work?

Ease of access is one of Cash4You’s main business focuses. Their online application forms only take a few minutes to fill out and will be assessed almost immediately by the company’s efficient automatic algorithms. If you so choose, you can also go to one of their many locations and have a representative fill out all the paperwork for you under your direction. This gives you a very easy way to get the process started, but it will always take longer to see the process in this way than it would do things online. You may also prefer to input the information yourself so that know exactly what is going onto your forms and that there are no mix-ups or miscommunications occurring. Either method will allow you to find out if you’ve been approved quite quickly, although the online method will bring you results in a noticeably shorter period of time.

Paying back Cash4You loans requires following a specific standardized process. Applicants must authorize the company to set up scheduled automatic repayments from their bank account in order to be granted their funds; this ensures that Cash4You can minimize the risk they are taking on when lending. This set-up also eliminates the hassle of keeping track of repayment dates for the client, so it has its advantages for both parties. However, there must be sufficient funds in the designated account at the time of the automatic withdrawal in order for it to be processed successfully, so it is up to the customer to make sure they do not overspend before that time comes up again.

In cases where the customer does run short on funds, Cash4You is sometimes open to working out a short-term alternative payment arrangement to avoid having the loan go into delinquency (though customers who need such accommodations should try to notify them as early as possible). The company does also permit total loan refinancing in certain circumstances, but there is a cost associated with this service and borrowers should avoid using it as much as possible. If the short-term nature of their payday loans will make this too difficult, the installment loans the company also offers can help to space out the repayment period a little more and make each individual payment more affordable.

Conclusions

Cash4You’s biggest strength as a lender is their sizable offline presence. Unlike many lenders today who operate primarily or exclusively online, Cash4You maintains a large repertoire of physical locations from which to serve their customers while also maintaining and refining an online application process for convenience. This means that no matter how comfortable you are with using a computer or smartphone, you can count on being able to get a loan from them. It can also be helpful for people who don’t always have reliable access to an internet connection. These locations aren’t hard to get to or always closed when you need them, either; you can get to one quickly from just about anywhere in the province, and many are open late with extended hours to make things easier on their busy customers.

This high level of accessibility is also present in the way in which their application process is structured. Their online setup is easy to use and clearly explains each step of the process, but if you’re still confused, you do have the option of calling their help center or enlisting the aid of a representative at one of their business locations. The fact that a live human helper is never very far away means that customers who take the initiative to use this support will never have to deal with uncertainty when obtaining their loan.

The fact that they have served so many customers and continue to do so suggests that most of their customers leave satisfied. The company also boasts hundreds of high ratings on Trustpilot from all the happy borrowers they have helped, another favorable indicator for their customers service abilities. If you’re at all concerned with what kind of experience you’ll have when borrowing money, they have enough public support behind them to make them a solid choice in that regard.

Cash4You: Lending All Across Ontario

Cash4You has been one of the leading names in Ontario’s lending market for almost two decades since 2001, providing easy online and offline loans to applicants whenever they are needed. They are proud to be able to call themselves a 100% Canadian company and have been since the day they opened their doors. Because they offer both installment loans and payday loans, they are equipped to fulfill the needs of just about any customer who comes to them. This has allowed them to lend over $1 billion total over the course of their time in business and to stay relevant through the influx of new online-only services that came after them.

Not just an online lender, Cash4You also has over 100 brick-and-mortar locations across the province serving thousands of customers every day. This tangible marker of their success should give consumers confidence that they know what they’re doing. They also cash cheques and provide currency exchange services at these locations, further entrenching them in Ontario’s financial market and proving their expert level of knowledge on consumer financial affairs. Whatever you need, you’ll probably be able to get in touch with them and receive an accurate, informative answer.

What We Think

Overall, Cash4You is a good mid-market lender with a strong and reliable market presence. They have a lot to recommend them and generally receive positive reviews from their customers. They do more to make themselves available to customers than many other lending companies do, making them a very attractive possible choice for those who are a little nervous about borrowing for themselves.

However, it’s best not to let yourself be dazzled by their best features without considering the trade-offs you face to get them. In Cash4You’s case, the downside is mainly in their less-than-affordable general APR. Their interest rates aren’t unreasonably high, but they’re far from being the lowest you can get in most cases. Part of the reason for this is that you’re paying for the extra services that they can offer you via their branch locations, which can very expensive to operate. Those services are a huge plus for some borrowers and aren’t offered by many of their competitors, so the higher cost is less of a deal-breaker than it could be if there was less value being offered in return.

The single-province nature of their operations does make it hard for many potential borrowers to choose to use these loans, but if you happen to live in Ontario, this lender is definitely worth some consideration. Just be sure that you’ll be able to pay back your entire balance as quickly as possible to avoid strong repercussions from those high APR rates.