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CashCo Financial Personal Loans Product Review
5 Aug 2018

CashCo Financial Personal Loans

Wouldn’t it be nice to take out a loan on your own terms, not your lender’s? With CashCo Financial personal loans, you can.

Get a loan up to $7000 in 24 hours and pay it back over up to 36 months!

You are interested if

You need a loan that you can shape in whatever way you please (except for the interest rate, of course).

 

Key Points

Brief Description CashCo Financial personal loans are financial products that can be customized by consumers to give them the exact loan they need, even if they have poor credit.
Limits and Deadlines You can borrow up to $7000 at once and pay it back over up to 36 months.
Urgency Depending on the specifics of your case, you could be approved in as little as a few minutes and have your money just a few minutes after that.
APR Range Varies depending on the loan terms you choose and your borrower profile (see below).
Closing/Origination Fees None.
Early Payment Fees None.
How to Contract the Product Just apply online through the brief application form available on CashCo’s website. Once you have, you should hear back from them in well under 24 hours.
Main requirements You must be of legal age (at least 18 years old), have a valid email address, and have an income of at least $1200 per month. You must live in one of the provinces that CashCo serves (Ontario, British Columbia, Saskatchewan, Alberta, Newfoundland and New Brunswick). You must also submit a copy of one piece of government-issued photo ID and if in Saskatchewan, a copy of some of your bank statements.

About CashCo Financial Personal Loans

Main Features

CashCo calls their product FlexLoans because of the ultimate flexibility they offer their customers. They allow you to choose the loan amount and repayment period you want on a sliding scale within their preset boundaries, and will calculate your interest rate based on your selections. This allows the borrower an extensive amount of control over their loan and should allow them to tailor their payments to their cash flow and make the repayment process as painless as possible.

These loans are also extremely accessible. Turnaround times can be extremely quick and few applicants are turned away entirely, even if they don’t always receive the loan they initially wanted. Applying is easy and convenient, and if you need someone to help you through it, CashCo’s customer service team can make that happen for you.

How Does It Work?

CashCo Financial personal loans are contracted entirely online through a simple application form that lets you enter your personal details and your preferred terms. A credit check is part of this process, but it won’t be a significant factor in the final decision over whether or not to approve you; it will primarily influence the interest rate at which your loan is offered to you. Once the company has assessed your application and you’ve seen what your finalized loan will look like, you can accept it online as well and potentially receive your funds within the hour.

Conclusions

The customization permitted to consumers through CashCo’s FlexLoans is remarkable and can really help to make a loan accessible to lower-income people, but consumers should not enter the process blindly. One of the big benefits advertised for this arrangement is that you will save on interest fees by going for a long-term loan over a shorter term one, but that is often only true in the immediate future. Over time, a larger number of smaller payments may still eventually grow to a greater total amount than you would have paid with a more conventional loan.

However, this may still work to some people’s advantage if their main concern is to reduce the cost per month in order to make the loan fit into their budget at all. Longer repayment periods can also make a greater impact on your credit score overall, so if one of the reasons you’re interested in these loans is to help boost your credit, having the option to stretch your payments out can also be helpful. Ultimately, it’s up to you to decide what you need to prioritize in your specific financial situation; no one else can tell you what is right for you.

The company: CashCo Financial

CashCo Financial has been in operation since 2009 and has distributed over $300 million in loans so far. They boast over 60 physical branches in the provinces they serve and help customers in person every day with all kinds of financial tasks, including cheque cashing and global money transfer services. They have live agents ready to help customers out every day of the week, weekends included. They also make sure to give back to the communities they serve by sponsoring many events for local charities in need.

What We Think

CashCo Financial personal loans undeniably succeed in giving customers a wide range of options for borrowing. In a world where small loans especially are often restricted to extremely short repayment windows, it’s nice to be able to bend the rules a bit and get the terms you’re looking for without having to seek them out specifically. This is especially helpful if you’re aiming to use your loan for credit building purposes since it allows you to potentially reduce your monthly payments down to a very small amount.

That said, this structure is unfortunately not conducive to transparency, and that can be a problem. You should never take out a loan unless you’re sure you can fit it into your budget, and these loans are difficult to work with from that perspective. Because no exact interest rate quote can be given to you until you’ve filled out your application and heard back from CashCo, it can be difficult to gauge the affordability of these loans. If you think you might like to take one out, we advise you to apply and review your offer carefully before you commit to anything; if you do that, you have nothing to lose.