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Captain Cash Money
3 May 2019

Need Money Fast? Captain Cash Could Come To Your Rescue

It’s not uncommon at all to need some extra cash in an emergency, but many people find standard payday loans a bit too difficult to pay off in the small amount of time you’re given. Thankfully, there is a middle ground between those products and the more involved installment loans. Captain Cash is an unconventional small-time lender whose loans can give you a little more breathing room as you do your best to pay them back.

More on the Borrowing Process and What You Need

In order to get these loans, you have to be 18 or older, be a Canadian citizen, and have a job you’ve held for at least 3 months and that pays you at least $1,200 a month by direct deposit. You are also required to not be close to bankruptcy, have many other short-term loans open at once, or have many non-sufficient funds fees applied to your bank account; all of these are considered red flags indicating that you may have trouble repaying any loan this lender might offer you, so they understandably do not want to take the chance. You are also ineligible if you have income from any source other than a job, including CPP payments, a private pension, employment insurance, social assistance or disability income.

If you meet these requirements, you can submit an application and expect to be approved for anywhere between $200 and $750 depending on your financial situation (each applicant will receive a different amount in the final offer). This lender also offers slightly variable interest rates depending on your income, your credit score, and the length of your loan, so it’s impossible to say what interest rate will apply to you in the end. You should, however, expect it to be similar to what you would pay for a payday loan, since that’s the closest comparison point to what these loans are.

Whatever sum you end up getting, you’ll be expected to pay it back in 3 months’ time. If you do this, you won’t pay any additional fees, although customers who do miss that payment date may be charged various fees for their failure on top of the interest they are already accruing. As far as when you’ll get your money, though, you can expect to be subject to a waiting period as short as just one day if everything checks out. Everything in the application process is done online, so if you’re organized about it, you could have your loan completely set up and on its way to you in under an hour.

The Benefits of Drawing Things Out

One of the unusual but at least potentially beneficial things about these loans is that Captain Cash gives you a little more time than most similar loans do to repay them. This has both good and bad aspects to it. The good part is almost self-explanatory – you’ll have more time to repay your debts, which means that you’ll also have more time to come up with the money you need to do that. You won’t have to live on much less than you usually would for a short period of time to get that money in the span of one payday; instead you can spread that financial discomfort out over a longer period of time. You’ll also have a better chance of being able to get all the money you need from your paycheck alone instead of potentially having to resort to more drastic methods of fundraising like selling personal items or taking on extra work. For these reasons, this extended time frame can easily be what makes it possible for some people to afford to borrow at all, and Captain Cash is one of few lenders out there offering this specific kind of product.

As we mentioned, though, it’s not all good news. The bad part is that because you’ll be carrying that debt over a longer period of time, you’ll have more time to accrue interest on it. This makes your final loan cost larger and may even tip it into being unaffordable for some people. You still have the option to repay your loan early if you like, so it’s not as if this is an inevitable consequence of borrowing from this lender. Still, few people have the discipline to stick to an objective like that when it isn’t strictly required of them, so unless you’re very confident in your own ability to do that, you shouldn’t take it for granted that you will manage to pull that off.

With all this in mind, this extended time frame calls for extra considerations. Perhaps the best way to use these loans is to treat them like regular payday loans and aim to repay them in full after the customary 2 weeks, but not panic if meeting this ambitious goal proves to be impossible. This should minimize your chances of procrastinating on paying back the loan and landing yourself with a bill that is higher than what you expected. Of course, if you really need the extra time in order to even consider getting the loan, you shouldn’t hesitate to make full use of it. It’s only those who can afford to pay their loans off faster but choose not to who should be wary of the potential negative impact here.

The Safety Net of Loan Renewal

You should never take out a loan without having a clear idea of how you will repay it and every intention in your mind of doing so as soon as possible (and certainly before the due date). However, even the best laid plans sometimes go awry. Planning to repay your loan on time does not necessarily mean that you will be able to do so, and if you miss the deadline, you’ll incur costly fees that will make it even more expensive for you to get the cash you need.

Unlike many similar lenders, Captain Cash offers their customers the chance to renew their loans without repaying them in full if a customer is having trouble meeting their debt obligations. This is very rare in smaller lenders who are usually dealing with you during a small two-week window only, and even larger ones are not always willing to extend you this courtesy. However, it’s a huge selling point that this one does if you are at all nervous about how you’ll be able to repay your loan. If you still fall short of success in spite of your best attempts, you’ll be able to simply renew your loan and try again. There is a cost associated with doing this, of course, but it’s better than having the loan go to collections and being harassed by constant calls from there – not to mention what that failure might do to your credit score. It’s best to handle things with a renewal if you can, and Captain Cash gives you that option.

Gauging Public Opinion

Captain Cash understands how much power a review from a fellow customer has when you’re trying to decide if you really want a certain financial product for yourself. To that end, they’ve created an extensive review and testimonials page to advertise their small loans. The reviews displayed are pulled specifically from the 10,000+ customers they served over the course of the past year. These reviews are overwhelmingly positive with an effective five star average rating (rounded up) being displayed at the time of writing this.

This might seem suspicious considering that the page is under the direct control of Captain Cash staff members, but all reviews are pulled from Trustpilot, which is an outside source that hosts reviews for many companies. Therefore, we can be reasonably certain that these reviews reflect the true quality and popularity of this product. They also tell us that the customer service in particular is quite good and can absolutely be relied upon to help you out if you have any problems with your loan. This is nice to know, since this is a smaller lender without much of an established reputation to go on yet. While they will undoubtedly build one in time, it’s helpful to have this additional indicator of quality here to help you fill in the blanks in your knowledge of them in the meantime.

Is It a Good Idea to Borrow From Captain Cash?

Captain Cash might still be in the process of growing, but they have certainly carved out their niche in the Canadian lending market. They are not the only lender offering small payday-loan-sized loans for slightly longer periods of time, but they are one of few, and that alone makes them special. Combine that with the option to renew your loans and a dependably short turnaround time backed by good customer service, and you can see the appeal of this lender even through their relative obscurity. They’ll only be useful to you if you don’t need much money from them, but if that’s the case, they’re at least as good a lender as most others you could use, and much better than many. Give them a chance and see if they’re the one for you.