Cash4You: A review of this Canadian Lender
If you live in Ontario, Cash 4 You is likely to be a familiar name. Outside of banks, it is one of only a few high street lenders left. With over 100 branches throughout Ontario, you are likely to be within easy reach of at least one branch. It really isn’t a surprise that you are reading this Cash4You review today. After all, the brand is so big in Ontario that many people who are looking for personal loans automatically include this company among their list of options.
Cash For You deals mostly with personal loans. They fall under two categories:
- Installment loans: these are your typical ‘pay monthly’ loans.
- Payday loans: pay your loan back at your next payday. Higher interest rates, but easier to be approved.
Cash4You also lets people send cash from one person to another. Nowadays, this seems to be a minor part of their business. This is probably due to the wealth of internet companies that have popped up which makes it a bit easier to send cash person to person. The bulk of their income now comes from their lending, and they must be doing well at it since it sustains multiple branches.
Cash4You’s Personal Loans
Before we dive into the various personal loans offered by Cash4You, do bear in mind that you can only apply for one of these loans if you are a resident of Ontario. You can’t apply, even online, if you live outside the province. This is due to differing legislation between provinces. That, and Cash 4 You probably does a lot of business through their physical branches.
The amount you can borrow
With a payday loan from Cash4You, you can apply for $120 and $1,500. Installment loans start off at $1,000 and go up to $15,000.
Cash4You does have a slightly lower ‘upper limit’ in comparison to other lenders for their installment loans. This is probably due to the type of client that the company targets. They do not want people to get into mountains and mountains of debt, particularly when the risk that it won’t be paid back is higher.
The payday loan range is fairly standard. Although, do bear in mind that most people are never going to qualify for $1,500. It seems that most people can get a few hundred dollars at most. Once you have demonstrated that you can pay the loan back on time, that is when you can receive more cash.
Obviously, the interest rate is always going to vary depending on your own personal circumstances.
If you take out a payday loan then, at the minimum, you will be paying $15 interest on every $100 you borrow. We know it sounds expensive, but this is going to be in line with most other payday lenders. At least with Cash4You, you know that you are going to be dealing with a reputable company — one that probably will have your back if you run into any issues.
The installment loans can be ridiculously expensive, though. It comes in at a whopping 46.93%. This makes it one of the most expensive installment loans on the market. Sure. Cash4You is taking a risk here, but this is not a loan that you will want to jump into without serious deliberation.
Your payday loan will be due on your next payday. You can roll this over, but there are extra fees. These fees can be very high, too.
Installment loans have terms between one and five years. If you have a poor credit rating, then it is unlikely that you will be approved for more than a couple of years. It is also likely that you won’t be able to borrow more than a couple of thousand dollars over that period.
The application process
As we said before; you need to be a resident of Ontario to apply for a loan. You will also need to be in steady employment. You should also have no bankruptcies to your name. As long as you meet those criteria, chances are you will be approved for at least one loan.
If you apply for a payday loan, then the process is quicker. After you tap in your details, you can receive an approval within a couple of minutes. This is the loan type to apply for if you have an awful credit score (but still no bankruptcies). You may not always get what you want, but as long as you have employment, you’ll probably get something.
For installment loans, the process is a little bit more involved. There will be more in-depth checks carried out on your credit rating. If you have a history of not paying loans on time, then you will probably be declined right off the bat. This is because Cash4You doesn’t just look at your credit score, it looks at the type of credit you have to your name. It wants to know how you deal with certain types of payment.
Any approval on the installment loan will be a pre-approval. You will then need to go to your closest branch where they will carry out further checks. This means that you will need to bring along details of your bank account and your payslips. This process can take a little while (especially if the branch is busy), so be prepared for a long wait.
Receiving your cash
If you take out a payday loan, you can receive the cash within a couple of hours of receiving final approval. You can get paid either through one of the branches or have the money paid directly into your bank account.
If you get approved for an installment loan, then you need to go to one of Cash4You’s branches. You will then be asked to sign additional paperwork. You can then pick up the money the second you receive approval. It is important to note that approval online does not mean that you will get your installment loan cash. Don’t get too excited. Plenty of people have noted that their application was turned down once they got to the branch. Although, this is because Cash4You goes to huge lengths to ensure that you can pay back.
In either case, this company is fantastic when it comes to speedy payments. Assuming everything is in order, you can always get the money the same day you apply.
Paying your loan back
Payments can be made from your bank account or at a branch.
If you take out an installment loan, it is worth noting that there is no sense in you paying off the loan early, even if you have the cash. This is because Cash4You will not reduce the interest on your loan. You will need to pay all of the interest due over the course of the loan, even if you pay it off years in advance.
Pros and Cons
Now comes the part where we weigh up the pros and cons. Some of these things we have already covered in this review, but we really do want to drive the point home to help you decide if this lender is right for you.
Cash4You is a reputable company. They have been around for a while. It is fantastic that they have branches that you can go to. It means that if you run into issues, then you can just go and talk to somebody face to face. It is a stark contrast to some of the other lenders out there who only allow you to communicate through apps and phone calls (often with a long queue). So, we love how easily accessible Cash4You is.
We also love the fact that they can really help you if you need cash quickly. Assuming you are in solid employment, then you are probably not going to get turned down for a Cash4You loan. Yes, the interest rate is going to be somewhat on the higher side, but if you need fast cash, this is going to be a great option.
The interest rates for Cash 4 You can be somewhat on the higher side. Although, this is understandable knowing that they need to cover the expenses of running over 100 stores. They also need to account for the risk they are taking when they dish out loans to those who have poor credit.
Some people at the Better Business Bureau have also noted that Cash4You can be a little bit ‘forceful’ when it comes to handing out their loans. If you do not accept an offer there and then, you may find that the company will be getting in touch with you soon after. We can’t say we are a fan of this approach.
Cash4You does not offer the cheapest loans in Canada. However, the fact that they allow people with poor credit ratings means that they are going to be the only choice for many. If your credit rating is average to good, then there will be other lenders for you. If you can’t secure credit anywhere else (i.e. traditional lenders are off the table), or you need money quickly, then Cash4You may be the perfect option.