Installment Loan FAQs
Select a help topic below to learn more.
Cash Money installment loans, also referred to as a personal loan, are loans that are funded in a lump sum and paid back over time. At Cash Money, installment loans range from a minimum of $500 to a maximum of $10,000 and can be borrowed over 6 to 48 months.
Payday loans are a short-term loans that the borrower pays back on their next pay day. Installment loans are typically for higher dollar amounts than payday loans, and are paid back over time.
Cash Money installment loans range from $500 to $10,000. Loan approval and loan amounts are based on a number of factors, including your income amount and credit rating.
Installment Loan Application
With an installment loan you get your loan funds in one lump sum and make payments periodically (usually bi-weekly or monthly). Interest accrues at a daily fixed rate. If you’re approved for a loan, then your repayment scheduled will be determined, and your loan principal and interest will be scheduled for payments in installments over time.
There are four basic requirements to be eligible for a Cash Money loan. You must:
1. Be a Canadian citizen with a valid ID
2. Be at least 18 years old
3. Have a source of income
4. Have an open and active bank account
Where you can apply for an installment loan depends upon where you live. Currently, Cash Money only offers installment loans in Alberta, Manitoba and New Brunswick. Alberta Residents may apply online, in a store or by phone. Manitoba and New Brunswick residents may apply in a store.
You could get a decision the same day you apply if all required information has been submitted.
When you will receive your funds depends upon how you apply, and the funding method you select. If you apply at a Cash Money location, then you will get your cash on the spot. If you apply over the phone or online, then you can select from one of the following funding options:
- INTERAC e-Transfer®, we get your funds to you as quickly as possible – as quick as 1 hour!
- If a Cash Money store is nearby or you apply in a store you can pick up your cash immediately
- If you selected direct deposit please see the funding schedule below.
|How did you apply?||Get Cash at a Store||Direct Deposit||Load to Opt+||INTERAC e-Transfer®|
|In a store|
Verifying your income helps us determine the loan amounts and repayment schedules that will best fit your financial situation. We want to help you get an installment loan that you can afford.
The fastest way to verify your income is to use Decision Logic, which can be accessed in your Online Account under Tools. In addition, you can submit your bank statements by:
- Using Picture Utility in the Tools section of your Online Account
- Sending an email to CustomerService@CashMoney.ca
- Faxing to 1-855-493-8101
Installment Loan Payments
If you took out your loan online - the morning your payment is due, we will automatically process your payment from your bank account. You can also make payments in a store, but payments in a store must be made before your due date if you loaned online. If you took out your loan in a store – You will have the option to set up automated payments that will be automatically processed from your bank account, the morning your payment is due. If you did not set up automated payments you can make a payment in a store. You will have until close of business on your due date to make a payment, if a payment is not made your account will be automatically processed the same day.
Yes! You can make additional payments at any time and you can pay off your loan early without any early pay-off penalties or fees.
If your loan is in good standing - or one full payment has been made - and your available credit is greater than your current minimum payment, then you may be able to refinance your loan. If you refinance your loan, then the principal amount will be rolled into a new term in which you will continue to be charged daily interest.
Loan Protection Questions
Cash Money offers a loan protection plan that provides insurance on your installment loan. Loan protection covers your loan in the event that you are unable to meet your financial obligations due to unexpected events such as loss of life, critical illness, injury or unemployment.
The cost of loan protection depends upon the amount of your loan payment. For example, a $3,500 loan with monthly payments would cost $47.25 per payment for insurance.