Line of Credit Loans

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    More than 6x the cash of a payday loan
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    Lower payments than a payday loan
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    Longer term than a payday loan

What is a Line of Credit?

A line of credit is a flexible way to borrow cash just when you need it. Apply once and use the amount you need, up to your loan limit. You don’t have to receive all the cash at one time since it’s available on an ongoing basis. That’s the beauty of a line of credit. The loan stays open as long as you need it. Borrow, pay back, and borrow again as needed. And you only pay interest on the funds you use for the amount of time you use them.

How is a Line of Credit different from a Payday Loan?

Both loans are high-cost loans that could be helpful in emergency and unexpected situations. A payday loan provides a small amount of money to be paid back on your next payday. A line of credit loan allows you to apply one time to have ongoing access to money.

Max Loan Amount

Payday loans offer a one-time loan amount up to $1,500.

Line of credit loans offer ongoing access to a credit limit up to $10,000.

Loan Term

The term on a payday loan depends on your next payday. Terms can range from 7 – 30 days.

A line of credit has an “open-ended” term, which means it stays open as long as you are using it. Your loan will only be closed if you request it to be, or if you do not use it for 1 full year.

Interest & Fees

Payday loans cost a flat fee for the amount borrowed.

Line of credit loans accrue daily interest on the outstanding principal balance.

Access to Cash

With a payday loan, if you need more money you have to apply for a new loan.

With a line of credit, you can access money (up to your credit limit) without having to reapply.

Satisfied Customers

Actual Customer Testimonials

How it Works:

1. Apply online, in-store, or give us a call at (877) 526-6639.

2. Provide documentation to verify your income. EI and disability are accepted.

3. Receive a fast lending decision.

4. Sign your loan agreement (if approved).

5. Choose the amount you would like to withdraw initially (up to your approved credit limit) and get your cash.

6. Make payments as outlined in your loan agreement (typically due around your paydays).
Pro Tip: Make payments early to save on interest paid.

7. Receive money at any time with additional cash advances up to your credit limit.

What Do I Need To Apply?

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    Valid ID
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    Verifiable source of income
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    Open chequing account
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Common Questions

It depends on your needs. If you need a small sum of money to get you by until you get paid, a payday loan is probably the loan for you. If you need a larger amount of money or ongoing access to money, then a line of credit is probably a better fit.

As often as you need! As long as you have available credit and have been keeping up with your scheduled payments, you can borrow up to your credit limit.

You have the option of enrolling in automatic payments. If you choose to enroll in this option, then we will send the PAD the morning of every due date. If you choose not to enroll in automatic payments, then you can manually make payments in store, online or over the phone. Manual payments must be made by the close of business on your due date. Please keep in mind, if payment is not made on time then your account may be sent to collections.

We’re proud to offer loans to Canadians with various credit scores. Your credit score is only one of many factors we consider when processing applications.

Not sure if a Line of Credit is Right for You?

How Line of Credit Loans Work.

Cash Money Loans

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Loans by Province
Canadian Consumer Finance Association

Follow the Canadian Consumer Finance Association to stay up-to-date on regulations and how they will affect your access to short-term credit.

Accessibility Information
© 1992 - 2020 All Rights Reserved. Cash Money • 400 Carlingview Drive - Toronto, Ontario, Canada M9W 5X9

Loan availability and loan amounts vary by location.

Payday Loans are high cost loans. Loan amounts are subject to net pay and other qualification requirements. Promotional rates not available in Alberta, Manitoba, New Brunswick or Saskatchewan. British Columbia Residents: The maximum charges permitted in British Columbia for a Payday Loan is 15% of the principal. We charge $15 per $100 borrowed. On a $300 loan for 14 days, the total cost of borrowing is $45, with a total payback amount of $345 and an APR of 391.07%. $300 for $20 promotional rate - Under this offer, on a $300 loan for 14 days, the cost of borrowing is $20, with a total payback amount of $320 and an APR of 173.81%. Regular fees apply on subsequent loans and the cost of borrowing at Cash Money in British Columbia is $15 per $100 borrowed. BC Licence #50066. Manitoba Residents: In Manitoba, the maximum allowable charge for a payday loan is 17% of the principal amount of the loan. We charge $17 per each $100 loaned. On a $300 loan for 12 days, the cost of borrowing is $51, the total that must be prepaid is $351 and an APR of 517.08%. To learn more about your rights as a payday loan borrower, contact the Consumers' Protection Office at 945-3800, (800) 782-0067 or at http://www.gov.mb.ca/cca/cpo/. Nova Scotia Residents: The cost of borrowing is $19.00 per $100 on a $300 loan for 14 days (495.36% APR). $300 for $20 promotional rate - Under this offer, the cost of borrowing is $6.67 per $100 on a $300 loan for 14 days (173.81% APR). Ontario Residents: The maximum allowable cost of borrowing per $100 borrowed in Ontario is $15. Our cost per $100 borrowed is $15. On a $500 loan for 14 days, the cost of borrowing is $75, with a total repayment amount of $575 and an APR of 391.07%. $300 for $20 promotional rate - Under this offer, on a $500 loan for 14 days, the cost of borrowing per $100 would be $6.67 on the first $300 borrowed, and then $15 per $100 on the additional $200 borrowed, with a total cost of borrowing of $50, and an APR of 260.71%. Saskatchewan Residents: The maximum allowable cost of borrowing under payday loan agreements in Saskatchewan is $17 per $100 borrowed. We charge $17 per each $100 borrowed. On a $300 loan for 14 days, the total cost of borrowing is $51, with a total payback amount of $351 and an APR of 443.21%. $300 for $20 promotional rate - Under this offer, on a $300 loan for 14 days, the total cost of borrowing is $20, with a total payback amount of $320 and an APR of 173.81%. Regular fees apply on subsequent loans, and the maximum allowable cost of borrowing we charge under payday loan agreements in Saskatchewan is $17 per $100 borrowed.

Online Installment Loans/Lines of Credit: Loan minimum of $500 to a maximum of $10,000, based on a completed application, net pay and other qualification requirements, and customer verification including a credit check. Installment loan terms are from 6 months to 60 months and are based on the amount lent. Store Installment Loans/Lines of Credit: Loan minimum of $100 to a maximum of $10,000, based on a completed application, net pay and other qualification requirements, and customer verification including a credit check. Installment loan terms are from 6 months to 60 months and are based on the amount lent. Payments are due on scheduled income deposits.Cash Money offers short term personal loans and is not a credit repair service. Annual Interest Rate 46.93%.

Lending decisions and funding times subject to system limitations.

15-minute funding available only when using Interac e-Transfer®. Subject to bank processing and system limitations. Interac e-Transfer® can be used to transfer funds up to $10,000.

Interac® and the Interac design are registered trademarks of Interac Inc.

Loan Protection: Must be 18 years of age or older, and under 70 years of age to be eligible. Policy sold and administered by Premium Services Group Inc. Underwritten by Canadian Premier Life Insurance Company.

Western Union® and the Western Union® logo are registered trademarks of Western Union® Holdings, Inc.

Opt+: This card is issued by PACE Savings and Credit Union Limited pursuant to license by Mastercard International. Use of this card is governed by the agreement under which it is issued. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated. No fee loads and unloads at Cash Money locations only.

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