If you’re interested in a payday loan or installment loan but you have bad credit, then you may have heard of Cash4You. Billing themselves as one of the top lenders in Ontario (with over $1 billion lent since their inception), it is fair to say that Cash 4 You is a reputable and successful lender.
Being popular, however, doesn’t automatically make it the best lender for your needs as a borrower. So, is the company right for you? That is what we’re going to look into in this Cash4You review.
Cash4You does business in one of two ways. You can work with them online, or you can visit one of the 100 branches they have in Ontario. No matter which option you choose, you will only be able to borrow from them if you are a legal resident of Ontario.
The bulk of the services offered by Cash4You focuses on lending. They offer both installment loans and payday loans. Both of these products are targeted at those with less-than-amazing credit histories. Payday loans can be 100% completed online or in a branch. With an installment loan, you can start the application online, but you must always complete it by heading to a Cash4You branch.
The company also offers money transfer via Western Union, as well as cheque cashing. For both of these services, you will need to head to your local Cash4You store.
Who is Cash4You for?
Before we dive into the meat of this Cash4You review, let’s talk about who their loans are for.
Cash4You bills itself as a company that gives loans to people with a less-than-great credit rating. You can’t have a woeful credit score (i.e. a history of constantly missing payments), but this is a company that will often let you borrow money when other lenders won’t touch you with a bargepole. In fact, one of the ‘aims’ of their installment loans is to boost your credit score, which helps you long after you have paid back the loan.
If your credit rating is decent, or you don’t need to borrow money quickly, then there will be far better lenders for you. Cash for You’s installment loans carry some of the highest interest rates in the country. That said, this lender really is the type of company that you will turn to when you have no other option on the table. They serve a use, but they certainly are not going to be for everybody.
Cash4You Loan Overview
Since there are two types of loans available through Cash4You, and they each bring something completely different to the table, we are going to be reviewing them individually. Hopefully, this is going to make it a touch easier for you to work out which one is right for you…if any of them actually are.
Most people will have heard of Cash4You due to their payday loans. Since their branches are easily accessible, it is likely that a lot of people who need quick cash have considered a payday loan from them at some point or another.
The minimum that you can borrow is $120. They claim that you can borrow all the way up to $1,200. However, getting approved for anywhere near that figure is a bit rare. You probably wouldn’t want to anyway, since their payday loans can be on the expensive side. Most of the approvals we have seen seem to hover somewhere around the $300-$500 mark. You probably could get a little bit more, but the costs of the loan will start to stack up quickly.
With all fees included, you will be looking at paying back $15 for every $100 you borrow from Cash4You. You are expected to pay the loan back on your next payday. If you want to extend beyond that, the fees can become expensive. It will be interest stacked upon interest. You will (effectively) be creating a new loan.
Payday loans from Cash 4 You are not to be taken out lightly. These loans are a last-ditch method to meet a vital payment. As we said; you should only opt for this loan if you have exhausted every other option.Assuming you get through the application process (which takes a couple of minutes), you should be able to receive the cash the same day. This can be collected from your local branch, or you can have it sent to your bank account.
Perhaps one of the dangers of Cash4You is that they do not seem to discriminate all that much when it comes to giving you a payday loan. Assuming that you are employed, are over 18, and live in Ontario, then you will probably be approved. You are likely to only get rejected if you have a habit of taking out loans and never paying them back. Why is this dangerous? Because it is easy cash. Money shouldn’t always be this easy to access. According to some people at the BBB, once you have paid your loan back, Cash4You is always going to be pushing you to borrow more. That being said, we are glad that this type of loan exists. It can help some people out of a hole.
This type of loan is a bit closer to your typical bank loan. However, interest rates are massive. Once again, this is not going to be a loan for everybody. Cash4You personal loans are ONLY for people who can’t get money elsewhere. We know we have stated this before, but we really must drive this point home. Look elsewhere if your credit rating is good.
The minimum you can borrow with an installment loan will be $1,000. The maximum is $15,000. However, once again, it is unlikely that many people are going to be borrowing near the cap. If you have a credit rating that is good enough to score you a $15,000 loan, then this is NOT the right lender for you.
The minimum repayment term is one year. The larger installment loans will have repayment terms of up to five years. However, do bear in mind that (once again), you are probably not going to get approved for a maximum loan term. After digging around a little bit, it seems that most people are getting approved for around one to three years. It is important to note that there is no ability to ‘repay’ your loan early. You have to go for the full term. If you do somehow manage to come into a bit of cash, then you need to pay the same amount of interest as if you carried the loan to term anyway.
The interest rate on an installment loan is big. 46.93% big. At an interest rate this high, you will probably want to get smaller amounts of cash over a shorter period of time. Make your payments on time. If you do that, then there is a small hope that you may be able to build up your credit rating over a year or two to apply for a loan elsewhere. This is all we really see installment loans from Cash4You being good for. Borrow over short periods of time and only if you really need a couple of grand.
You must meet the same criteria as the payday loan here. This means you have to be a resident of Ontario and in regular employment. Installment loans will be a little bit stricter on your credit score. While you could still be approved if your score is terrible, the odds will go down drastically. Cash4You claims that they are looking for a recent history of making payments on time and that they do not place that much of a focus on the overall credit score. So, if you have not made payments for the last few months on time, then look elsewhere.
The initial application process can be carried out online, but you are only going to be semi-approved here. You will need to take some details to your local branch where you will need to fill in a bit more paperwork. It is still going to be a quick loan, though. You could go through everything and still get the money (in cash) the same day. However, we can’t stress enough that being approved for the loan online doesn’t mean that everything will go smoothly when you get into the store. The staff has the final say, and it isn’t unheard of for people to be turned away without their cash.
Pros & Cons
If you have poor credit, then Cash4You may be the lender for you. It won’t be the cheapest loan in the world, but they can certainly help you out of a tight spot. It is nice that you can always go into your local branch and talk to them, too. There are far too many ‘faceless’ lenders nowadays, and this company provides a nice change of pace.
Since the company also reports your repayments to credit reporting agencies, it is a great method for boosting your credit rating. This may allow you to move onto other lenders in the future.
The main problem is their huge interest rates — definitely some of the most expensive around. This means that their loans can very quickly become unaffordable if you do not keep your money in check. Obviously, their interest rates are high for a reason, we just wish that they could come down a little bit, particularly on their installment loans.
Cash4You is one of the most popular companies providing personal loans in Ontario. WHile their interest rates are high, this shouldn’t put you off. They are expensive for a reason: they are more likely to lend cash to ‘riskier’ borrowers.
This makes them fantastic if you are looking to borrow cash with bad credit. Their higher interest rates mean that most people will want to avoid them, however. If you find that this company is your only option for borrowing cash, then you will be pleased to know that they do offer a great experience.