What is a Flex Loan?

 In General

A Flex Loan is a new product offered by Cashco Financial. Clients can borrow any amount of money from $500 to $5,000 and have up to 3 years to repay the loan via flexible biweekly installments. Our Flex Loans have evolved from our term loan that we have offered for years and have helped thousands of clients get the money they need. Now, with our Flex Loans, we want to give our clients, even more benefits. Most importantly, we want to give you more money for less interest and fees. With a Flex Loan from Cashco, you can resolve most long-term financial issues including cash shortages that continue to pop up regularly. Flex Loans allow you to:

  • Pay for a large unexpected expense
  • Rebuild or repair credit
  • Make a large purchase
  • Consolidate debts
  • And much more

Now you may think that getting a Flex Loan would be hard, but we at Cashco Financial actually want to get you the right financial solution for whatever your financial issue is so we do not put up a bunch of barriers to prevent anyone from qualifying for Flex Loans. When you come to Cashco Financial, you can relax and know that we will do our absolute best to take care of you and get you the money you need as fast as possible and for as little as possible.

What You Need to Know

To qualify for a Flex Loan, clients must be employed and full time and have been living at their current residence for a minimum of 6 months. They need to be of legal age in the province they reside, have a bank account and a piece of government ID. Flex Loans prohibit taking out payday loans. Don’t worry, we make our Flex Loans flexible enough to fit your exact needs so you won’t need other loans. We answered the three most prominent questions about our Flex Loans below.

What is the interest rate for a Flex Loan?

The interest rate is based on an annual percentage of 49.99%, however, our Flex Loans are open loans so you have the option to make extra payments or pay the loan off early without any fees or penalties. This is a great advantage to our clients because if you ever come into some extra money one month, you can pay off the remainder of your Flex Loan and save quite a bit of money. Some loans are not open and require you to pay penalties of 5%, 10% or even 15% of the principle if you want to pay the loan off early. So you can rest assured that with Cashco Flex Loan, you won’t ever faced with that rotten scenario.

What incomes qualify for a Flex Loan?

  • Full-time employment
  • Pension
  • Long Term Disability (Example: Manulife, Sunlife, etc.)

What incomes do not qualify for a Flex Loan?

  • Part-time, Casual, or Seasonal Employment
  • AISH
  • Child Tax
  • ODSP
  • Social Assistance
  • EI
  • Child Support

Now that you know the essential information about Cashco Flex Loans, read on to discover how they can really work for you.

Differences between a Payday Loan and a Flex Loan

Payday Loans Flex Loans
Borrow any amount up to $1,500 Borrow any amount from $500 to $5,000
Repay on your next payday Repay in easy installments for up to 3 years
Does not report to the Credit Bureau Can be used to rebuild or establish your credit
A one-time transaction for a one-time cash shortage Can be used for debt consolidation
High APR and fees Low APR and fees
Always quick and easy Always quick and easy
You are guaranteed our great Cashco service You are guaranteed our great Cashco service

Say you need $2,500 to repair your car. Without these repairs, your car will not run and you absolutely need your car for work. If you have bad credit or no credit, it can be very challenging to get large amounts of money in your pockets right away. So you may have to head over to an alternative lender and take out a quick cash loan. If you come to Cashco Financial, we give you more choice in your loan needs. Two of our more popular products in 2016 are our payday loans and our new Flex Loans. Check out the chart below to see the difference between these two loans and how Flex Loans can get you the money you need right away and be better for your wallet in the long term.


The Future is Now with Cashco: Fintech

Cashco has recently brought the element of Fintech into our business operations. With Fintech, we are able to process applications rapidly and accurately which is great for our clients. It’s like we have our own Cashco robot that helps us approve and process Flex Loan applications. With Fintech, Cashco is fast enough to digitally approve and process more Flex Loans in one minute than our entire department was previously able to in one day! We can also make dozens of adjustments in the terms and conditions of each Flex Loan we approves so that clients always get the Flex Loan that is a perfect fit for them. Every time.

Flex Loans require credit checks but at Cashco Financial, we do soft credit checks digitally so as to not harm your credit score. Some companies perform hard checks which can really hurt your credit score, especially if you go to several companies like that in a short period of time.

Now when you submit an application, it can be approved and the money can be sent into your account at lightning speed. As Fintech becomes a bigger piece of how we do business, our Cashco Team will still be making sure that you are taken care of with best in class customer service. Plus, we get to create a bunch of contests and giveaway prizes to all our social media fans out there because we’re a fun-loving bunch of people.

Benefits for You, our Customer

Flex Loans come with a seemingly endless list of benefits for consumers. They range from saving money to rebuilding credit scores, and everything in between. The first benefit is the flexibility of a Flex Loan. With flexible payment installment plans that work for you, and flexible loan amounts that fit your lifestyle. When you first take out a Flex Loan for any amount between $500 and $5,000, you get that money in your account right away. But what if you need more money a few months down the road? No problem at all, because clients can increase the amount of their Flex Loan (top it up) once every 6 months as long as they have kept up with their on-time payments. This means that if you took a loan for $2,500 and then later on figured some extra cash could help you out, you can adjust your Flex Loan quickly and easily with Cashco.

The other big benefits include getting as much money as you need exactly when you need it, even if your credit score is less than ideal. At Cashco, our aim is to help as many people as possible so we always try our best to approve anyone who applies for our Flex Loans. We also perform credit reporting with each Flex Loan which means that Flex Loan payments are reported to the Credit Bureau (TransUnion) so they are a great way to build or repair credit scores.

Stuck with a bunch of different debts and can’t even begin to figure out a way to organize and make all the payments? Cashco Flex Loans can be a great method of debt consolidation. If you want to pay off several smaller debts and just have one easy monthly payment to keep track of, then a Flex Loan is just what you need. Plus, you will be boosting your credit score with each payment you make. It’s a classic two birds, one stone situation for you to take advantage of.

The Cashco Credit Continuum

what is a flex loan?

Cashco cares about all our clients and the communities where we operate. Providing money and helping our clients improve the health of their credit scores elevates and empowers them to get out of debt and qualify for traditional credit. Lining the walls of our offices are large posters of the Cashco Credit Continuum that easily leads a client to conventional credit. It doesn’t matter if someone starts at the very beginning of the Credit Continuum, with collateral loans; or somewhere in the middle with short-term loans. The result is the same; Cashco leads each client on the path to conventional credit.

Why We Are Moving Towards Flex Loans

Why do we do it? That’s easy, beacuse we at Cashco understand that being able to just get some credit can be the difference between financial bliss and being stuck living paycheque to paycheque. We also understand that sometimes a person may need a little help to rebuild their financial health to a point where they can get the credit they deserve. That’s why Cashco exsist, to help people find financial success. Our Flex Loans are simply the latest product that we have created to help as many people as possible. So empower yourself with a flex Loan from Cashco Financial today, and start your journey to financial freedom.

what is a flex loan

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