Cashco FAQs

banking

Are these Cashco bank accounts available to anyone in Canada?

Currently, Cashco bank accounts is only able to offer our best in class accounts to residents of Alberta. However, we are planning to expand our offering to other provinces very soon.

I heard there are all kinds of savings incentives coming soon. When are they coming and what will they be?

You heard right! Cashco has savings incentives for our clients (and anyone who wants to open an account with us anytime) that blow the benefits offered by other banks right out of the water. From giving you a 100% return on your savings up to $120 (compared to about 0.25% return at the other banks), to $60 in bonus rewards just for using your Cashco account, our savings incentives will significantly help improve your financial health. You don’t have to wait too long either as all our incentives will be launching this March.

What do I need to open a Cashco account?

All you need are two pieces of government issued ID and your SIN (not your card, just the number).

Frequently Asked Questions

Does Cashco want the UCP to win the election?

No. Our company is non-partisan, which means we do not choose sides. We want to tell your stories so whichever government is in place can understand how this legislation has inadvertently affected Albertan families who are underserved and underbanked. We want to ensure fair and equal access to credit for Albertans so they can get a hand up, not a hand out.

How many Albertans have to make difficult choices so they can make ends meet between paychecks?

Many Albertans struggle to make ends meet. According to a 2017 Ipsos survey, more than half of Canadians are living within $200 per month of the poverty line, which means they’re unable to pay all their bills or meet their debt obligations. With this campaign, we hope to get a clearer picture of all the difficult choices our customers have to make in order to provide for their families.

Is Cashco anti-NDP?

No. We understand that policies were put in place with Albertan’s best interest at heart. However, there are untold stories about some of Alberta’s underbanked and underserved who have been inadvertently affected by the legislations. We are looking to change that and find real solutions to issues that affect our customers, and help them stand on their own two feet when needing quick access to funds to make ends meet.  Our company is non-partisan. We simply want to ensure fair and equitable access to credit for Albertans so they can get a hand up, not a hand out.

What are the legislations that the GOA put into place that affect companies like Cashco Financial?

In 2016, the Government of Alberta undertook a significant reform of the rules that govern payday lenders. The legislative and regulatory changes introduced in An Act to End Predatory Lending have reduced the cost of a payday loan. These legislations, however, have not made it easier for people in need to access the money they need to make ends meet between paychecks. The same rules that were created to help people, are the same ones preventing them from accessing needed gap funds for their families.

What is accessible credit?

Access to credit is a practical necessity in today’s economy. Credit not only allows Albertans to make purchases, but it also enables them to meet long-term needs. Many people do not realize the importance of credit until their access becomes limited.

Albertans without access to credit cannot apply for a mortgage, a car loan, or even credit cards. Their inability to establish a good credit rating prevents them from long-term financial stability. Alternative financial institutions, like Cashco Financial, helps Albertans establish their credit. They provide accessible credit through their products, which helps Albertans establish a healthy record so they can then qualify for mainstream products from other mainstream institutions.

What is an alternative financial service (AFS)? And, what are the benefits of going to them over a mainstream bank?

Several banking and credit alternatives exist beyond the traditional financial system.  These alternatives supply credit-constrained individuals with fast, convenient access to cash or assets. These services are provided at a higher cost because of the high risk involved for the lender.

Why would an Albertan chose Cashco over government assistance or a mainstream bank?

Many times, mainstream banks wouldn’t help our clients and they remain underbanked. Alternative financial institutions, like Cashco Financial, helps Albertans establish their credit. They provide accessible credit through their products, thereby helping Albertans establish a healthy record so they can then qualify for mainstream products from other mainstream institutions.
They are looking for institutions that can help them bridge the gap between paychecks, when they have nowhere else to turn. Albertans want help, not a handout.
Cashco clients wouldn’t traditionally qualify for government assistance, either. Many are among Alberta’s working poor and need support quickly to help them make ends meet for their families.

Loans

How can I get an instalment loan?

Getting an instalment loan from Cashco Financial is easy. You can apply online in seconds, come to one of our branches or give us a call anytime. All you need is photo ID, a banking account, proof of employment and proof of residence to qualify.

How do I get approved for an instalment loan?

That’s pretty easy too. Once you apply online or in person, we work to get you approved quickly and keep you informed throughout the approval process. Then we transfer the money into your account and you are good to go.

How do I pay back a personal loan?

You can pay back your personal loan in affordable instalment payments that are tailored to your specific needs.

How do I qualify for a personal loan?

It’s easy to qualify for a personal loan. All you need is to have ID, a bank account, and proof of employment and residence.

How does a personal loan help my credit?

Each on-time successful payment is reported to the credit bureau in Canada so your credit score will go up a little on each instalment payment.

How does the repayment schedule work?

Cashco’s loans are flexible to fit your needs. You can choose your own payment schedule, your own loan amount, and flexible loan terms.

How long does it take?

The application process is fast and we try to approve you within minutes. Once you are approved, the money should be in your account shortly after.

How much money can I get?

You can borrow up to $7,000 and repay in affordable instalments over 60 months.

What are the instalment loan terms?

Our instalment loan terms are flexible, which is why we like to call them Flex Loans. You can choose all the terms as the loan is flexible to meet your needs. Choose your loan amount, how long you’d like the loan for, and how often you want to make instalment payments.

What do I need to qualify?

You just need to be of legal age in the province you reside, have a bank account, be employed and have lived in your current residence for at least 3 months.

What does full/partial details mean for stop payments?

Full details mean the client can provide the exact name of the payee and the exact amount of the withdrawal.

Partial details mean the client cannot provide the full name of the payee or the exact amount that was withdrawn.

What is a personal loan?

A personal loan is a loan that gives you fast and easy access to up to $7,000 today.

What is the required credit score?

Don’t worry about having a specific credit score. There are a lot of factors that we look at and we always try our best to get you approved.

Why should I choose Cashco Financial?

Cashco Financial is simply the best company to get a personal loan. There is no hidden message, just amazing service.

Why would I get a personal loan?

You would get a personal loan if you are facing an unexpected financial shortfall or if you are struggling with debts and other small loans. You could also get a personal loan just to repair or boost your credit score.

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