Even the most responsible of spenders, with a steady income and good savings, can suddenly face a cash crush. An emergency like a car breaking down, an unplanned home repair, or even a medical emergency that strains you financially can catch even the most prepared person off guard.
For most people, their first thought when an emergency happens where cash is needed quickly is to apply for a payday loan. However this outdated short-form loan is often paired with higher interest rates and significant fees which keeps you in the debt cycle.
What is a payday loan?
A payday loan is a short-term loan where a person borrows a percentage of their future income at a high interest rate. When the person then receives their next paycheck, the principal of the loan and the fees are deducted from their bank account, or the person brings the payment directly into the loan provider’s office. If a payment is missed, and the debt is rolled over, the person can find themselves caught in a payday loan debt loop where the interest rate builds exponentially as the loan is not fully paid off until the only option is debt consolidation with a long-term loan before declaring bankruptcy.
A better long-term loan alternative
At Cashco, our purpose is to provide relief today and hope for tomorrow—that’s why we offer our clients access to long-term and flexible installment loans when they need them the most.
Cashco Financial Flex Loans are long-term personal loans that offer clients financing up to $7,000, repayable over 60 months for large purchases, to get out of a financial shortfall, or consolidate debt. No matter your financial goals, a Flex Loan is a sustainable solution to get you more money to pay the bills.
Available at over 50 Cashco branches across Canada and online 24/7 hours a day, applying for a Cashco Flex Loan is simple and easy.