With a Flex loan, clients can borrow any amount of money from $500 to $7,500 and have up to 3 years to repay the loan with flexible bi-weekly installments. Our Flex loans have evolved from our short-term loans that we have offered for years and have helped thousands of clients get the money they need.
Now with our Flex Loans, you can get more money for less interest and fees than a short-term loan. 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.
With a Flex loan, you can:
- Pay for a large unexpected expense
- Rebuild or repair credit
- Make a large purchase
- Consolidate debts
- And much more
What You Need to Know About Flex Loans
To qualify for a Flex loan, clients must be employed 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 in and 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 four 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 principal if you want to pay the loan off early. So you can rest assured that with a Cashco Flex loan, you won't ever face that rotten scenario.
What incomes qualify for a Flex loan?
The incomes that qualify for a Flex loan, are:
- Full-time employment
- Pension
- Long Term Disability (Example: Manulife, Sunlife, etc.)
What incomes do not qualify for a Flex loan?
Incomes that do not qualify for a Flex loan, are:
- Part-time, Casual, or Seasonal Employment
- AISH
- Child Tax
- ODSP
- Social Assistance
- EI
- Child Support
What are the differences between a short-term loan and a Flex loan?
The differences are as follows:
| Short-term loans | Flex loans |
| Borrow any amount up to $1,500 | Borrow any amount from $500 to $7,500 |
| 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 |
Get Approved for a Cashco Flex Loan Fast
Now when you submit a loan application, it can be approved within a matter of moments and the money can be sent into your account at lightning speed. With Fintech, we are able to process applications quickly and accurately which is great for our clients.
We can also make dozens of adjustments in the terms and conditions of each Flex loan we approve 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 lenders in a short period of time.
The Benefits of Flex Loans
The first benefit is the flexibility of a Flex loan. When you first take out a Flex loan for any amount between $500 and $7,500, you get that money in your account right away. But what if you needed 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.
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.
Are you stuck with a bunch of different debts and can’t 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.
Conveniently have your payments withdrawn from your Cashco Everyday Use account empowered by ATB Financial so you'll never miss a Flex loan payment! Good payment history will help boost your credit score, fast!
Climb the Ladder, Build Your Credit
Cashco cares about all of 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 Financial Wall that leads a client to conventional credit. It doesn’t matter where someone starts on the Financial Wall. The result is the same; Cashco leads each client up the ladder onto the path of conventional credit.
Cashco Making a Difference
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 exists, to guide people to financial success.
